STR: Short-Term Rental Occupancy In Nashville Increases
Amid the COVID-19 pandemic in May, short-term rental occupancy for the Nashville market grew 83%, reaching a level of 49.4%, while average rate for those properties dropped to $64.79.
HENDERSONVILLE, Tennessee - Nashville short-term rental properties showed significant improvement in May after the COVID-19 pandemic had led to down performance in April, according to STR.
STR, the leader in global hospitality benchmarking and analytics, maintains the world's largest hotel performance database. Nashville is the first short-term rental market where STR is expanding its benchmarking offerings via a pilot study. Included in STR's short-term rental sample are both multi-family and single-family short-term rentals, with the majority of the sample being in close proximity to downtown, East Nashville and West End.
Nashville's short-term rental occupancy for May also came in higher than the 30.1% recorded by hotels in the market.
Despite this occupancy increase, average daily rate (ADR) for short-term rentals dropped to $64.79 in May, which was down 17.9% compared to April ($78.91).
ADR for Nashville hotels increased slightly in May, up 4.8% from April to $74.79.
STR provides premium data benchmarking, analytics and marketplace insights for global hospitality sectors. Founded in 1985, STR maintains a presence in 15 countries with a corporate North American headquarters in Hendersonville, Tennessee, an international headquarters in London, and an Asia Pacific headquarters in Singapore. STR was acquired in October 2019 by CoStar Group, Inc. (NASDAQ: CSGP), the leading provider of commercial real estate information, analytics and online marketplaces. For more information, please visit str.com and costargroup.com.