Despite Short-Term Occupancy and Peak Season Fluctuations, Boston Metro Vacation Rental Demand Continues To See Growth According To Recent RedAwning Market Report
Negative Impact of Supply Growth on Occupancy Rates and ADR Does Little To Derail The Boston Metro Area’s Status as One of The Country’s Top Lodging Markets
EMERYVILLE, CA – (October 30, 2019) — RedAwning.com, the world’s largest network of vacation properties, today released an in-depth market report exploring the overall strength of the vacation rental market in the Boston Metro Area despite irregular visitor booking patterns and unpredictable traveler trends.
According to Pinnacle Advisory Group’s Sebastian Colella “Boston is, and will continue to be, one of the strongest lodging markets in the country as a result of diverse demand base and high barriers to entry.” RedAwning’s report shows that vacation rental nights booked have increased significantly over the past two years, growing 44% from August 2017 to August 2018.
“With so many recent fluctuations to what we have come to expect as the ‘norm’ for Boston Metro market trends, it’s encouraging to know that RevPAR, ADR and occupancy will continue to trend upward for Boston-based vacation rental managers and owners YOY, even if not moment to moment,” said RedAwning’s VP of Market Development, Johnathan Robinson.
According to the report, June 2019 surprised data analysts by upstaging October with record high occupancy levels, suggesting a possible shift in traditional peak season for the area. Furthermore, the report insinuates a possible influx of market-wide corporate demand.
“The team at RedAwning is optimistic about the support we are able to provide to vacation rental managers and owners in urban areas, like Boston, where corporate housing demand is beginning to surge,” said Robinson. “Our data suggests that an increase to vacation rental demand among business travelers in the Boston Metro area plays an integral role in the market’s lodging value and we look forward to helping our partners satiate this growing demand.”
Redawning’s bookings index in the Boston Metro Area has increased 786% YOY and is outperforming the region by 444%. RedAwning Property Manager partners have seen a 215% YOY increase in bookings with the overall mix of properties moving toward smaller units and smaller party sizes.
The full report for Boston Cambridge available to download here.
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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