Short-term rentals record higher occupancy, RevPAR in February
HENDERSONVILLE, Tennessee—Short-term rentals in Miami, Nashville and Philadelphia recorded increases in occupancy and revenue per available room (RevPAR) in February 2021, according to data from STR. Short-term rentals continued to post higher occupancy levels than hotels in each of the three markets.
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.
February 2021 short-term rental performance, percentage change from January
- Occupancy: 94.6% (+5.8%)
- ADR: US$212.23 (+16.0%)
- RevPAR: US$200.75 (+22.6%)
Miami’s short-term rental occupancy, ADR and RevPAR were its highest since February 2020.
For comparison, February occupancy for Miami hotels came in at 65.5%.
- Occupancy: 64.1% (+21.2%)
- ADR: US$89.61 (-0.6%)
- RevPAR: US$57.42 (+20.4%)
Nashville’s short-term rental occupancy was its highest for any month since November 2019, while RevPAR was the highest since November 2020. Hotel occupancy in the market was lower in comparison, at 38.7%.
- Occupancy: 52.3% (+10.1%)
- ADR: US$161.06 (-0.1%)
- RevPAR: US$84.29 (+10.2%)
Philadelphia short-term rental ADR was its lowest since May. The market’s hotel occupancy was 41.2%.
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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