Western North Carolina is a vacation destination for outdoor enthusiasts and solitude seekers all year round. Visitors can explore parks, eat and shop locally, take scenic drives, or simply enjoy a mountain morning from their porch. In measuring RevPAR, or revenue per available room, we can see a few key take-aways in the area’s performance during this year, and against last year’s performance. RevPAR takes into account both the average rate at which you booked the property (ADR), and the number of nights it was booked (Occupancy) - which makes it a better indicator of overall performance when compared to either KPI alone.
1. Overall, RevPAR increased from 2019 to 2020. Although the Vacation Rental industry suffered here, somewhat like the rest of the United States, this Spring, average RevPAR in 2020 increased over 2019 by 22%.
2. RevPAR in like markets also increased over last year. Western North Carolina was not alone in outperforming their 2019 RevPAR figures; the Tennessee Smoky Mountains and Northern Georgia Mountains did as well. With these markets boasting both warm and cold weather activities, they are able to recover some of their lost springtime revenue over the remainder of the year where some U.S. markets, like beach destinations, cannot. Mountain markets also have the benefit of relative seclusion and plenty of options for outdoor activities.
3. RevPAR for smaller homes outperformed larger homes. Unlike a majority of markets we have analyzed, smaller homes are performing better in Western North Carolina than larger homes. Not only did 1-5 bedroom homes recover faster from the springtime booking decline, year-to-date RevPAR for 1-5 bedroom homes increased by 12% over 2019. Houses with 3-5 bedrooms, the perfect size for a single-family getaway, saw the largest year-over-year growth.
RevPAR is an important indicator of performance and Key Data can give you a look at this KPI, as well as many others, for your own data. Want to see how your inventory compares to the market? Reach out to us at info@keydatadashboard.com to learn more.