STR and AirDNA recently came out with a report that illustrates hotels’ and short-term rentals’ all-time highs leading up to COVID-19, the all-time lows that resulted from the pandemic, and the rise in bookings per global business reopenings and updated health regulations.
According to this analysis, “As of February 2020, annualized global hotel occupancy exceeded 66% for a record 58th consecutive month. From 2015 through 2019, the U.S. short-term rental peak-season occupancy rate grew 2.3% annually, reaching a record high of 58.6% in 2019.” And when COVID-19 first hit, “Hotel occupancy declined 77.3% and ADR fell 50.4% when comparing data for the week of March 31, 2019, to its weekly March 2020 low point. By comparison, Rentals HC and 2+ Bedroom Rentals occupancy declined 45.1% and 46.2%, respectively. ”
Figure 6 reflects the significant weekly occupancy and ADR (USD) drop between March 2019 and the COVID-19 low point:
Figure 8 illustrates the increase in new weekly bookings as travel saw an increase under updated health regulations:
To view the full report, click here.