If you manage vacation rentals in the USA, you’ll be interested in our exclusive data about property performance in the USA during Q3 of 2022.
Knowing how short-term rentals perform in your area will help you set accurate rates, put your property performance into context, and create a successful
vacation rental revenue management strategy
That’s why we’ve created a fact sheet about property performance in popular destinations across the USA during the summer of 2022. We used Rentals United’s Elevate to collect rich insights into ADR, LOS, booking window, cancellation rate, cancellation windows, and more.
In this post, you’ll find some of the highlights and takeaways.
Download the full USA Q3 2022 fact sheet for detailed insights, including the top-performing channels in each destination.
Highlights From USA Vacation Rentals Q3 Report
We looked at 7 locations across the USA: Kissimmee, Panama City, and Orlando (Florida), Las Vegas (Nevada), Scottsdale (Arizona), Gatlinburg (Tennessee) and North Myrtle (South Carolina)
Our data covers property performance from July 1st to September 30th, 2022.
Here are some highlights:
- Kissimmee, Florida, received a significant amount of early-bird bookings — 47% of reservations were made 60+ days in advance. So, you may have a chance to increase your prices for early bookings.
- Panama City, Florida, saw a lot of late demand — 45% of bookings were made in the last two weeks, meaning it might be possible to keep prices high in the last few days.
- In Orlando, Florida, the booking window varied for different property sizes — Studios and one-bedrooms booked up around 19 days in advance. However, larger properties sold closer to 60 days out. ADRs were highest from 31-180 days before arrival.
- Las Vegas saw considerable late demand — Is Las Vegas a last-minute, spontaneous destination? It seems like it. There was considerable late demand, and ADRs dropped significantly closer to check-in. Because of this last-minute demand, you may not need to drop your rates too drastically.
- Scottsdale, Arizona, was also popular with last-minute travellers — 76% of reservations were made within 2 weeks of arrival, and 44% in the last 2 days. Again, this means you may be able to maintain your prices in the days leading up to check-in.
- There was a reasonably high rate of cancellations in Gatlinburg, Tennessee — 36% of 3 and 4-bedroom properties were cancelled. Luckily, these cancellations happened far out, leaving time to resell the nights.
- 53% of bookings in North Myrtle Beach, SC, happened at 60+ days out —If you manage a property in this seaside destination, you could focus on driving revenue early on, and then drop your rates to fill last-minute gaps.
For more insights, including the top-performing channels in each destination, download our USA Q3 2022 fact sheet.