London Short-Term Rentals End 2020 On Low Note
LONDON - London's short-term rental sector reported its lowest levels in occupancy and revenue per available room (RevPAR) since the summer, according to December 2020 data from STR.
December RevPAR for the short-term rentals fell 7.9% month over month to GBP49.61, which was London's lowest level in the metric since June. London hotels, on the other hand, saw a month-over-month increase in the metric (+19.6% to GBP19.38).
December average daily rate (ADR) for London short-term rentals rose 4.0% to GBP95.21. Hotels in the market saw a larger increase in the metric, +18.5% month over month to GBP86.94.
STR, the leader in global hospitality benchmarking and analytics, maintains the world's largest hotel performance database. London is the first international 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.
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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