DENVER , Oct. 31, 2022 /PRNewswire/ — Evolve, the fastest-growing vacation rental hospitality company in North America with more than 25,000 properties in 750 markets, has released its analysis of the most important trends in the vacation rental industry for fall 2022. Offering vital insight into the rapidly shifting vacation rental landscape, the new report is essential reading for all owners looking to maximize their investments in the upcoming months.
“The market has changed significantly from what it looked like the last few years,” said Eric Schueller, Senior Vice President of Revenue at Evolve. “It’s also different from what we saw over the summer — and to be honest, it’s changed from what it was even a month ago. With changes in the economy taking place in a matter of weeks, there are a host of factors, like shifting supply and demand trends, that are impacting daily, monthly, and annual performance for vacation rental owners as we head into the holidays.”
A few important takeaways from the report include:
Demand Growth Has Slowed: Economic headwinds have caused demand growth to slow down from the beginning of the year, but demand is still growing on a year over year basis as more people are booking vacation homes than ever before.
Supply Growth Is Accelerating: Vacation rental inventory is growing at a faster rate than guest demand, creating stiffer competition for owners. When that’s paired with 2021’s strong performance (see “From the Archives” in Evolve’s summer report) it directly contributes to total revenue per property being down year over year. However, owners are still earning significantly more revenue compared to 2019.
Booking Windows Are Expanding: At the beginning of 2022, a significant number of guests were booking last-minute (within 14 days of check-in). The volume of travelers doing this kept increasing month over month, while those planning further out continued to shrink. A subtle trend reversal began in mid-April as economic concerns surfaced, with the growth of bookings for pre-planned trips (60+ days) spiking in the summer, reaching a 62% YoY increase in September, while last-minute reservations plummeted to -20% YoY.
Evolve’s full Fall 2022 report, including regional considerations, is available at www.evolve.com/industry-trends/fall.
About EvolveEvolve is reimagining the vacation rental experience with our modern approach to hospitality and property management. We help guests rest easy with vetted homes, bookings that give back, and all the support they need for a great stay. We also make vacation rental stress-free for owners, partnering with them to book more and keep more of what they earn thanks to our industry-low 10% management fee. Learn more at www.evolve.com.
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SOURCE Evolve
