Philadelphia short-term rental performance grew in July
 
Philadelphia short-term rental performance grew in July
25 AUGUST 2020 8:59 AM

Philadelphia short-term rental properties reported occupancy of 46.9% in July, according to STR.

HENDERSONVILLE, Tennessee—Philadelphia short-term rental properties showed double-digit performance improvements from June to July, according to STR.

July occupancy for the sector was 46.9%, an increase of 13.2% from June’s level (41.5%).

STR, the leader in global hospitality benchmarking and analytics, maintains the world’s largest hotel performance database. Philadelphia is the second short-term rental market, following Nashville, where STR is expanding its benchmarking offerings via a pilot study. Included in STR’s short-term rental sample are both multi-family and single-family short-term rentals.

Philadelphia’s short-term rental occupancy for July came in slightly lower than the 47.9% recorded by hotels in the market. A recent analysis from STR and AirDNA found that short-term rentals maintained higher occupancy levels during the COVID-19 pandemic in 27 global markets.

July average daily rate (ADR) for Philadelphia short-term rentals rose 21.9% to $181.40. That was a higher improvement than hotel ADR in the market, +10.2% month over month to $96.50.

About STR
STR provides premium data benchmarking, analytics and marketplace insights for global hospitality sectors. Founded in 1985, STR maintains a presence in 15 countries with a corporate North American headquarters in Hendersonville, Tennessee, an international headquarters in London, and an Asia Pacific headquarters in Singapore. STR was acquired in October 2019 by CoStar Group, Inc. (NASDAQ: CSGP), the leading provider of commercial real estate information, analytics and online marketplaces. For more information, please visit str.com and costargroup.com.

North America Media Contact
Haley Luther
Communications Coordinator
hluther@str.com
+1 (615) 824-8664 ext. 3500

General Media Inbox:
media@str.com

The above is a news release written by a third party. While HNN’s editorial mission is to produce unique content, it occasionally publishes timely, newsworthy news releases to complement in-house reporting efforts. All news releases are clearly marked as such. For questions and clarification, please contact Editorial Director Stephanie Ricca at sricca@hotelnewsnow.com.

No Comments

Comments that include blatant advertisements or links to products or company websites will be removed to avoid instances of spam. Also, comments that include profanity, lewdness, personal attacks, solicitations or advertising, or other similarly inappropriate or offensive comments or material will be removed from the site. You are fully responsible for the content you post. The opinions expressed in comments do not necessarily reflect the opinions of Hotel News Now or its parent company, STR and its affiliated companies. Please report any violations to our editorial staff.