Pent-up Demand Leads to Record U.S. Bookings in January 2021
New bookings for U.S. short-term rentals surged in January 2021 to their highest level on record, even exceeding June 2020 by 22%, which saw bookings skyrocket after initial lockdowns eased and Americans felt confident planning their summer vacations.
January is traditionally one of the most popular months for booking new short-term rentals and, as it turns out, 2021 is no different. It also appears once again that Americans will avoid large cities and international destinations and instead travel domestically to the beach, mountains, lakes, and small towns throughout the country. Markets in coastal and mountain destinations generated 64% of all booking value in January, or the total revenue for all reservations made during the month of January for future trips, compared to just 52% in 2017 – 2020. The Phoenix area had a 54.3% occupancy rate over the past 12 months.
AirDNA expects that record-high bookings in January for this spring and summer for U.S. short-term rentals are a positive indicator of substantial pent-up demand for travel. The continued stimulus from the U.S. government and sustained high savings rate of consumers should give many people the financial ability to travel again once they feel comfortable that it’s safe to do so. These factors, combined with an increased preference for lodging accommodations with home-like amenities when they travel, will support a sustained recovery for the short-term rental sector throughout 2021.
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If you have questions about buying a short term rental, give The Garcia Group a call to go over your options.
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Link for full article https://www.airdna.co/blog/airdna-market-review-us-january-2021