Vacation Rental Markets Return to Pre-Pandemic Booking Trends, and Search Data Reveals Shifts in Demand

• 7 months ago
• Categories: Home Sharing

Beyond published their latest market trends report on the vacation rental industry. Based on the millions of global listings on Beyond, they've identified a return to pre-pandemic booking trends across the globe. While occupancy and RevPAN (Revenue Per Available Night) was down year-over-year in most parts of the globe, it was still above 2019 levels, indicating a return to a steadily growing industry, with the hyper-growth years of 2021 and 2022 being outliers.

Over the past decade Beyond has helped thousands of hosts and property managers, across millions of listings, generate billions of dollars. With its robust data set, Beyond has been able to analyze a number of major trends impacting the industry, such as:

Supply has increased in most global markets:

• In the United Kingdom, supply has almost doubled across the country over the past two years, with a growth rate of 99%
• Australia is close to doubling it's supply – over the past two years, there has been a significant increase in supply, with a growth rate of 87%
• Italy, Spain, & France are showing a supply increase of between 20-30% since January of 2023
• In the United States, supply has more than doubled over the past two years, growing by more than 110%

Search data insights illuminate the impact of consumer demand:

Beyond launched Search-Powered Pricing in 2023, which seamlessly turns consumer search trends into automated price changes. This innovative new data set has shown that events are becoming a larger driver of travel across the globe.

• When Taylor Swift announced her 2024 tour dates in the United States, consumer demand drove a 1400% surge in vacation rental searches for the days surrounding her concert in Miami.
• When Paris Olympic ticket sales started on May 11, 2023, Beyond detected a surge in week-over-week demand for Paris stays in July and August 2024. Then, two weeks later in late May, demand for vacation rentals exploded by up to 688%, before falling back to normal demand levels the following week.

“We've always known that events were a critical part of revenue management, and the hardest to price. But with Search-Powered Pricing, we are taking up-to-the-hour demand patterns and importing that data into our pricing algorithm to secure the most revenue,” said Jeffrey Breece, Director of Revenue Management at Beyond. “I'm thrilled to continue expanding how we utilize demand data to provide the industry with new and advanced ways to drive revenue.”

Beyond's offering includes solutions for automated, real-time dynamic pricing based on shifting market trends, as well as an intuitive analytics platform to visualize those trends alongside their listings' performance.

To learn more about trends impacting the short-term rental industry, and get a methodology of our data, check our latest report here.