Philadelphia short-term rental properties showed double-digit performance improvements from June to July, according to STR.
July occupancy for the sector was 46.9%, an increase of 13.2% from June’s level (41.5%).
STR, the leader in global hospitality benchmarking and analytics, maintains the world’s largest hotel performance database. Philadelphia is the second short-term rental market, following Nashville, 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.
Philadelphia’s short-term rental occupancy for July came in slightly lower than the 47.9% recorded by hotels in the market. A recent analysis from STR and AirDNA found that short-term rentals maintained higher occupancy levels during the COVID-19 pandemic in 27 global markets.
July average daily rate (ADR) for Philadelphia short-term rentals rose 21.9% to $181.40. That was a higher improvement than hotel ADR in the market, +10.2% month over month to $96.50.
STR provides premium data benchmarking, analytics and marketplace insights for global hospitality sectors. Founded in 1985, STR maintains a presence in 15 countries with a corporate North American headquarters in Hendersonville, Tennessee, an international headquarters in London, and an Asia Pacific headquarters in Singapore. STR was acquired in October 2019 by CoStar Group, Inc. (NASDAQ: CSGP), the leading provider of commercial real estate information, analytics and online marketplaces. For more information, please visit str.com and costargroup.com.