As a savvy player in the short-term rental industry, you know how important historical and real-time data can be to assess the health of your portfolio's performance.
It's also important to be aware of what's going on in your corner of the market.
Recently, we took a look at what’s been happening on and around the Texas Gulf Coast so far this year, and what to expect for the rest of 2021.
- At this point in 2019, more last-minute bookings were being made for the Texas Gulf Coast market. Even with this trend, 2021 occupancy continues to recover with May occupancy finishing in line with 2019.
- Along the Texas Gulf Coast, summer is continuing to book up faster than when compared to the same period in 2019 through the end of July.
- Property owners and managers who aren’t seeing strong pickup for late summer need not worry, as booking pace for late summer was also not very strong at this point in 2019.
In the Corpus Christi and Galveston markets, for example, the charts above display all bookings that have been made over the past 21 days by their check-in week. Additionally, the same values for 2019 are included to provide pacing context for each market.
In the short term, we can see that both markets took more bookings closer to arrival in May 2019 compared to this year. Even with this difference, 2021 monthly occupancy totals have strongly recovered since the start of the year with May occupancy finishing right in line with the same month in 2019.
Pickup over the past three weeks has been stronger for check-in dates in June and July compared to 2019, which is a good sign of continued recovery on the Texas Gulf Coast.
Looking forward towards the summer months, we can see that both markets have been picking up bookings stronger than 2019 for most weeks. Property managers that may not be seeing as many bookings come in for late summer need not worry, as even in a “normal” year like 2019, there weren’t many bookings being made in May for stay dates later in the summer.
In terms of overall occupancy, both of these markets on the Texas Gulf Coast have seen occupancy slowly recover this year compared to 2019. Summer demand continues to look strong alongside increased prices over the next few months.
This is a great sign of market demand recovery and property managers should expect demand levels to rise through the summer. Property managers should still stay agile with their pricing strategy and be ready to adapt to changing market conditions throughout the rest of 2021.
For a more detailed look of your properties against the market, check out our Insights tool today.