Summit Mountain Rentals has released its most recent Vacation Rental Report. This report is different from previous reports as it offers a retrospective on how the Coronavirus pandemic impacted the local vacation rental market, as well as the vacation rental market as a whole.
While the pandemic and its impacts are still affecting our daily lives as well as the local economy, we now have enough data to analyze how the initial impacts (as well as the shut down of all vacation rentals) impacted the market. While there is no doubt that the pandemic negatively impacted the vacation rental market, there were a few bright spots in the data. One of those bright spots is that the shutdown took place towards the end of the busy winter season, when most property managers had already collected the majority of winter revenue.
Another bright spot came in the form of a successful summer due to pent up demand after vacation rentals were allowed to resume operation. We also discovered that while the occupancy rate of the market saw a steep decline in the final months of the winter season, average daily rate (ADR) actually saw an increase. The increase in ADR shows that demand for our destination continues to stay strong.
This report also analyzes how COVID-19 impacted the vacation rental industry as a whole. We map out the timeline of how the shut took place and how large third-party players like VRBO and Airbnb reacted. We also look at how the pandemic has changed traveler behaviors and expectations.
With Vail Resorts releasing its plans to open this year with social distancing protocols, a reservation system, and other measures to try to mitigate the spread of the virus, we will advance into this winter season in an effort to recoup lost revenue. Hopefully, a successful winter will provide a sense of normalcy in these unprecedented times.
Make sure to download your copy of the Vacation Rental Report and share it with your friends. If you have any questions about the report or would like a hard copy mailed to you, reach out to Summit Mountain Rental’s Marketing Communications Manager Reid Tulley at reid.tulley@summitrentals.com.