Central Bank reports increased domestic activity in short-term rental market

Bahamians supported the short-term rental market in October, according to The Central Bank of The Bahamas’ (CBOB) Monthly Economic and Financial Developments (MEFD) report for October 2020, which was released yesterday.

According to the MEFD, room nights sold in October rose by 19.6 percent, versus a 19.9 percent decline for the same period in 2019.

The data, which the CBOB acquired from short-term rental analytics firm AirDNA, revealed that domestic tourism was responsible for the positive movement in the vacation home rental segment.

“Total room nights sold rose by 19.6 percent… 

supported by improvements in entire place listings (21.6%) and hotel comparable accommodations (14.7%),” the MEFD report states.

“Similarly, the average daily room rate (ADR) for both entire place listings and hotel comparable listings increased by 3.9 percent and 1.0 percent, to $369.13 and $143.63, respectively.

“On a year-to-date basis, total room nights sold contracted by 46.6 percent, as bookings for entire place listings and hotel comparable listings reduced by 47.8 percent and 36.1 percent, respectively.

“Pricing data varied, as the ADR for entire place listings grew by 2.9 percent to $401.95, while the ADR for hotel comparable listings fell by 2.3 percent to $150.86.”

The MEFD report reveals that during the month of October, Nassau Airport Development Company Limited (NAD) tracked only 4,794 international departures for October, compared to 91,115 during the same period last year.

“On a year-to-date basis, total foreign departures declined significantly by 71.7 percent, a reversal from the 14.2 percent expansion in the prior year,” the MEFD report reveals.

“By region, the U.S component, which is higher by volume, reduced by 72.7 percent, a turnaround from the 15.5 percent growth recorded in 2019. Similarly, the non-U.S. international component contracted by 64.8 percent, contrasting with a 6.2 percent increase a year earlier.”

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source https://thenassauguardian.com/central-bank-reports-increased-domestic-activity-in-short-term-rental-market/