London Short-Term Rentals Start Year With Higher Occupancy, Lower Rates
London's short-term rental industry recorded a month-over-month increase in occupancy but declines in average daily rate (ADR) and revenue per available room (RevPAR), according to January 2021 data from STR.
LONDON - London's short-term rental industry recorded a month-over-month increase in occupancy but declines in average daily rate (ADR) and revenue per available room (RevPAR), according to January 2021 data from STR.
January occupancy for the sector was 54.1%, which represented a 4.6% increase from December (51.7%). Amid continued lockdowns in the U.K., short-term rental occupancy was also significantly higher than the 19.6% recorded by hotels in the market.
However, with short-term rental ADR down 22.3% (to GBP102.67) from December, January RevPAR for the sector dropped 18.7% to GBP55.53. London hotels saw a much steeper month-over-month decrease in the metric.
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.
Media Contact
Haley Luther
Senior Communications Manager [email protected] +1 (216) 278 0627