SAN FRANCISCO, October 17, 2023 /PRNewswire/ — Apart fromthe world leader in vacation rental revenue management technology, today published its the latest report on market trends in the vacation rental industry. Based on millions of global offers on Beyond, they found a return to pre-pandemic booking trends around the world. While occupancy and RevPAN (revenue per available night) declined year-over-year in most parts of the globe, they still remained above 2019 levels, pointing to a return to a constantly evolving industry, with periods of hypergrowth in 2021 and 2022 .being an outlier.
Over the past decade, Beyond has helped thousands of hosts and property managers generate billions of dollars in millions of listings. Thanks to its robust data set, Beyond was able to analyze a number of major trends impacting the industry, including:
Supply has increased in most global markets:
- In United Kingdomsupply across the country has almost doubled in the last two years, with a growth rate of 99%
- Australia is close to doubling its supply in the last two years, there has been a significant increase in supply, with a growth rate of 87%
- Italy, Spain& France show an increase in supply of 20-30% from January 2023
- IN United Statessupply has more than doubled in the last two years, growing by over 110%
Search data statistics shed light on the impact of consumer demand:
Beyond launched Search engine based pricing in 2023, which will seamlessly transform consumer search trends into automatic price changes. This innovative new data set showed that events are becoming an increasingly important factor influencing travel around the world.
- When Taylor Swift announced tour dates for 2024 United Statesconsumer demand resulted in a 1,400 percent increase in searches for vacation rentals in the days leading up to her concert Miami.
- When did ticket sales for the Paris Olympics start? May 11, 2023Beyond has detected an increase in demand week over week Paris stays in July and August 2024. Then, two weeks later, in late May, vacation rental demand exploded by a whopping 688% before falling back to normal levels the following week.
“We have always known that events are a key part of revenue management and the most difficult to value. However, with search engine-driven pricing, we analyze current demand patterns and import this data into our pricing algorithm to ensure we earn the most revenue,” he said Jeffrey Breece, director of revenue management at Beyond. “I am excited to continue to expand how we use demand data to provide the industry with new and advanced ways to drive revenue.”
Beyond’s offer includes solutions for automatic, dynamic pricing in real time based on changing market trends, as well as an intuitive analytical platform for visualizing these trends along with offer results.
To learn more about the trends affecting the short-term rental industry and understand the methodology behind our data, check out our latest report: Looking beyond 2024: the year we move beyond historical data sets.
Beyond is a global leader in revenue management, helping hosts and property managers discover new ways to generate the most revenue from their vacation rentals. Since pioneering dynamic pricing in the vacation rental market ten years ago, Beyond has served millions of listings worldwide and helped customers increase their annual revenues by an average of 40%. Beyond’s unmatched access to real-time data and analytics for the vacation rental industry enhances its ability to generate revenue, maximize profitability and save time for hosts and property managers around the world.
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