short term rentals
Short-Term Rentals and Lodging News in Lake Tahoe
Katy Black | March 27, 2023
By Katy Black Lake Tahoe’s economy is anchored by the tourism industry, which experienced significant growth post-COVID given its proximity to major cities such as Sacramento, San Francisco, and Reno, as well as the array of outdoor activities. The Lake Tahoe Basin is home to a growing population of year-round residents, and the popularity of second homes and investment properties in the area has resulted in soaring home prices and an affordable housing crisis. To preserve the area's natural beauty, local governments and the Tahoe Regional Planning Agency have implemented strict development and short-term rental restrictions. Despite t...
Competition for Leisure Guests Heats Up Between Hotels and Short-Term Rentals
AirDNA | November 14, 2022
DENVER, Nov. 14, 2022 -- A new joint report from hospitality data supplier STR and short-term rental analytics provider AirDNA shows that competition between short-term rentals and hotels has accelerated in the fight for leisure guests, with the price gap tightening and rental supply falling behind in urban markets. During the pandemic, the U.S. short-term rental sector used its supply flexibility to recover faster than hotels, especially in coastal and mountain destinations, pushing rentals' market share to a record 17% of total lodging in summer 2020. Hotels retargeted towards leisure guests to reclaim demand, focusing on urban areas, pu...
Alternative Accommodations Present an Opportunity for Institutional Capital and Traditional Brands to Join the Sector
JLL | June 23, 2022
CHICAGO, June 23, 2022 – What started as a marketplace for individuals to rent out their primary or secondary homes as a means of generating extra income has evolved into a complex, highly matrixed space akin to the traditional lodging industry. The alternative accommodation sector’s evolution intensified during the Covid-19 pandemic as increasing flexibility to work remotely, coupled with a heightened focus on quality of life and the need for social distancing, created strong demand. This paradigm shift has resulted in the alternative accommodations sector’s unprecedented growth over the past two years. “Following Covid, we’v...
Accommodation Preferences After COVID-19: Back to Normal or a New Normal?
June 10, 2022
There is mounting evidence that consumer behaviors and preferences are largely returning to “normal” as concerns regarding COVID-19 continue to subside. An increasing appetite for travel, the return of city breaks and waning importance of cancellation policies are just a few indicators highlighting tourism recovery as well as a return to pre-pandemic tendencies. Throughout the pandemic, most forms of accommodation have been disadvantaged as consumers have sought to minimize their interactions with others when restricted travel was allowed. As such, short-term rentals is one sector that has benefitted to a degree during the ...
Taking Back Market Share From Short-Term Rentals
Larry and Adam Mogelonsky | May 11, 2022
By Larry and Adam Mogelonsky The blinders are on as every hotel looks to cope with a swing back to high occupancies during the upcoming peak summer travel season. But think beyond this travel recovery scenario and you’ll see that the terrain has permanently shifted in favor of short-term rentals as leaders in some markets. We’ve been forecasting for quite some time that Airbnb, Vrbo and the like would come to not only take travelers from hotels but also influence the direction of the entire accommodations industry. Look no further than the gains seen from Airbnb’s earnings report from Q1 2022 released at the beginning of May. This...
Unintended Consequences: How Chicago’s Airbnb Policies Are Backfiring
Hans Detlefsen | February 14, 2022
By Hans Detlefsen As Airbnb and other short-term-rental platforms have grown during the past decade, regulators and hotel industry associations have fought to limit their impacts. The hotel industry has generally viewed these new platforms as competitive threats. As such, the hotel industry sought to level the playing field by asking municipalities to impose taxes and regulations on short-term rentals that would be comparable to what hotels experience. Overview of Short-Term Rental Policies in Chicago In Chicago, the effort to constrain the short-term rental industry went farther than just leveling the playing field. Airbnb bookings ...
Short-Term Rentals Record Higher Occupancy in May
STR | June 21, 2021
HENDERSONVILLE, Tennessee — June 21, 2021 — Short-term rentals in Miami, Nashville and Philadelphia recorded month-to-month increases in occupancy, according to May 2021 data from STR. The occupancy levels continued to be higher than those reported by hotels in each market. Building on STR’s world-leading hotel performance database, Miami, Nashville and Philadelphia are the first three U.S. markets where the company has expanded its benchmarking offerings via a pilot study. Included in STR’s short-term rental sample are both multifamily and single-family short-term rentals. May 2021 short-term rental performance, perce...
London Short-Term Rentals Reach Early 2020 Performance Levels
STR | June 21, 2021
LONDON — June 21, 2021 — London’s short-term rental industry recorded its highest monthly occupancy and revenue per available room (RevPAR) since February 2020, according to May 2021 data from STR. May occupancy for the sector was 64.1%, which represented a 12.5% increase from April (57.0%) and the highest level in the market since February 2020 (65.1%). Short-term rental occupancy was significantly higher than the 31.0% recorded by hotels in London. Average daily rate (ADR) reached GBP111.50, a 16.5% jump over April (GBP95.74). The ADR level was the highest since March 2020 (GBP122.71). RevPAR for the sector rose 30.9% to GBP71.4...
