Survey Reveals Bookings Up For Short Term Accommodation Sector And Confidence Of Return To 2019 Levels High
The latest monthly tracking study conducted with members of the UK Short Term Accommodation Association (STAA) shows that there was an improvement in bookings and revenue in April both on a month-on-month and year-on-year basis. It also found that members had an 80% confidence rating about the prospects for the short term rentals sector for the remainder of this year.
In April, members representing tens of thousands of short term rental properties across the UK, were surveyed to find out how their businesses have fared in the last month.
The key findings were:
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April bookings and revenues up on March and on April 2020 and members more confident of a return to 2019 levels
- For 80% of operators, bookings in April were higher when compared to March and 75% said they were ‘much higher’ than April last year
- When it came to revenue, 60% of operators said they were higher than in March with 20% seeing revenue stay the same. Compared to April 2020 all said revenue was ‘much higher’
- 60% of member companies are confident that bookings will reach 2019 levels again this year
- For the majority of operators, overall occupancy levels were between 25-75%
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Improved optimism for longer term prospects for the sector
- 80% expect to operate profitably this year
- 80% confidence rating about the outlook for the sector for 2021
- 83% confidence rating about the outlook for the sector for 2022
- All member companies are positive that short term rentals will now be a much more mainstream choice of accommodations for tourists
- 60% believed the sector is likely to see an increased demand due to changing customer preferences
- The most common focus for respondents was to work on the retention of customers for repeat business – 80% believe that they will get early repeat bookings for next year
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Recruitment of part-time staff increases
- 60% of member companies have recruited staff this year with the majority being part-time staff
- Positive about prospects for a strong performance from UK staycations
- All member companies believe that UK staycations will perform ‘very strongly’ or ‘quite strongly’ again this year
- The most important issues for this year’s guests reported by member companies were:
- Cleaning standards in the accommodation
- Ability to get grocery and other deliveries plus take-aways delivered to the property
- Ability to social distance during their stay
- Being in locations where there aren’t crowds
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Continued support from Government needed
- Whilst 40% of member companies believe that the Government has provided them with sufficient access to financial support, they are keen that access to grants is made easier
- There was a call to have a defined proof of vaccination system in place for those wanting to travel. STAA members would welcome the lifting of quarantine requirements for double vaccinated people. (something around that)
Merilee Karr, Chair of the STAA and CEO of UnderTheDoormat, commented, “The April data paints a much more encouraging picture for our sector. Bookings, revenues, occupancy levels and the prospect of repeat bookings are all going in the right direction but it’s fair to say that the industry as a whole is still quite fragile. The boom in UK staycations has given more people the opportunity to experience the high standards of accommodation that are now on offer across the country which bodes well for repeat bookings and for short term rentals to be regarded as a more mainstream option for holiday accommodation.
“With the prospect of us having to live with COVID-19 for a while yet, our members have worked hard to provide their customers with accommodation that offers them the best chance to stay COVID-safe. The popularity of short term and holiday rentals has grown because customers are reassured by the high level of cleaning standards and can practice social distancing effectively. This bodes well for the future when all restrictions are finally lifted, including those on international travel.”
The UK Short Term Accommodation Association (STAA)
The UK Short Term Accommodation Association (STAA) was founded in March 2017 to support the development of short-term accommodation in the UK, ensure greater co-operation in tackling common industry challenges and seize shared opportunities. It seeks to work with all stakeholders towards a stable and supportive regulatory environment that promotes the UK as a global leader in the provision of short-term accommodation.
Rob Davies
07709366310
UK Short Term Accommodation Association (STAA)