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January 8, 2024
If you're a vacation rental property manager in the South Florida Gulf Coast region, then you know the market is highly competitive. As one of the hottest short-term rental markets, it's important to stay on top of the latest trends and insights to maximize your revenue and occupancy.
That's where Beyond’s latest MarketMinute report comes in. We've analyzed the most important metrics for the South Florida Gulf Coast vacation rental market, providing a snapshot of what's happening in the area. From average occupancy to booking lead time, we've got all the short-term rental data you need to stay ahead of the curve. Let's dive in!
Looking for actionable data about your market? We've got you covered!
One of the most important metrics for any vacation rental property owners and managers is occupancy. In the South Florida Gulf Coast region, the average occupancy rate is 64%, which is higher than the national average of 58%.
This means that vacation rental properties in the region are booked for an average of 22 extra days compared to listings across the United States. This high occupancy rate is a positive indicator for the market and shows that demand for vacation rental properties in the South Florida Gulf Coast is strong.
Revenue per Available Night (RevPAN) is another crucial metric for vacation rental property managers. In the South Florida Gulf Coast region, the average RevPAN is $154, 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.
Proactive pricing is key to success in the South Florida Gulf Coast vacation rental market. Guests tend to book 30+ days in advance compared to the rest of the United States, with an average booking lead time of 87 days. This is higher than the national average of 55 days, which means that proactive pricing is essential to maximize revenue and occupancy.
Direct bookings are the top distribution channel in the South Florida Gulf Coast region, accounting for 31% of all bookings. This is in contrast to the national trend, where Airbnb is the top distribution channel, accounting for 36% of all bookings. This highlights the importance of a strong direct booking strategy for vacation rental property managers in the South Florida Gulf Coast region.
On average, vacation rental guests in the South Florida Gulf Coast region tend to be the 'strong silent types', with an average of 17 reviews per listing. This is lower than the national average of 26 reviews per listing.
This may seem like a negative indicator, but it's important to remember that just because guests aren't leaving reviews, it doesn't mean they're not satisfied. It's always a good idea to follow up with guests after their stay to ensure their satisfaction and encourage them to leave a review.
Finally, the average length of stay in the South Florida Gulf Coast region is 5.8 days. This is higher than the national average of 4.3 days, and highlights the importance of amenities and experiences that encourage guests to extend their stay.
Sun and sand are the biggest draws for visitors to the region, but vacation rental property managers can also provide additional amenities such as pool towels, beach gear, and even local recommendations to keep guests engaged for longer.
The South Florida Gulf Coast vacation rental market is strong, with high occupancy rates, strong RevPAN trends, and a focus on direct bookings. Proactive pricing and a focus on guest satisfaction are key to success, as well as providing unique experiences that encourage guests to extend their stay. By staying on top of these metrics and using them to inform your revenue management strategy, you can maximize your revenue and occupancy in this competitive market.
Are you looking for short-term rental data like this at your fingertips for your market? Check out Beyond!
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