As a vacation rental property manager, it's crucial to stay up-to-date with market trends. One of the hottest short-term rental markets in the United States is the Florida Panhandle. If you are looking to increase bookings and occupancy rates in this market, it’s crucial to have the latest short-term rental data. In our latest MarketMinute, we’ll delve into the secrets of the Florida Panhandle vacation rental market.
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Average Occupancy: 55%
The average occupancy in the Florida Panhandle is 55%, which is slightly lower than the national average of 58%. However, this shouldn't discourage property managers. In fact, rentals in this market are almost booked at the same rate compared to listings across the United States. So, there's still a lot of potential for growth.
Average RevPAN: $147
The average RevPAN (revenue per available night) for vacation rentals in the Florida Panhandle is $147, which is a good indicator of the revenue management performance of the market. It's important to note that RevPAN shows a more accurate picture of revenue management performance than other metrics, and is the best metric to use for evaluating the overall success of your revenue management strategy.
Booking Lead Time: 81 Days
Proactive pricing is essential in the Florida Panhandle market since guests tend to book around 81 days in advance, which is higher than the national average of 55 days. This means that property managers need to make sure that their prices are competitive and attractive, even during low seasons.
Top Distribution Channel: Direct
Unlike the rest of the United States, direct bookings reign supreme in the Florida Panhandle market. Direct bookings make up 24% of all bookings, compared to the top distribution channel in the United States, Airbnb. This means that property managers need to have a strong presence online, and they should create an efficient and user-friendly website.
Average Number of Reviews per Listing: 20
On average, vacation rental guests in the Florida Panhandle market tend to be the strong silent types compared to the average reviewer in the United States. The average number of reviews per listing is 20, compared to the national average of 26. Property managers should put more effort into encouraging guests to leave reviews, as this can play a significant role in attracting new guests.
Average Length of Stay: 5.3 Days
The sun and sand are the main attractions in the Florida Panhandle, and visitors tend to stay longer in this market. The average length of stay is 5.3, which is higher than the national average of 4.3. Property managers should focus on creating an exceptional guest experience to keep guests coming back year after year.
In conclusion, the Florida Panhandle vacation rental market has a lot of potential for growth and success. Property managers in this market need to be aware of market trends and stay up-to-date with proactive pricing strategies. Direct bookings are crucial in this market, and property managers need to invest in a user-friendly website to attract more bookings. Finally, a memorable guest experience is essential in the Florida Panhandle vacation rental market. When done correctly, the Florida Panhandle market can be a lucrative and satisfying location for property managers.
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