Independence Day Weekend Performance
The Independence Day holiday was anticipated to be the most popular weekend to travel this summer. According to?a poll by Vacasa ?in which over 1,000 people were surveyed, almost half (46%) of the respondents stated that they would be traveling - compared to 31% for Memorial Day weekend and 25% for Labor Day weekend. And even with increasing prices, there was almost no correlation between the number of new guest reservations being made per active vacation rental unit and the price indexes for gasoline and airline fares. To date so far in 2022, guest bookings per active property are hovering around 2.6; less than in 2021 (3.1), but more than in 2019 (2.3). So, just how did this highly anticipated holiday weekend perform?
Beach Markets like 30A, FL; Myrtle Beach, SC; and Orange Beach/Gulf Shores, AL were true standouts over the holiday weekend. All three of these markets outperformed not only 2019, but 2021 as well. All three saw increases of 2-3% in adjusted paid occupancy (guest nights booked out of the guest nights available), increases in nightly rates over 2021 ranging from $16 in Myrtle Beach to $100 in 30A, and corresponding increases in revenue per available rental. Markets like Ocean City, MD; the Oregon Coast; and the Outer Banks of North Carolina experienced slight (1-2%) decreases in occupancy over 2021, but still saw marked increases over 2019 (+14%, +16% and +11%, respectively). Still, these slight decreases in occupancy did not take away from their bottom line; nightly rates and RevPAR all increased steadily over the past few years. Galveston, TX, like during Memorial Day weekend, struggled. Occupancy decreased roughly 24% over both 2019 and 2021. Nightly rates increased only $33 over 2019, which was not enough to offset the sharp decrease in occupancy, and RevPAR decreased by $11.