US: As Las Vegas prepares to host Super Bowl LVIII between the Kansas City Chiefs and the San Francisco 49ers on Sunday [11 February], short-term rental data and analytics provider, AirDNA, has analysed data from 27 January onwards and observed an 87 per cent increase in nights sold and an 87 per cent higher average daily rate [ADR] compared to the same weekend last year.
The rate booked for the week of 9-11 February is averaging $437 for listings on Airbnb and Vrbo, according to AirDNA. That rate is even higher for those still looking to book, with the average rate for available listings sitting at $508, about 43 per cent higher than what guests have previously been willing to pay.
Both nights have been booked twice as much as they were last year, and ADRs are up 50 per cent, equating to a 180 per cent year-over-year [YoY] increase in Vegas’ STR revenue. Yet, ADRs in Las Vegas were and are much lower than in Phoenix [last year’s Super Bowl host], but demand is markedly higher.
To date, pacing in Las Vegas shows an ADR hike of 50.1 per cent [significantly lower than the 78 per cent boost seen in Phoenix] for the Super Bowl weekend compared to the weekend before it.
Still, Las Vegas has yet to experience the drastic increase in listings that Phoenix did, which were up more than 62 per cent YOY in February 2023. Where Phoenix had an additional 2,688 properties listed for the Super Bowl than it did the weekend prior—a 17.3 per cent increase—Las Vegas so far has about the same number of listings for both weekends.
People in Phoenix listed their properties just for the Super Bowl, and many went unbooked, but that trend does not seem to be repeating itself in Las Vegas. As of the end of January, listings in Vegas had only increased by 15 per cent YOY.
Attracting major attention in tourism circles, the NFL Super Bowl is one of America’s highest-profile travel events, and cities compete every year for hosting rights – and the economic stimulus that follows.
AirDNA looked at what performance short-term rental operators can expect as the Super Bowl injects demand into an already crowded market, while comparing it to the performance of recent previous Super Bowls.
In 2020, Super Bowl LIV was the last of the pre-pandemic NFL championships. Held in Miami Gardens, the game drove notable upticks, not only in average daily rates [ADRs], but also in the number of nights stayed.
Travellers reserved 34.2 per cent more nights YOY for the week of the Super Bowl, compared to 13.8 per cent YOY the week prior. ADR enjoyed an even stronger surge, increasing 42.6 per cent YOY on the week of the Super Bowl compared with just 9.1 per cent the week prior.
The gains in both metrics were shared across price tiers, but mid-scale properties saw the largest increase in demand, while mid-scale and luxury saw the largest increases in ADR.
In the pandemic-era Super Bowls, the 2021 edition was a singular game in NFL history, affected by attendance limits, social distancing, and a general fear of travel.
On the other hand, 2022 bounced back after attendance at Super Bowl LVI, held in Inglewood, California, exceeded even pre-pandemic levels.
Los Angeles, an STR market already on the rise, did not see much change in the number of nights reserved, with YOY growth holding at about 46 per cent for the week of and the week before the game. ADR growth rate increased from 24.4 per cent to 44.4 per cent, however, and every price tier saw significant gains.
The 2023 game was similar to 2022 in that Phoenix [Arizona] experienced rapid increases in demand. Phoenix was perhaps the fastest-growing US STR market of AirDNA’s top 50 at the time, and even the Super Bowl did not trigger enough of a lift to push occupancy rates above the previous year as supply grew faster than demand. Pacing before the game boosted ADR more than demand.
Reserved nights were up 46.4 per cent YOY the week before and 40.1 per cent during the week of the Super Bowl, which represents a small decline.
Compared to the weekend before the Super Bowl, demand in Phoenix was up 35.5 per cent and occupancy was up 15.5 per cent. The city’s market overall saw a much larger gain in ADR than it did in demand, with prices 78.2 per cent higher on the weekend of the Super Bowl than the weekend before.
Furthermore, with American pop sensation Taylor Swift expected to fly back to Las Vegas following the Tokyo stop of international Eras Tour to see her boyfriend Travis Kelce [Kansas City Chiefs] play, it is inevitable that the ‘Taylor Swift effect’ will result in increased demand and ADRs as her original tour did.
