.png)
In April of 2024, a total solar eclipse will be passing over North America, visible from parts of Mexico, the United States, and Canada. According to NASA, the next total solar eclipse visible from the United States will not occur until 2044 and will only be visible from North Dakota and Montana.
Because of this rare opportunity for Americans to witness the eclipse, many are willing to travel to the path of the eclipse to see it themselves. Property managers can use this to their advantage due to the increase in demand. Let’s take a look at the current demand for accommodations and what you can do to capitalize on the celestial event.
2024 Total Solar Eclipse Path
The eclipse will begin in Mexico, enter through the United States in Texas, and continue through New Hampshire and Maine, exiting to Newfoundland, Canada. Along the way, it will pass through multiple North American cities including:
- Zaragoza, Coahuila
- Mazatlan, Sinaloa
- Eagle Pass, Texas
- Jonesboro, Arkansas
- Buffalo, New York
- Erie, Pennsylvania
- Little Rock, Arkansas
- Montreal, Quebec
- Hamilton, Ontario
Of course, this is just a short list of the cities that will have a view of the eclipse. This image from NASA shows the path of visibility.
To see how the complete solar eclipse is impacting short term rentals, Key Data pulled data for April 6th-9th, 2024 for thirty cities. The list includes twenty-five U.S. cities, two Mexican cities, and three Canadian cities on the path of the total eclipse as of September 19th, 2023. The numbers revealed a clear demand for bookings in the eclipse path.
North American Solar Eclipse Short Term Rental Bookings
Occupancy
There is a clear increase in demand for rentals in cities where the total eclipse will be visible. In the data below, a spike in paid occupancy is visible on the days surrounding the eclipse for the cities in the path. To account for weekday changes, dates have been adjusted for the same day of the week year-over-year.
In both Mexico and Canada, occupancy spikes begin two days prior to the eclipse. However, in the United States, the spike is one day prior. Therefore, Mexico and Canada have the potential to capture longer stays based on current travel behavior.
Since the booking window is still very early with over 200 days until the event, occupancy rates are still low. This presents a wonderful opportunity for property managers to fully capitalize on this demand. Now is the time to implement a strategy if your city is on the path of the eclipse.
Average Daily Rate
With the spike in bookings, the U.S. rates have adjusted accordingly with a 21% increase in year-over-year average daily rate for the twenty-five cities on the path of the eclipse.
Canada’s rates have increased as well. However, with a 45% increase in rates year-over-year, it is likely that there are additional factors at play in these Canadian cities beyond the eclipse.
Meanwhile, Mexico’s rates are very similar to 2023. April 6th, 2024 even showed a 2% decrease in rates compared to 2023. Property managers should consider reviewing their rate strategy and potentially increase rates on the peak days of the eclipse.
RevPAR
Due to the overwhelming demand, RevPAR is pacing very favorably for the dates of the eclipse in comparison to 2023 across cities in Mexico, the United States, and Canada.
Property managers should monitor these spikes in order to maintain or even grow RevPAR rates with their strategies. With months until the eclipse, there is still plenty of time to make an impact.
Top Performing Cities
Certain cities on the path of the total solar eclipse showed tremendous occupancy rates. The image below shows circles with sizes corresponding to the paid occupancy rates in the thirty cities examined.
Eagle Pass, Texas tops the list with a 25% occupancy rate as of September 19th. The top five cities studied with the highest occupancy rates include:
- Eagle Pass, Texas
- Jonesboro, Arkansas
- Erie, Pennsylvania
- Wapakoneta, Ohio
- Buffalo, NY
Meanwhile, the cities with the lowest occupancy rates as of September 19th are:
- Zaragoza, Coahuila
- Hamilton, Ontario
- Toledo, Ohio
- Syracuse, NY
- Montreal, Quebec
Here’s the breakdown of how all thirty cities compared to each other:
Tips For Property Managers
The demand for short term rentals on the path of the total eclipse is clear. But, how can you use this information to inform your strategy? Reviewing this information now and monitoring performance gives property managers time to adjust and dial in rate strategies to maximize RevPAR. As shown, Mexico has not yet started to adjust their rates in line with demand and is likely missing out on potential opportunities to increase RevPAR.
To capitalize on this event, property managers should ensure they already have rates in place. If not, adjust them now. Focus on continuing to build the solid base early at slightly elevated ADR’s compared to 2023. Then, consider pushing ADR’s higher as individual market compression develops.
Be sure to monitor stay length restrictions surrounding the eclipse. There could be additional opportunities for Mexican and Canadian property managers to push for longer stays. However, U.S. property managers may find that they need to stick with a less restrictive strategy.
Once your strategy is in place, monitor the booking curve, pick-up reports, and competitors to make sure strategies are working. All of this can be accomplished in your Key Data Dashboard. If you do not yet have a Key Data Dashboard, contact us for a demo to learn how you can maximize your strategy for the upcoming solar eclipse or any event.
