London short-term rentals start year with higher occupancy, lower rates
LONDON—London’s short-term rental industry recorded a month-over-month increase in occupancy but declines in average daily rate (ADR) and revenue per available room (RevPAR), according to January 2021 data from STR.
January occupancy for the sector was 54.1%, which represented a 4.6% increase from December (51.7%). Amid continued lockdowns in the U.K., short-term rental occupancy was also significantly higher than the 19.6% recorded by hotels in the market.
However, with short-term rental ADR down 22.3% (to GBP102.67) from December, January RevPAR for the sector dropped 18.7% to GBP55.53. London hotels saw a much steeper month-over-month decrease in the metric.
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.
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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