As a vacation rental property manager, it is important to stay up-to-date with short-term rental market data and trends. By staying informed, you can make data-driven decisions that can have a significant impact on the success of your vacation rental property.
In this edition of MarketMinute, we will take a closer look at the hot vacation rental market of Myrtle Beach. Let’s dive into the biggest trends!
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Occupancy Rate: 60%
Myrtle Beach has an average occupancy rate of 60%, which is about in line with the national average of 58%. This means that rentals in this market are being booked at the same rate compared to listings across the United States. This is great news and shows that Myrtle Beach is a popular destination.
Average RevPAN: $95
The average revenue per available night (RevPAN) in Myrtle Beach is $95.00, which is a good indication of the overall success of your rental strategy. RevPAN takes into account both occupancy and rental prices, giving you a more accurate picture of your rental property's revenue management performance.
Booking Lead Time: 87 Days
The booking lead time in Myrtle Beach is 87 days, compared to the national average of 55 days. This means that guests tend to book 30+ days in advance compared to the rest of the United States. This gives you an opportunity to become more proactive in your pricing strategies.
Top Distribution Channel: Direct
The top distribution channel in Myrtle Beach is direct, accounting for 28% of all bookings. This is in contrast to the national trend of Airbnb being the top channel, accounting for 36% of bookings across. This is great news for property managers in Myrtle Beach, as direct bookings are typically more profitable than those made through third-party booking platforms.
Reviews per Listing: 29
In terms of reviews, the average number of reviews per listing in Myrtle Beach is 29, compared to the national average of 26. Guests in this market tend to be slightly more chatty compared to the average reviewer in the U.S., which is a good indication that they are happy with their rental experience.
Length of Stay: 4.3
Finally, the average length of stay in Myrtle Beach is 4.3 days, which is right in line with the national average. It is important to ensure that any minimum stay requirements for your rental property match up with the average length of stay in the area to maximize bookings.
Staying informed on market trends and statistics is critical for vacation rental property managers. By taking a closer look at the vacation rental market in Myrtle Beach, including occupancy rates, revenue per available night, booking lead time, distribution channels, number of reviews, and average length of stay, property managers can make informed decisions that can have a significant impact on the success of their rental property.