Philadelphia Short-Term Rental Performance Strengthened In July
HENDERSONVILLE, Tennessee - Philadelphia short-term rental properties showed double-digit performance improvements from June to July, according to STR.
STR, the leader in global hospitality benchmarking and analytics, maintains the world's largest hotel performance database. Philadelphia is the second short-term rental market, following Nashville, 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.
Philadelphia's short-term rental occupancy for July came in slightly lower than the 47.9% recorded by hotels in the market. A recent analysis from STR and AirDNA found that short-term rentals maintained higher occupancy levels during the COVID-19 pandemic in 27 global markets.
July average daily rate (ADR) for Philadelphia short-term rentals rose 21.9% to $181.40. That was a higher improvement than hotel ADR in the market, +10.2% month over month to $96.50.
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.
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