Performance data to the end of June 2021 shows that the UK capital’s short-term rental sector is continuing to perform better than other accommodation sectors, according to a study released by STR.
The tracking study, conducted in partnership with the UK Short Term Accommodation Association (STAA), is unique in that it measures the three main accommodation sectors simultaneously comparing how London’s short term rentals, hotels and serviced apartments have performed against each other.
For occupancy, short-term rentals were considerably ahead of the others averaging 62.7% for June. Hotels stood at 40.6% and serviced apartments were 39.7%. Year-on-year that’s a 35.7% increase for short-term rentals.
For Revenue per Available Room (RevPAR), short-term rentals were ahead again averaging £79.20 in June – a 59.5% year-on-year increase - compared to hotels, which averaged £40.40 and serviced apartments which averaged £57.80.
Short-term rentals saw an increase in the average length of stay from 10.6 days in May to 11.0 days in June. In June last year, the average length of stay in a short term rental was only 9.4 days. However, there was no comparable data with hotels and serviced apartments for this metric.