HENDERSONVILLE, Tennessee—Short-term rentals in three key U.S. cities showed substantial month-to-month performance growth and posted higher occupancy than hotels in the same market, according to October 2020 data from STR.
Building on STR’s hotel performance database, Philadelphia, Nashville, and Miami are the first three U.S. markets where the company has expanded its benchmarking offerings via a pilot study. Included in STR’s short-term rental sample are both multifamily and single-family short-term rentals.
In Philadelphia, short-term rental occupancy increased 26.4 percent month over month to 70.9 percent in October while the market’s hotel industry recorded a 49.2 percent occupancy level for the month, according to STR. Average daily rate (ADR) for short-term rentals in Philadelphia increased 5.3 percent over the previous month to $169.97, and revenue per available room (RevPAR) rose 33 percent to $120.51.
For the Nashville short-term rental market, STR recorded a 2.5 percent month-over-month decline in occupancy to 58.6 percent in October. Although down from the previous month, Nashville’s short-term rental occupancy came in well above hotel occupancy in the market, which was up 13.1 percent to 44.1 percent. ADR for Nashville short-term rentals increased 24.3 percent month over month to $133.08 and RevPAR was up 21.2 percent to $78.05.
In Miami, short-term rental occupancy increased 2.1 percent month over month to 83.3 percent while hotel occupancy came in at just 41.6 percent in October. ADR for short-term rentals in Miami rose 12.9 percent month over month to $117.89 and RevPAR grew 15.3 percent to $98.24.