Guests are booking shorter stays: The average length of stay between this June to August is 3.5 days.
BARCELONA, SPAIN – Lodgify, the vacation rental platform that provides property owners with the essential tools to start, market, and grow a lodging business, has just released a seasonal report delving into the latest trends and forecasts shaping the U.S. short-term rental industry for the summer of 2023.
Based on over 740,000 bookings from Lodgify customers in the United States between January 2021 and June 2023, the report sheds light on the key industry changes that property managers should be aware of, along with helpful insights to boost their profits and occupancy during the peak travel season.
A few highlights from the summer-specific report include:
- Summer occupancy rates have dropped by 8%: With more short-term rentals available this year compared to 2022, the increase in supply and competition may be contributing factors to the slump.
- Guests are booking shorter stays: The average length of stay between this June to August is 3.5 days. However, 56% of longer-stay reservations (8 days or more) are booked direct, providing a revenue opportunity for hosts with their own websites.
- Last-minute bookings are still a trend: This past June, 48% of bookings were made within 3 weeks of the arrival date, following the same trend from 2022, meaning there’s still plenty of time for summer rentals to fill up.
- Fireworks for Independence Day: Despite an overall drop in average daily rates (ADR) this summer, Fourth of July daily rates increased by 4.6% from 2022, potentially due to increased travel activity with the holiday falling on a Tuesday this year.
- Giving love for Labor Day: 38% of Lodgify bookings for Labor Day Weekend are direct bookings.
“Our latest research showcases invaluable insights that will help property managers navigate the evolving landscape of the vacation rental industry,” says Alex Vuilleumier, Chief Operating Officer of Lodgify. “We are proud to equip our valued customers with actionable data to stay ahead in this competitive market.”
Lodgify’s software, which is currently available in five languages – English, Spanish, French, Italian, and German – has also released reports with local data from each of these regions to support its global customer base. The company recently secured $30 million in Series B funding to accelerate its product development, customer support, and global expansion.
Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his responsibilities include business development and planning for TravelDailyNews long-term opportunities.
