ADR (Average Daily Rate) Drop and Last Minute Bookings

[Ray J.]

Hey BP!!

Wondering if in your markets for your STRs (Short Term Rentals) are you seeing the ADRs (Average Daily Rates) a lot lower than what you were originally forecasting for the year, and are the majority of your bookings done last minute?

For our STRs here Myrtle Beach this seems to be the case, and not quite sure if it is one of the below factors or potentially all of them:

1) the economy

2) increase in STR supply for the area

3) less demand

Interested to hear everyone's thoughts and experiences.

[Ryan Moyer]

Huge supply increases alongside normalizing demand back to more sustainable levels.  Gonna be a rough year until supply starts moving back off and supply/demand level back out again.