A recent report by HNR Hotel News reports that demand is stronger than ever for short-term rentals (STRs).
It noted that AirDNA’s latest month market review shows that the summer of 2023 will be the strongest on record. Booked revenues for the summer are already up 15 percent compared to the same time last year.
Supply growth for STRs overall has settled, while demand is increasing, which will lead to increases in other key metrics this summer such as occupancy and RevPAR.
AirDNA also notes that guests of these properties are also seeing minimal price increases this spring. Year-over-year, ADR has increased only 2 percent.
However, in North Carolina, supply growth is still strong with a 22 percent increase from last year. With a 24 percent increase in STR bookings, this leads to a slightly negative occupancy rate (-0.5 percent).
ADR has seen modest increases relative to national increases with a 4 percent increase year-to-date.
Story courtesy Visit NC NewsLink, a weekly e-newsletter from the Economic Development Partnership of North Carolina. NewsLink provides information to nearly 4,800 tourism industry leaders, media and government representatives across the state. It distributes valuable information on Visit NC’s marketing and promotional efforts, tourism-related research, state, national and international trends, media leads, updates on conferences and events, and more.
