London short-term rental occupancy reaches pre-pandemic levels
LONDON—The short-term rental sector in London reached its highest occupancy level since February, according to October 2020 data from STR.
October occupancy for the sector was 62.4%, an increase of 5.9% from September (58.9%). That absolute level was noticeably higher than the 29.2% occupancy level for hotels in the market.
STR, the leader in global hospitality benchmarking and analytics, maintains the world’s largest hotel performance database. London is the first international 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.
October average daily rate (ADR) for London short-term rentals dropped 10.3% to GBP97.99. That was a steeper decline than hotel ADR in the market, -4.4% month over month to GBP89.49.
STR provides premium data benchmarking, analytics and marketplace insights for global hospitality sectors. Founded in 1985, STR maintains a presence in 15 countries with a corporate North American headquarters in Hendersonville, Tennessee, an international headquarters in London, and an Asia Pacific headquarters in Singapore. STR was acquired in October 2019 by CoStar Group, Inc. (NASDAQ: CSGP), the leading provider of commercial real estate information, analytics and online marketplaces. For more information, please visit str.com and costargroup.com.
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