Read the AirDNA Super Bowl report in full at this link.
The post Super Bowl LVIII brings bookings boost to Las Vegas appeared first on Short Term Rentals.
The rate booked for the week of 9-11 February is averaging $437 for listings on Airbnb and Vrbo, according to AirDNA. That rate is even higher for those still looking to book, with the average rate for available listings sitting at $508, about 43 per cent higher than what guests have previously been willing to pay.
Both nights have been booked twice as much as they were last year, and ADRs are up 50 per cent, equating to a 180 per cent year-over-year [YoY] increase in Vegas’ STR revenue. Yet, ADRs in Las Vegas were and are much lower than in Phoenix [last year’s Super Bowl host], but demand is markedly higher.
To date, pacing in Las Vegas shows an ADR hike of 50.1 per cent [significantly lower than the 78 per cent boost seen in Phoenix] for the Super Bowl weekend compared to the weekend before it.
Still, Las Vegas has yet to experience the drastic increase in listings that Phoenix did, which were up more than 62 per cent YOY in February 2023. Where Phoenix had an additional 2,688 properties listed for the Super Bowl than it did the weekend prior—a 17.3 per cent increase—Las Vegas so far has about the same number of listings for both weekends.
People in Phoenix listed their properties just for the Super Bowl, and many went unbooked, but that trend does not seem to be repeating itself in Las Vegas. As of the end of January, listings in Vegas had only increased by 15 per cent YOY.
Attracting major attention in tourism circles, the NFL Super Bowl is one of America’s highest-profile travel events, and cities compete every year for hosting rights – and the economic stimulus that follows.
AirDNA looked at what performance short-term rental operators can expect as the Super Bowl injects demand into an already crowded market, while comparing it to the performance of recent previous Super Bowls.
In 2020, Super Bowl LIV was the last of the pre-pandemic NFL championships. Held in Miami Gardens, the game drove notable upticks, not only in average daily rates [ADRs], but also in the number of nights stayed.
Travellers reserved 34.2 per cent more nights YOY for the week of the Super Bowl, compared to 13.8 per cent YOY the week prior. ADR enjoyed an even stronger surge, increasing 42.6 per cent YOY on the week of the Super Bowl compared with just 9.1 per cent the week prior.
The gains in both metrics were shared across price tiers, but mid-scale properties saw the largest increase in demand, while mid-scale and luxury saw the largest increases in ADR.
In the pandemic-era Super Bowls, the 2021 edition was a singular game in NFL history, affected by attendance limits, social distancing, and a general fear of travel.
On the other hand, 2022 bounced back after attendance at Super Bowl LVI, held in Inglewood, California, exceeded even pre-pandemic levels.
Los Angeles, an STR market already on the rise, did not see much change in the number of nights reserved, with YOY growth holding at about 46 per cent for the week of and the week before the game. ADR growth rate increased from 24.4 per cent to 44.4 per cent, however, and every price tier saw significant gains.
The 2023 game was similar to 2022 in that Phoenix [Arizona] experienced rapid increases in demand. Phoenix was perhaps the fastest-growing US STR market of AirDNA’s top 50 at the time, and even the Super Bowl did not trigger enough of a lift to push occupancy rates above the previous year as supply grew faster than demand. Pacing before the game boosted ADR more than demand.
Reserved nights were up 46.4 per cent YOY the week before and 40.1 per cent during the week of the Super Bowl, which represents a small decline.
Compared to the weekend before the Super Bowl, demand in Phoenix was up 35.5 per cent and occupancy was up 15.5 per cent. The city’s market overall saw a much larger gain in ADR than it did in demand, with prices 78.2 per cent higher on the weekend of the Super Bowl than the weekend before.
Furthermore, with American pop sensation Taylor Swift expected to fly back to Las Vegas following the Tokyo stop of international Eras Tour to see her boyfriend Travis Kelce [Kansas City Chiefs] play, it is inevitable that the ‘Taylor Swift effect’ will result in increased demand and ADRs as her original tour did.
Read the AirDNA Super Bowl report in full at this link.
The post Super Bowl LVIII brings bookings boost to Las Vegas appeared first on Short Term Rentals.