The Short Term Rental Booking Report is aggregated monthly market trends and insights from Aidaptive’s global community of 35k+ short term rental properties, with the largest concentration being in North America. Check out the trends for August below and subscribe to the Predictive Hospitality Newsletter for early access to trends and insights!
Average Lead Time and Nights Booked
A regional comparison of August 2023 and August 2024 unveiled trends for booking lead time and the number of nights booked in Florida.
The Highlights:
- Average Booking Lead Time has increased for every month in 2024 over 2023, and is up +11.5% overall year-to-date.
- August Booking Lead Time was up +6.8% over 2023.
- Average Length of Stay is down slightly over 2023 (less than 1%).
Revenue per Booking and Average Daily Rate
Looking at that same comparison of August 2023 and August 2024, Florida also experienced a recent upward trend of revenue growth.
The Highlights:
- 2024 Revenue per Booking is up +4.7% over 2023, though the growth is a recent trend.
- Revenue per booking was flat or down in 4 of the first 5 months of the year (down 3.4% in aggregate over this period), while the summer months of June through August saw an overall 13.1% boost over 2023.
- 2024 Average Daily Rate (ADR) is up 5.8% over 2023 in aggregate, broken out across three periods:
- January & February: 2024 was +13.2% over 2023
- March & April: 2024 was -8.4% from 2023
- May through August: 2024 was +9.4% over 2023
Commentary
Florida has a longer lead time compared to the broader United States. This means that customers have an expectation for their ideal location and type of accommodation, and are willing to plan ahead to secure their booking, hence longer lead times, higher average booking values, and higher ADR. This clear increase in regional demand means Florida-based vacation rental management (VRM) companies face a significant revenue opportunity despite high in-market competition.
The data tells us that Florida guests want to make their booking decision earlier and are willing to pay a premium to lock in their vacation. This creates a unique opportunity to fill occupancy via direct channels and combat increased competition. By capturing direct bookings before guests default to booking on large OTA platforms, VRMs can reduce fees, increase profit margins, and build long standing customer loyalty with their brand.
The ideal case is being able to market the right property for each guest at the right time. Thanks to innovations in hospitality technology and digital marketing, vacation rental managers have considerable opportunities to enable this type of seamless booking experience for their guests. One example is by leveraging first-party data and Aidaptive’s Predictive Hospitality platform, VRMs can configure their marketing campaigns and direct booking website to serve personalized booking recommendations to each prospective guest. This streamlines the booking process – and gets them to where they want to be sooner.
Florida VRMs leveraging Aidaptive’s Predictive Hospitality experience:
- Average 17-38% boost in property engagement
- Average 13-51% boost in website conversion rates & attributed revenue
It often takes 5+ site visits for a guest to complete a booking, and by personalizing each stage of the booking funnel, Aidaptive can help a vacation rental manager shorten that booking process, while also helping convert a higher share of visitors to bookings.
Contact us for more information and to schedule your live demo of Predictive Hospitality. Understand the power behind AI and data-driven booking personalization today.
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