Short-term rental occupancy in Nashville showed signs of improvement in May
HENDERSONVILLE, Tennessee—Nashville short-term rental properties showed significant improvement in May after the COVID-19 pandemic had led to down performance in April, according to STR.
Occupancy for the sector increased 83% from April to May, reaching a level of 49.4%. In April, short-term rental occupancy fell to 27%.
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 the majority of the sample being in close proximity to downtown, East Nashville and West End.
Nashville’s short-term rental occupancy for May also came in higher than the 30.1% recorded by hotels in the market.
Despite this occupancy increase, average daily rate (ADR) for short-term rentals dropped to $64.79 in May, which was down 17.9% compared to April ($78.91).
ADR for Nashville hotels increased slightly in May, up 4.8% from April to $74.79.
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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