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 comparison of August 2023 and August 2024 unveiled trends for booking lead time and the number of nights booked.
The Highlights:
- For average nights booked, we observed a consistent YoY length of 5.75 days.
- For average booking lead time, we observed a decrease of -1.97% YoY from 125.99.0 days to 123.51 days, which marks 6 of 8 months in 2024 showing a reduction over 2023.
Commentary
The continued decline of booking lead time underscores ongoing consumer uncertainty. Property managers should confirm their revenue management strategies are aligned with their own lead times, as flexible cancellation policies and rate adjustments can address consumer concerns and encourage earlier booking. Thankfully, stable trip lengths show many consumers are not reducing their nights booked despite uncertainty and economic pressure. Consider using length-of-stay pricing models that reward users for longer stays.
In terms of direct booking strategy, if travelers feel less pressure (or are less willing) to book in advance, this underscores the importance of providing tailored and relevant content with each brand experience. Critical components of the direct booking process, including property recommendations, search results and marketing sends enable property managers to present the right property and stay that align with each potential guest’s preferences & affinities.
As we’ve seen from other examples of consumer activity (like eCommerce), personalization matters now more than ever.
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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