VRMA Administrator
The US short-term rental market saw a 17 percent decline in revenue per available rental (RevPAR) in June, July, and August, according to analysis by data provider Key Data. While signs of a similar dip could be seen globally for stays during the summer, the United States saw sharper declines in RevPAR and was the only country to see average daily rates (ADR) fall in raw terms. ADR fell 8.1 percent year-over-year, dropping from $328 to $302, while paid occupancy fell by 6.5 percent, settling at 38 percent. Key Data CEO Jason Sprenkle said: “It’s likely that the cost-of-living crisis, coupled with an increase in short term rental supply, has hurt revenues this summer. It’s still difficult to tell what the rest of the year holds but, as it currently stands, we do see lower occupancies globally.”
ShortTermRentalz (09/13/23) Paul Stevens
