US Summer 2023: A Glimpse into the Real Estate and Tourism Landscape
Occupancy Rate Decline: The US vacation rentals market saw an 8% decline in occupancy rates compared to 2022.
Direct Bookings Dominance: A significant 56% of reservations for stays of 8 days or more in 2023 were made through direct booking channels, highlighting a preference for personalised interactions with property owners.
The US Industry Report shows varying occupancy rates but a generally positive outlook
According to Lodgify Industry Report for Summer 2023, the US vacation rentals occupancy rates compared to 2022 have seen an 8% decline, and the average length of stay has decreased slightly.
However, a whopping 56% of reservations for 8 days or more in 2023 are coming from direct booking channels, signifying a preference for personalised and direct interactions with property owners.
Source: https://www.lodgify.com/blog/industry-report-summer-2023/
While the general trend for average daily rates (ADR) has seen a 3% drop compared to 2022, there are interesting anomalies.
Growth in key movements in KeyNest Points Network, summer 2023 compared with summer 2022
With 38% of all registered bookings for Labor Day Weekend being direct bookings, it's clear that travellers are actively seeking properties that offer an authentic and personalised experience.
KeyNest proprietary key movement data showcased certain declines in local check-ins, but also highlighted top 4 cities, still growing their short-term rental presence in a healthy way.
Question is, what will happen now that New York has introduced short-term rental restrictions. Next summer will tell!
Source: KeyNest key movements, June-August 2022-2023
In conclusion, summer 2023 has unveiled a reimagined landscape for both property owners and tourists.
The key for property owners is to adapt to these shifting dynamics, offering the features and experiences that resonate with this new breed of travellers.
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KeyNest offers you a convenient service for storing and exchanging your property keys. You can drop off a key at any of the 5,000+ locations in our network, so there’s one such Point located next to your property already.
Guests, cleaners or contractors can then collect the key securely from a KeyNest Point, which is usually open 24/7. You'll be notified each time the key is picked up or returned, and you can even customize check-in and check-out times.
KeyNest has an ever-expanding global network of locations located just minutes from your property. To find out more, visit our website.