London short-term rentals outpace other accommodation types
Such as is happening in Spain, and in other European countries, holiday homes are taking on more and more strength in these summer holidays, and short-term accommodation is increasingly popular in cities like London.
Thus, the news platform Short term rentals has shown us, in a study published by STR, carried out in association with the UK Short-Term Accommodation Association [STAA], which shows that the short-term rental sector in London has recovered faster than most accommodation sectors since the UK reopened, outpacing other major accommodation types in occupancy. In this sense, we reproduce below the results of the study carried out by STR.
Occupation
Short-term rental occupancy increased from 43.1% in May 2020 to 64.1% in May 2021, an increase of 48.8%. Month-over-month, there has been a 12.5 percent improvement between April and May of this year. The latest comparable data available across all sectors dates from the end of April 2020, showing hotel occupancy was 28 percent, serviced apartments were 39.9 percent, and short-term rentals exceeded both by 57 percent.
ADR [12 months to the end of April 2021]
Short-term rentals fared better with an increase of 9.4 percent.
Hotels had a decrease of 14.9 percent, and serviced apartments had a significant decrease of 63.1 percent.
Short-term rentals saw ADRs rise by 16.5 percent from April to May this year.
RevPAR [12 months to end of April 2021]
Short-term rentals were again the fastest growing with an increase of 44.8 percent.
Serviced apartments experienced a 25.2 percent increase, but hotels experienced a 2.6 percent decrease.
The month-over-month outlook was even brighter for short-term rentals with a whopping 40.8 percent increase from April to May this year.
Average length of stay
Average length of stay for short-term rentals increased from 11.9 days in May 2020 to 13.3 days in December 2020, peaking in November of 14.3 days.
Importantly, this study recruited several short-term rental property management companies in the capital, including GuestReady, Seven Living, Urban Stay, and UnderTheDoormat.
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