As a holiday rental property manager, it's crucial to stay informed about market trends. Cape Town is known for having a vibrant short-term rental market in South Africa. To optimize bookings and occupancy rates in this market, it's important to have access to the latest short-term rental data. In our latest MarketMinute, we'll provide insights into the Cape Town short-term rental market.
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Average Occupancy: 66.6%
The average occupancy in Cape Town stands at 66.6%, surpassing the national average of 51%. Cape Town is an appealing city during the shoulder seasons, offering favorable weather conditions and fewer crowds from March to May and from September to November. During this time, rentals in this market achieve a higher booking rate
Average RevPAN: 1922.11 ZAR
The average RevPAN (revenue per available night) for holiday rentals in Cape Town is 1922.11 ZAR indicating a positive performance in revenue management for the market. It's noteworthy that RevPAN provides a more precise depiction of revenue management performance compared to other metrics and is the most effective measure for assessing the overall success of your revenue management strategy.
Booking Lead Time: 31 Days
Proactive pricing is crucial in the London market as guests typically make bookings one month in advance. This necessitates property managers to ensure that their prices remain competitive and appealing, even for last-minute reservations.
Top Distribution Channel: Airbnb
Airbnb is the primary channel for bookings, accounting for 74%. Airbnb is also the main channel that visitors utilise for bookings in South Africa.
Average Number of Reviews per Listing: 22
On average, vacation rental guests in Cape Town tend to be more chatty compared to the average reviewer in South Africa. The average number of reviews per listing is 22, in contrast to the national average of 20. Encouraging guests to share their feedback play a significant role in attracting new guests.
Average Length of Stay: 5.2 Days
Natural wonders, cultural landmarks and historical sites attract your visitors. Enhance your guests' experiences. The average length of stay is 5.2, which is higher than the national average of 4.3. Property managers should focus on creating an exceptional guest experience to keep guests coming back year after year.
In summary, the short-term rental industry in Cape Town offers significant potential for growth and success. To capitalize on this market, property managers must stay updated on market trends and implement proactive pricing strategies. Creating a memorable guest experience is essential for success.
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