London’s short-term rental industry recorded a month-over-month increase in occupancy but continued decreases in average daily rate (ADR) and revenue per available room (RevPAR), according to February 2021 data from STR.
February occupancy for the sector was 55.6%, which represented a 3.4% increase from January (53.8%). Amid continued lockdowns in the U.K., short-term rental occupancy was also significantly higher than the 24.2% recorded by hotels in the market.
However, with short-term rental ADR down 11.3% (to GBP84.87) from January, February RevPAR for the sector dropped 8.2% to GBP47.22. London hotels experienced a decrease in ADR month over month but an increase in RevPAR.
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.