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January 24, 2024
Every year the Super Bowl brings together sports enthusiasts, celebrities, and tourists worldwide – and is usually a boon for Airbnb hosts, Vrbo hosts, and short-term rental managers.
Last year, vacation rental hosts in Arizona for Super Bowl LVII that used Beyond’s advanced dynamic pricing and revenue management strategies drastically outperformed the competition. This year is shaping up to be no different. Hosts and managers will need to utilize advanced strategies to ensure that they receive their fair share of bookings without leaving money on the table.
In this blog, we'll be diving into the latest short-term rental booking trends for the upcoming Super Bowl at Allegiant Stadium in Las Vegas. We’ll share insights from our extensive database full of vacation rental market data to identify key trends and takeaways.
If you’re asking yourself, how do I make my short-term rental stand out for the Super Bowl? It's time to call an audible; our blog has the answer.
According to Beyond’s data, occupancy is pacing to dramatically rise on February 10th and 11th, with occupancy already at a staggering 56% and 53% respectively. Compared to last year, this shows a significant increase in occupancy rates of more than 30% for vacation rental properties.
👉 Takeaway: Hosts and property managers who employ advanced strategies, such as advanced dynamic pricing and utilizing search data, are more likely to achieve higher occupancy compared to others using budget tools or less sophisticated tactics.
RevPAN in Las Vegas is pacing substantially higher this year for Super Bowl weekend, spiking from $39 at the same time last year to already $127 in 2024 for Super Bowl weekend. Reminder: Revenue per available night (RevPAN) is a metric that gives a more equal picture of revenue management performance over a given period of time.
👉 Takeaway: To improve RevPAN, hosts and managers need to utilize pricing strategies that optimize for demand-based pricing, seasonal pricing, and dynamic rates. Taking all of these factors into account will ensure that your RevPAN is maximized.
The average daily rate (ADR) for short-term rentals in Las Vegas during the weekend is also spiking dramatically, $526 compared to last year's $180.
👉 Takeaway: Is your revenue management system up to date with the latest data? While this trend indicates that you can charge a higher nightly rate than usual, be sure that you are using accurate data to drive your pricing decisions. Otherwise, you run the risk of leaving money on the table by not charging enough, or you risk not getting booked at all because your prices were too high. This is where a revenue management system comes in!
A key trend to note is that supply has increased year-over-year by 52.4%. This suggests a higher level of competition among Las Vegas property managers and hosts.
👉 Takeaway: Ensure your listing stands out with an eye-catching description, high-quality photos, and a unique value proposition that can give you a competitive edge in this crowded market.
When it comes to booking lead time, 60% of people staying for the Super Bowl have booked 1-2 months in advance for the weekend of February 10th. Furthermore, the majority of people are staying through the weekend. Of those checking in on February 9, 61% are staying for three nights, and 58% of those checking in on February 10 are staying for two nights.
👉 Takeaway: These booking trends indicate that it's best to consistently promote your property and increase your direct bookings in the weeks leading up to the event. Property managers can optimize their revenue further by catering to this specific target market and marketing their property as a great place to stay for the weekend.
By analyzing the latest trends and utilizing advanced revenue management strategy, hosts and property managers can maximize their rental property's potential for Super Bowl weekend - or any event. With proper preparation, you can be sure to capitalize on the Super Bowl trends and bring in rental income.
To learn more about Beyond’s strategies for events (or every other day of the year), sign up today!
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