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Finance & DevelopmentSTR: Short-Term Rentals Record Higher Occupancy Than Hotels in Three Markets

STR: Short-Term Rentals Record Higher Occupancy Than Hotels in Three Markets

HENDERSONVILLE, Tennessee — Short-term rentals in Miami, Nashville, and Philadelphia recorded increases in occupancy and revenue per available room (RevPAR) in February 2021, according to data from STR. Short-term rentals continued to post higher occupancy levels than hotels in each of the three 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

Compared to January’s data, Miami short-term rentals increase occupancy by 5.8 percent in February to a level of 94.6 percent; for comparison, February occupancy for Miami hotels came in at 65.5 percent. Average daily rate (ADR) increased 16 percent over the month prior to $212.23 and RevPAR rose 22.6 percent to $200.75. Miami’s short-term rental occupancy, ADR, and RevPAR reached their highest respective levels since February 2020.

Nashville

Nashville’s short-term rentals reached 64.1 percent occupancy in February 2021—up 21.2 percent from January and the market’s highest level for any month since November 2019. Hotel occupancy in the market was lower in comparison at 38.7 percent. RevPAR—at $57.42, up 20.4 percent from January—was the highest since November 2020. ADR was down 0.6 percent from January to $89.61.

Philadelphia

Philadelphia short-term rentals recorded occupancy at 52.3 percent in February 2021, up 10.1 percent over the month prior. The market’s hotel occupancy was 41.2 percent. Philadelphia short-term rental ADR was its lowest since May at a level of $161.06—down 0.1 percent from January. RevPAR for the market was up 10.2 percent from January to $84.29.

 


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