Florida Continues To Rank As A Top Three U.S. Vacation Rental Market with highest growth rate occurring during traditional "shoulder seasons"
EMERYVILLE, Calif., Sept. 11, 2019 /PRNewswire-PRWeb/ -- RedAwning.com, the world's largest network of vacation properties, recently released two in-depth market reports exploring lodging demand trends in both Florida's "Miracle Strip" Panhandle region and the Florida Keys. The reports highlight an overall increase in occupancy year to year in both regions despite seasonal fluctuations impacted by extreme weather conditions.
According to David Demarest, Director of Communications for South Walton Tourism Development Council, Florida has seen the majority of growth during fall and winter seasons (traditionally Florida's shoulder seasons), particularly October through March.
"It's interesting to see more travelers flocking to Florida during colder seasons," said RedAwning's VP of Market Development, Johnathan Robinson. "Vacation rental managers who are used to seeing a lull during Fall and Winter are definitely going to want to revisit their marketing and rate management strategies as calendars start filling up year-round."
According to the report, 2018 RevPAR in the Florida Keys was up 9% over 2017 and 44% above 2016. RedAwning Florida Keys-based vacation rental managers enjoyed a 257% YOY increase in bookings and a 28% drop in cancellations during the six-month period from October 1, 2018 to March 31, 2019. This region has also seen particularly strong short-term rental demand as the recent Rate of Growth Ordinance has capped hotel supply growth on the island allowing Key West to become the highest RevPAR market for vacation rental managers in the country.
Redawning's presence in the Florida Panhandle grew at around 5% YOY in 2019 and the percentage of unique properties booked surpassed the national average by more than 145% during Q2 2019 for RedAwning Panhandle-based vacation rental managers. According to the report, there is a heavy preference for vacation homes and condos in this market, particularly in South Walton, where nearly three-fourths of visitors stay in vacation rentals and 10% stay in hotels. In March 2019 ADR for vacation rentals beat that of traditional hotel ADR by $83.
RedAwning is the world's largest chain of vacation properties offering a comprehensive layer of solutions and support with every stay, including 24/7 guest and property manager support services, complete marketing, distribution, and reservation management solutions, digital solutions incorporating Google-integrated ads, a mobile app for property managers and guests, and a full range of additional technology and service innovations. With over 100,000 unique properties in over 10,000 destinations, RedAwning has served over 825,000 travelers to date, and continues to expand on being the broadest single point of access to the largest network in the world for alternative lodging. RedAwning is the leading supplier of vacation rentals to every major online travel booking website including Booking.com, Expedia, HomeAway/VRBO, Flipkey/TripAdvisor, and Airbnb. RedAwning also operates a number of exclusive vacation property booking websites, including Perfect Places, VaycayHero, TravelPro Rentals, and RedAwning.com.
RedAwning has been a leading innovator in the vacation rental industry since 2010, with a mission to redefine the customer journey for guests, hosts and managers and to drive new approaches that make the booking experience more consistent, easier, safer and better for all. The company is profitable, rapidly growing, and backed by Silversmith Capital Partners.
Since 2017, RedAwning has expanded its reach and services by acquiring Vaycayhero.com, PerfectPlaces.com, TravelProRentals.com, Leavetown Vacations, Jetstream by Leavetown and Blizzard Internet Marketing.
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