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Thursday 28 May, 2020
TOP STORY
What is fuelling American optimism over a vacation rental recovery?
In this feature, we explore how occupancy rates are rising in some U.S. destination markets such as Florida and if this is cause for cautious optimism over the industry's recovery.
If you missed our last newsletter....check out the stories below:
1. Stay Alfred to permanently close down
2. Expedia Group notes uptick in Vrbo bookings in May
3. Domestic rental bookings resurge in New Zealand
4. Second AJL Consulting online conference held
Editor's comment
28•05•20 Welcome to the latest ShortTermRentalz newsletter!
• In the United States, destination markets such as Florida, Alabama and Georgia are reporting upsurges in occupancy rates for vacation rentals despite alarming levels of unemployment seen right across the country, which has seen operators lay off workers or even close for business altogether.
In my latest feature piece for ShortTermRentalz here, I examined the reasons behind this new-found cautious optimism among operators in those states, as well as gauged whether this would be well-founded in the long-term, with the help of data from Key Data Dashboard and property management software Guesty.
Some of the key factors behind the resurgence in occupancy rates compared to April were the easing of restrictions on vacation rentals from the start of May, the opening of beaches in Florida, and the timing of the Memorial Day weekend this year, which unofficially marks the start of summer. With Independence Day celebrations on 4 July and Labor Day in September still to come, some operators are reporting close to 100 per cent occupancy - something which scarcely seemed possible even a few weeks ago.
Question marks still remain whether this upsurge will last, due to the rise of unemployment and the limited income for families, coupled with the fact that a second wave of this virus remains a very real threat later in the year. While people's yearning for travel has not waned, it may be many months before we see the true shoots of an industry recovery to pre-pandemic levels.
• After last week's first webinar in our Urban Living series ahead of URBAN LIVING FESTIVAL 2020: stay-live-work on 25-26 November at Tobacco Dock London, you can register here for the second session on Wednesday 3 June at 14:00 BST. The session on "The future of work: offices, coworking and business travel" will again be hosted by IHM editor-in-chief George Sell, who will be joined by Giles Fuchs of Office Space in Town, Fidelity International's Carol Fergus, Nuveen's Jack Sibley and Sean Worker of T5 Strategies.
If you have a story you want us to tell the industry, please click here and get involved with the community by joining our ShortTermRentalz LinkedIn group here.
Paul Stevens, news editor
paul@internationalhospitality.media
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International Hospitality Media is the premier specialist in online publishing; conference, exhibition and events, and advisory services for niche growth sectors of the hospitality industry. The company publishes three industry-leading b2b websites - BoutiqueHotelNews.com and ServicedApartmentNews.com and ShortTermRentalz.com which keep their respective sectors up to speed with news, comment and opinion.
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