HENDERSONVILLE, Tennessee—Nashville short-term rental properties showed further improvement in June after higher occupancy was seen in May, according to STR.
Occupancy for the sector increased 15.5% from May to June, reaching a level of 56.7%. In May, short-term rental occupancy was at 49.1%.
STR, the leader in global hospitality benchmarking and analytics, maintains the world’s largest hotel performance database. Nashville is the first short-term rental market where STR is expanding its benchmarking offerings via a pilot study. Included in STR’s short-term rental sample are both multi-family and single-family short-term rentals, with most of the sample being in close proximity to downtown, East Nashville and West End.
Nashville’s short-term rental occupancy for June also came in higher than the 35.3% recorded by hotels in the market.
Average daily rate (ADR) for short-term rentals rose 17.6% to $76.18 in June, after a slight month-over-month decline in May.
ADR for Nashville hotels continued its increase in June, up 14.2% from May to $85.44.
