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US Short-term Rentals Show Mixed Performance


November 2020 data from STR shows short-term rentals in three key U.S. cities reported mixed month-to-month performance but higher occupancy than hotels in their respective markets.



Short-term rentals in three key U.S. cities showed mixed month-to-month performance but higher occupancy than hotels in their respective markets, according to November 2020 data from STR.

Building on STR’s world-leading hotel performance database, Philadelphia, Nashville and Miami are the first three U.S. markets where the company has expanded its benchmarking offerings via a pilot study. Included in STR’s short-term rental sample are both multifamily and single-family short-term rentals.

November 2020 short-term rental performance, month-over-month comparisons

Philadelphia
• Occupancy: 62.9% (-10.7%)
• Average daily rate (ADR): US$169.98 (-1.7%)
• Revenue per available room (RevPAR): US$106.96 (-12.1%)

Philadelphia’s hotel industry recorded a 41.3% occupancy level for the month.

Nashville
• Occupancy: 60.1% (+3.6%)
• ADR: US$114.40 (-14.9%)
• RevPAR: US$68.73 (-11.9%)

Nashville’s short-term rental occupancy came in well above hotel occupancy in the market (37.7%).

Miami
• Occupancy: 81.9% (-1.7%)
• ADR: US$121.23 (+2.8%)
• RevPAR: US$99.25 (+1.0%)

October occupancy for Miami hotels came in at just 43.0%.

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.

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