Short-term rentals in Miami, Nashville and Philadelphia showed mixed performance results during January 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 world-leading 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.
January 2021 short-term rental performance, percentage change from December
Miami
- Occupancy: 78.7% (-4.6%)
- ADR: US$170.70 (+9.6%)
- RevPAR: US$134.30 (+4.5%)
Miami short-term rental occupancy came in lower than recent months, but the ADR level was the market’s highest since March 2020. As a result, the market’s RevPAR was its highest since February 2020.
For comparison, January occupancy for Miami hotels came in at 54.5%.
Nashville
- Occupancy: 52.9% (+4.2%)
- ADR: US$90.12 (-10.2%)
- RevPAR: US$47.71 (-6.4%)
While occupancy was up from December, Nashville’s short-term rental ADR and RevPAR were its lowest since the summer. Hotel occupancy in the market was lower in comparison, at 33.8%.
Philadelphia
- Occupancy: 47.5% (+1.3%)
- ADR: US$161.14 (-0.4%)
- RevPAR: US$76.51 (+0.8%)
Philadelphia short-term rental ADR was its lowest since June. The market’s hotel occupancy was 35.1%.
STR provides premium data benchmarking, analytics and marketplace insights for global hospitality sectors. Founded in 1985, STR maintains a presence in 15 countries with a corporate North American headquarters in Hendersonville, Tennessee, an international headquarters in London, and an Asia Pacific headquarters in Singapore. STR was acquired in October 2019 by CoStar Group, Inc. (NASDAQ: CSGP), the leading provider of commercial real estate information, analytics and online marketplaces. For more information, please visit str.com and costargroup.com.