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January 9, 2024
The Smoky Mountains are a popular vacation destination known for breathtaking views, world-class hiking, and historic towns. If you're a vacation rental property manager in this hot short-term rental market, read on to find out key insights that can help you optimize your revenue management strategy in our latest edition of MarketMinute.
In this MarketMinute, we will explore the Smoky Mountains market and uncover the vacation rental data and trends that all property managers should know.
Looking for actionable data about your market? We've got you covered!
If you own a vacation rental property in the Smoky Mountains, you're in luck! The average occupancy rate in the Smoky Mountains is impressive at 61%. This means that your property has a higher chance of being booked compared to the average in the United States, which is 58%. This impressive figure is particularly noteworthy in today's competitive market that sees thousands of vacation rental properties listed every day.
In the Smoky Mountains, the average revenue per available night (RevPAN) is $129, which is a good indicator of the revenue management performance of the market. It's important to note that RevPAN shows a more accurate picture of revenue management performance than other metrics, and is the best metric to use for evaluating the overall success of your revenue management strategy.
According to data, guests in the Smoky Mountains tend to book 66 days in advance, ten days more than the average in the US. This suggests that proactive pricing strategies are critical in this market. As a property manager, you should monitor booking trends and seasonality to ensure that your prices are optimized to accommodate guests' lead time preferences. Proactive pricing will help you stay ahead of the competition and capture market share.
Airbnb is the leading distribution channel in the United States, but not in the Smoky Mountains. The Smoky Mountains sees a significant percentage of direct bookings, accounting for 35% of all bookings. This trend is contrary to the national trend and means that property managers should prioritize building their direct bookings. Perhaps it's time to create a loyalty program or incentivize guests to book directly with you!
Reviews are an essential component of any vacation rental business. According to data, guests in the Smoky Mountains tend to leave more reviews per booking than the US average. This suggests that guests in this market are more vocal about their experiences. Therefore, property managers should prioritize guest satisfaction and actively solicit reviews to help improve their online reputation and visibility.
Guests in the Smoky Mountains tend to stay for a short period of 3.5 days, compared to the national average of 4.3 days. Given this shorter stay duration, it's crucial to pack a punch with your hosting skills. Consider offering personalized guest experiences, convenient amenities, and highlights of the surrounding area to enhance guest satisfaction and encourage repeat bookings.
In summary, the Smoky Mountains vacation rental market has several unique characteristics that property managers should consider when optimizing their properties. From focusing on direct bookings to proactive price strategies, there are many opportunities to increase revenue and occupancy. By following the market insights, property managers can better understand the Smoky Mountains market, stay ahead of the competition, and provide guests with memorable experiences.
Since pioneering dynamic pricing for the short-term rental market in 2013, Beyond has helped thousands of users price millions of listings and generate billions of dollars in revenue. Beyond’s unparalleled access to and analysis of real-time, advanced global short-term rental data powers its ability to unlock, inform, and automate action for every kind of hospitality business.
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