A first-of-its-kind solution
You may know us for our business intelligence products, Demand360®, Agency360®, and Rate360®, which help you make smarter, data-driven decisions that drive revenue and profitability with the most trusted forward-looking and historical demand data across all segments and channels. Now for the first time, we’d like to introduce our new Alternative Accommodations Solution, which integrates into your Demand360 and Rate360 subscriptions for increased insight, viewable side by side with your existing data.
As the short-term rental market is rapidly growing, we felt it was critical to make sure you have the tools you need to understand all of your competitors and empower your property to make the most informed decisions. This new solution has two key focuses, empowering you to:
1. Analyze the alternative accommodations competition.
Perhaps you’ve manually looked through some short-term rental sites in your local area or you’ve asked around about rates, but it’s likely been difficult to understand the impact that this market is having on your property. The Alternative Accommodations Solution provides true visibility into your market with 27 million listings globally, including the location, characteristics, and distribution of listings, updated on a daily basis across your entire market.
2. Optimize your occupancy and rates to compete with alternative accommodations.
Combine your new visibility with your ability to review forward-looking availability, rates, and pickup of local alternative accommodations and you’ll be able to make even better decisions when you’re adjusting rates, distribution, and marketing dollars to increase your profitability. It’s no longer enough to only consider similar regional hotels in your comp set. You need detailed, daily insight into all of your competition to ensure you’re making the most informed decisions.
Do you believe alternative accommodations are a growing threat?
If alternative accommodations aren’t already on your radar, perhaps you’ve succumbed to some of the myths about the short-term rental market. Read on as we dispel those myths with research from our partner, Transparent, and give you a few reasons to consider alternative accommodations when you look at your competitive set.
Myth 1: There aren’t a lot of short-term rentals in my region.
That depends on where you live. The world supply has grown by 33% from 2017 to 2018 and as you can see in the below graph, there is significant penetration in the US, France, Italy, Spain, and the UK, in particular.
Myth 2: Short-term rentals are vacation and beach houses, not affecting my property.
While you may have rented a vacation home and beach home rentals do exist, alternative accommodations are becoming increasingly urban at 60% in 2018.
Myth 3: Short-term rentals aren’t a threat because they’re all houses or villas.
The majority of rentals are actually apartments or classified as “other”, surpassing houses and villas combined.
Myth 4: Only large groups opt for short-term rentals with multiple rooms.
The market has shifted such that the majority of alternative accommodations are actually only 1 or 2 bedrooms, directly competing with the majority of hotels.
Myth 5: Short-term rentals are full week stays, not short trips.
Back in 2015, this may have been true. In 2018 the average length of stay is now down to only 3 nights from 7 and it has continued to decrease each year.
The Alternative Accommodations Solution will soon be available for your Business Intelligence suite.
Interested in learning more?
Download our fact sheet for more details on how the Alternative Accommodations Solution can drive value for your property or management company.
Interested in seeing more?
Contact your salesperson directly or click the button below to see a demo and ask any specific questions about how the Alternative Accommodations Solution can benefit your property.