Short-Term Rental Occupancy Takes a Fall, a Bad Surprise for Hosts
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Occupancy levels for US vacation rentals in July 2023 are pacing about 5 percent lower than the previous year, falling from 37 percent to 32 percent. However, rates have only decreased by 4.8 percent due to last-minute discounts, and guest behavior doesn’t seem to be the primary factor.
Stat of the Day: Thinking that you, like us, are wondering what’s happening to occupancy levels this summer, we had some numbers crunched for us by data analysis firm Beyond Pricing and this is what it found: U.S. occupancy for July is pacing about 5 percentage points down year-on-year, from 37 percent in 2022 to 32 percent in 2023.
At the moment, 2023 is looking very similar in occupancy to 2019, and just slightly above where 2020 was at this point. This is a big fall from the past two years and it seems to be taking a lot of hosts and property managers by surprise. When we look at the rates they are asking for, for the same time period in the U.S., the ADR is down just 4.8 percent year-on-year, and most of that is due to last minute-discounts, with August down only 1.6
