Colorado is a destination for vacationers who enjoy outdoor activities year-round but is recognized as a predominately winter destination when many renters come to spend time skiing and snowboarding. This year’s summer season performance was slightly lower than last year, making the fall and winter seasons more important. So how is this winter season shaping up?
The average booking window is the average number of days between guests making a reservation and checking in. This indicator, which represents how far in advance guests are planning vacations, helps property managers know when to market to potential renters, when to adjust rates, and much more. Generally, Colorado’s ski areas have a relatively short booking window because renters wait to see what snowfall will be and because many renters are from within the state. Though the average booking window was relatively similar to 2019 for most of August and September, renters in Breckenridge, Winter Park, and Telluride and Mountain Village are booking November - January stays 33 days earlier than last year. Telluride & Mountain Village saw exceptionally large increases in booking windows; averaging 39 days longer than last year from November - January.
In addition to longer booking windows for the winter season, the number of bookings made for Colorado rentals over the past 60 days has averaged 20% higher than in 2019. Although Breckenridge is experiencing booking performance similar to last year, Telluride & Mountain Village are boasting increased booking activity of 44% over this time last year. Winter Park is seeing a 34% decrease in bookings compared to last year over the past 60 days. The difference in booking activity by market reflects similar trends elsewhere; destinations with higher rates, like Telluride, have performed better than destinations in similar regions with lower rates, like Winter Park.
With both bookings and average booking windows increasing over last year in the state of Colorado, will this peak season compare favorably to last year’s? The United States is still very much in the middle of the COVID-19 pandemic, which has re-written some of the seasonal expectations the Vacation Rental industry has come to know and rely on. How does your inventory and performance stack up against the market? Contact Key Data to learn more about how your rentals compare.