With the COVID-19 virus affecting global systems at an unprecedented rate, it has proven difficult for leaders to project the future of any industry. Key Data has been tracking a few Key Performance Indicators (KPIs) to measure the impact of the virus on the short-term vacation rental markets. Below are broad trends that we’re seeing in booking activity, occupancy, and rates.
Bookings per Property
- During January and early February, some markets were receiving increased bookings versus 2019.
- By early March, every market we analyzed saw a slowdown in booking activity.
- By mid-March, booking activity was down 60-90% in every market.
Adjusted Paid Occupancy Rate
- During January and February, some markets had lower occupancy rates than last year while others were higher. Markets on the West Coast were more likely to be down while those on the East Coast were more likely to be up.
- Decreased in March 2020 for almost every market over 2019.
- APO starts to rebound slowly in May – with all markets displaying positive differences by August.
% Change in Average Daily Rate
- Year-to-year changes in the average daily rate are volatile. The impacts of COVID-19 on rates remain unclear.