SUPPLY GROWTH PEAKS: EVOLVE REVEALS LATEST VACATION RENTAL INDUSTRY TRENDS FOR SUMMER 2023

July and August brought the lowest supply growth rates in about a year, while demand continues to grow

DENVER, Oct. 9, 2023 /PRNewswire/ — Evolve, the fastest-growing vacation rental hospitality company in North America with more than 30,000 properties in 750 markets, has just unveiled its detailed survey of vacation rental industry trends for summer 2023. The report, available at evolve.com, takes a deep dive into market supply, demand, and economic impacts; highlighting the changes and opportunities that are on the horizon for short-term rental owners.

As we predicted in spring, the supply and demand growth gap is shrinking — dropping from 17% in August 2022 to 6% in July 2023,” said Eric Schueller, Executive Vice President of Revenue at Evolve. “This is an indicator that the industry may be normalizing, but the gap still exists. We continue to be in a traveler’s market, so it’s harder to win a booking than it may have been in years prior.”

The solution for owners? They’ll have to level up in order to win bookings — and think beyond just offering competitive rates. Owners who are performing best are those who are effectively implementing a range of optimization strategies using advanced technology and data — alongside offering unique hospitality touches and amenities. Today’s discerning vacation rental guests are looking for extraordinary experiences, and successful owners are adapting accordingly.

Some key takeaways from Evolve’s Vacation Rental Industry Trends: Summer 2023 report include:

  • In June, supply growth started to slow, and July and August brought the lowest growth rates in about a year — with July seeing a 160 basis point increase compared to July 2022’s YoY growth rate, and August seeing a 270 basis point decrease in comparison to the same measure. This makes one thing more clear: the vacation rental industry’s staggering supply growth over the last year is beginning to lose its momentum.
  • Demand growth, on the other hand, continues to progress. July brought in nearly 9 million check-in nights, a monthly all-time high for the vacation rental industry and an 88% increase from July 2019.
  • Summer saw a change in those interested in last-minute trips. While some were interested in booking last-minute getaways this past Spring, it became a much bigger trend in summer — and those booking within two weeks of travel jumped by 22% YoY.
  • Given the increased interest in last-minute travel lately, flexible policies can play a large role in how much revenue an owner earns, as limiting the number of policies and restrictions on your listing can open up the days available to be booked. Data has shown being flexible with cancellation policies, for example, can lead to a 53% income jump because it gives guests enough confidence to book.
  • When determining which amenities are worth investing in, Evolve’s research shows those with properties anywhere in the U.S. can’t go wrong with a decked-out backyard, and would do well to have a hot tub, fire pit, or even an indoor fireplace. It also helps to cater to a variety of travelers. Making properties pet-friendly, suited for remote work, or ready to host families can all help drive up rental value.
  • Owners can conduct effective property comparisons with Evolve’s help, evaluating homes in the area with great review scores or those showing up at the top of search results on the best booking sites.

Check out the entire report at www.evolve.com/owner/summer-industry-trends.

About Evolve
Evolve is reimagining the vacation rental experience with our modern approach to hospitality and property management. We help guests rest easy with vetted homes, bookings that give back, and all the support they need for a great stay. We also support owners in reaching their financial goals, partnering with them to start, manage, and grow their vacation rental business — all for an industry-low fee. Learn more at www.evolve.com.

Media Contacts:
Ashley Taylor                        
[email protected]

SOURCE Evolve

Originally published at https://www.prnewswire.com/news-releases/supply-growth-peaks-evolve-reveals-latest-vacation-rental-industry-trends-for-summer-2023-301950279.html
Images courtesy of https://pixabay.com

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