Looking for vacation rental market data about Outer Banks? Wondering how your market performance stacks up against the rest of the United States? Look no further than our MarketMinute report!
In our latest MarketMinute, where we show vacation rental trends about a specific market, we provide data-backed insights into key performance metrics for Outer Banks, such as average occupancy rates, RevPAN, booking lead time, distribution channel preferences, average number of reviews per listing, and average length of stay.
Looking for actionable data about your market? We've got you covered!
In this blog post, we'll dive deep into each of these metrics and show you how your market is performing in each of them.
Average Occupancy: 60%
Let's first look at the average occupancy rate in Outer Banks which is currently at 60%. Compared to the average occupancy rate in the United States which is 58%, rentals in your market are performing slightly better. This indicates a healthy demand for vacation rentals in the area. However, we recommend keeping a close eye on this metric to ensure your properties stay competitive in the market.
Average RevPAN: $108
The RevPAN in Outer Banks is $108, which is a good indicator of revenue management performance. It's important to note that RevPAN shows a more accurate picture of performance and is the best metric to use for evaluating the overall success of your pricing strategy. It's crucial to evaluate your pricing strategy regularly to ensure you're getting the most out of each booking.
Average Booking Lead Time: 129 Days
When it comes to booking lead time, Outer Banks stands out with a lead time of 129 days compared to the U.S. average of 55 days. This tells us that your guests are planners, which means you need to be proactive to capture as many bookings and revenue as possible. Be sure to update your pricing strategy regularly and communicate with potential guests in a timely manner to secure bookings.
Top Distribution Channel: Direct
Outer Banks's top distribution channel is direct at 24% compared to the U.S.'s top channel Airbnb which sits at 36%. With direct bookings reigning supreme in your market, it's important to have a strong online presence and be proactive in guest communication. Make sure your website and booking process are user-friendly and work seamlessly.
Average Number of Reviews per Listing: 32
On average, vacation rental guests in Outer Banks tend to be more chatty, leaving an average of 32 reviews per listing compared to the U.S. average of 26. This is a positive sign as it indicates guests are happy with their stay and would recommend it to others. Encourage your guests to leave reviews and use them to improve your properties and guest experience.
Average Length of Stay: 5 Nights
Lastly, the average length of stay in Outer Banks is 5 nights compared to the U.S. average of 4.3. Sun and sand in the area are likely drawing visitors who are looking to stay longer and enjoy all that the city has to offer. Consider creating packages or discounted rates for longer stays to drive even more bookings.
In conclusion, the Outer Banks vacation rental market is showing strong demand and growth potential. With higher-than-average occupancy rates, longer booking lead times, and more chatty guests who like to stay longer, there's a lot to be positive about. Keep monitoring your pricing strategy, stay proactive with guest communication, and use guest feedback to refine your properties and guest experience. Happy hosting!
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