Over the last two weeks, booking pace in the US leisure-based vacation rental industry–for stays through July–has seen a significant slowdown as travel restrictions due to COVID-19 have spread all around the globe.
According to market data provided by Key Data, year over year (YOY) adjusted occupancy as of March 23, 2020, declined as much as 37 pecent (Hawaii) for April and as much as 13 percent (California) for June, compared to adjusted occupancy for the same periods as of March 23, 2019.
March & April Booking Pace: YOY Adjusted Occupancy Percentage Change — as of March 5, March 13, and March 23:
In the charts below, you can take a deeper dive into YOY booking pace acitivity for Hawaii, Oregon, California, Colorado, the Gulf Coast, and the SE Atlantic Beaches.
How to read these charts:
In the charts below you will see each region followed by an “as of” date (for example, “Hawaii: As of March 23rd”). This means that that the two metrics—adjusted occupancy rate and average stay value—represent reservations on the books as of March 23rd, 2020, compared to reservations on the books as of March 23rd, 2019.
The data sets compare booking pace for 2019 and 2020 as March 5, as of March 13, and as of March 23.
Adjusted Occupancy measures paid occupancy, or nights available to rent. For example, adjusted occupancy excludes owner holds and maintenance holds.
The Average Stay Value measures the average booking total for reservations for 2019 and 2020 as March 5, as of March 13, and as of March 23.