London Short-term Rentals Reach Early 2020 Performance Levels

London Short-term Rentals Reach Early 2020 Performance Levels

London’s short-term rental industry recorded its highest monthly occupancy and revenue per available room (RevPAR) since February 2020, according to May 2021 data from STR.

May occupancy for the sector was 64.1%, which represented a 12.5% increase from April (57.0%) and the highest level in the market since February 2020 (65.1%). Short-term rental occupancy was significantly higher than the 31.0% recorded by hotels in London.

Average daily rate (ADR) reached GBP111.50, a 16.5% jump over April (GBP95.74). The ADR level was the highest since March 2020 (GBP122.71). RevPAR for the sector rose 30.9% to GBP71.45.

STR, the leader in global hospitality benchmarking and analytics, maintains the world’s largest hotel performance database. London is the first international short-term rental market where STR is expanding its benchmarking offerings via a pilot study. Included in STR’s short-term rental sample are both multi-family and single-family short-term rentals.

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.