Article Summary: Short-term rental occupancy in Nashville, Tennessee, rose 15.5% from May to June, reaching 56.7% for the month, according to STR.
Short-term rental occupancy in Nashville, Tennessee, rose 15.5% from May to June, reaching 56.7% for the month, according to STR.
Primary Category: Other Reports
HENDERSONVILLE, Tennessee—Nashville short-term rental properties showed further improvement in June after higher occupancy was seen in May, according to STR.
Occupancy for the sector increased 15.5% from May to June, reaching a level of 56.7%. In May, short-term rental occupancy was at 49.1%.
STR, the leader in global hospitality benchmarking and analytics, maintains the world’s largest hotel performance database. Nashville is the first 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, with most of the sample being in close proximity to downtown, East Nashville and West End.
Nashville’s short-term rental occupancy for June also came in higher than the 35.3% recorded by hotels in the market.
Average daily rate (ADR) for short-term rentals rose 17.6% to $76.18 in June, after a slight month-over-month decline in May.
ADR for Nashville hotels continued its increase in June, up 14.2% from May to $85.44.
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.
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Headline: Nashville short-term rental performance rose in June
Article Date: 7/23/2020
Article Time: 9:56:00 AM