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Finance & DevelopmentSTR: Miami Short-Term Rentals Outperformed Hotels in December

STR: Miami Short-Term Rentals Outperformed Hotels in December

HENDERSONVILLE, Tennessee — Miami’s short-term rental sector posted its best overall performance since the beginning of the pandemic, according to December 2020 data from STR. Miami short-term rentals, along with those in Nashville and Philadelphia, reported occupancy levels higher than hotels in their respective markets.

Building on STR’s hotel performance database, Miami, Nashville, and Philadelphia 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.

Miami short-term rental occupancy came in above 83 percent for the third consecutive month, increasing 1.5 percent in December from November to a level of 83.2 percent. For comparison, December occupancy for Miami hotels came in at 48.8 percent. December’s average daily rate (ADR) for short-term rentals in Miami improved 28.4 percent from the previous month to $155.80 and revenue per available room (RevPAR) increased 30.3 percent to $129.61—both the highest levels recorded in the market since March.

Short-term rental occupancy in Nashville declined 18.8 percent in December from the previous month to a level of 48.8 percent—its lowest since May, but still well above hotel occupancy in the market (34.3 percent). STR reported that Nashville short-term rentals recorded December ADR of $109.59 (down 4.2 percent from November) and RevPAR of $53.46 (down 22.2 percent from November).

In Philadelphia, short-term rental occupancy fell 25.1 percent from November to December to a level of 47.2 percent—lower than any month since July but still higher than the market’s hotel occupancy, which came in at a level of 33.6 percent for the month. ADR for Philadelphia short-term rentals was down 4.7 percent in December vs. November to $162.04 and RevPAR fell 28.6 percent to $76.42. Philadelphia’s absolute ADR and RevPAR levels were its lowest since June.

 


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