How's your STR doing this year?

[Jeff Moore]

My short term rentals seem to be slower this year than last year. I was on a local FB group and noticed many people complaining their numbers where down too. So I thought I'd get a broader view of this by seeing if others around the country are seeing their numbers down from the previous year. The consensus locally was a sentiment that gas prices are up and inflation is high and they are hoping people will book last minute to see if costs go down and they just aren't booking as far out in the future. What are your thoughts?

[Justin Gabriel]

Our STR (a TN lodge) has seen increases in ADR and revPAR compared to the same months in previous years, but occ % was down by ~7% compared to April of last year. I'm wary of a post-Covid demand lull and people tightening vacation budgets due to uncertainty in the markets, but so far bookings are trending in the right direction. We adjust rates quite frequently to get last-minute bookings, but even with playing with rates like that, we have kept our ADR and revenue above what it's been in previous years. Much like Darius, we're holding out on dropping prices across the board for future months. It'd be interesting to revisit this convo in 3-6 months.