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.
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.
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.
Occupancy for the sector increased 83% from April to May, reaching a level of 49.4%. In April, short-term rental occupancy fell to 27%.
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.