Short-term rentals record higher occupancy in May
HENDERSONVILLE, Tennessee—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, percentage change from April:
- Occupancy: 83.3% (+0.3%)
- ADR: US$223.98 (-2.0%)
- RevPAR: US$186.47 (-1.8%)
Miami’s short-term rental occupancy was its highest since February 2021, but ADR and RevPAR fell slightly below previous months. For comparison, May occupancy for Miami hotels came in at 74.2%.
- Occupancy: 65.9% (+2.3%)
- ADR: US$198.24 (+1.8%)
- RevPAR: US$130.68 (+12.2%)
Nashville’s short-term rental ADR was its highest for any month since December 2019, while RevPAR was the highest since November 2019. Hotel occupancy in the market was only slightly lower in comparison, at 61.4%.
- Occupancy: 76.9% (+8.2%)
- ADR: US$160.01 (+3.7%)
- RevPAR: US$122.99 (+12.2%)
Philadelphia short-term rental occupancy was its highest since October 2019, while the RevPAR level was the highest since November 2019. The market’s hotel occupancy was 54.8%.
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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