FEBRUARY WAS ANOTHER strong month for short-term rentals in Miami, Nashville and Philadelphia, according to STR. Short-term rentals continued to outperform hotels in all three markets.
In Miami, short-term rental occupancy for the month reached 94.6 percent, up 5.8 percent from January. ADR was $212.23, up 16 percent month-over-month, and RevPAR was $200.75, a 22.6 percent rise.
“Miami’s short-term rental occupancy, ADR and RevPAR were its highest since February 2020,” STR said. “For comparison, February occupancy for Miami hotels came in at 65.5 percent.”
Occupancy for short-term rentals in Nashville was 64.1 percent, up 21.2 percent from January. ADR was $89.61, down 0.6 percent, and RevPAR was $57.42, up 20.4 percent.
“Nashville’s short-term rental occupancy was its highest for any month since November 2019, while RevPAR was the highest since November 2020. Hotel occupancy in the market was lower in comparison, at 38.7 percent,” STR said.
In Philadelphia, the sector saw occupancy at 52.3 percent in February, up 10.1 percent monthly. ADR was $161.06, down 0.1 percent, and RevPAR was $84.29, up 10.2 percent.
“Philadelphia short-term rental ADR was its lowest since May. The market’s hotel occupancy was 41.2 percent,” STR said.
The three markets are an expansion of STR’s original pilot study on monitoring the short-term rental party. It includes both multifamily and single-family short-term rentals.