Short-term rentals outperformed hotels in select U.S. markets during October

HENDERSONVILLE, Tennessee—Short-term rentals in three key U.S. cities showed substantial month-to-month performance growth and posted higher occupancy than hotels in the market, according to October 2020 data from STR.

Building on STR’s world-leading hotel performance database, Philadelphia, Nashville and Miami 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.

October 2020 short-term rental performance, month-over-month comparisons

Philadelphia

• Occupancy: 70.9% (+26.4%)
• Average daily rate (ADR): US$169.97 (+5.3%)
• Revenue per available room (RevPAR): US$120.51 (+33.0%)

Philadelphia’s hotel industry recorded a 49.2% occupancy level for the month.  

Nashville

• Occupancy: 58.6% (-2.5%)
• ADR: US$133.08 (+24.3%)
• RevPAR: US$78.05 (+21.2%)

Although down month over month, Nashville’s short-term rental occupancy came in well above hotel occupancy in the market, which was up 13.1% to 44.1%.

Miami

• Occupancy: 83.3% (+2.1%)
• ADR: US$117.89 (+12.9%)
• RevPAR: US$98.24 (+15.3%)

October occupancy for Miami hotels came in at just 41.6%.

About STR
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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