Weekly Lodging Report Shows Flat Occupancy Levels and Revenue up Over Last Year
There are no reliable statistics available on occupancy and revenue for vacation rentals. However, Smith Travel Research does provide such statistics for the hotel industry that vacation rentals compete with for a share of the market. Since every vacation rental owner needs a benchmark of how it is doing, we are reporting the weekly statistics on the hotel industry as compiled by Smith Travel Research.
For the week ending April 22, hotel industry occupancy was 66.8%, an increase of 1.1% over the same week a year ago. However, the average daily rate was up 5.5% and the revenue per available room was up 6.5% over the same week a year ago.
This information is only a broad benchmark, but it is helpful. It should be used in conjunction with a comparison of your own occupancy and revenue with that of a year ago. As in other businesses, careful record keeping is essential to profitability in vacation rentals. It will help your calibrate your rates and gauge whether your are successful in satisfying your customers. It can help you decide whether you need to spend more or less on advertising.
