RedAwning Market Report Identifies Austin, Texas As One Of The Most Profitable U.S. Cities For Short Term Rentals
Austin saw 30 million visitors and $8.7 billion in tourism-generated revenue in 2018 with alternative accommodation demand making headway on that of hotels
EMERYVILLE, CA – (August 6, 2019) — RedAwning.com, the world’s largest network of vacation properties, today released an in-depth market report that explores the steady rise of alternative accommodation inventory and demand in Austin, Texas. The report highlights the significant impact travel has had on the local economy in Austin as well as the role the alternative accommodation space has played in meeting the accommodation needs of last year’s 30 million visitors.
According to the report, Airbnb alone saw $482K in guest arrivals in Austin in 2018, an impressive 48% growth rate since 2016. Occupancy rates, ADR and RevPar have also seen continued growth, creating an incredibly lucrative market for vacation rental managers and owners in which demand continues to exceed supply YoY.
“Austin’s event focus, coupled with the burgeoning business climate, has created a year-round market with a non-stop flow of people keeping occupancy levels fairly high every season,” said RedAwning’s VP of Market Development, Johnathan Robinson. “Regardless of housing type, Austin continues to deliver on vacation rental revenue.”
The report also spotlights the rise of investor attention on the Austin vacation rental market as large companies continue to open offices in the area driving up accommodation demand.
“Key performance indicators continue to trend in a positive direction for RedAwning property managers in Austin with a bookings index increase of 23%. We look forward to seeing continued growth in this region as vacation rental demand continues to make headway in the accommodation market,” said Robinson.
The full report is available to download here.
RedAwning is the world’s largest chain of vacation properties offering a comprehensive layer of solutions and support with every stay, including 24/7 guest and property manager support services, complete marketing, distribution, and reservation management solutions, digital solutions incorporating Google-integrated ads, a mobile app for property managers and guests, and a full range of additional technology and service innovations. With over 100,000 unique properties in over 10,000 destinations, RedAwning has served over 825,000 travelers to date, and continues to expand on being the broadest single point of access to the largest network in the world for alternative lodging. RedAwning is the leading supplier of vacation rentals to every major online travel booking website including Booking.com, Expedia, HomeAway/VRBO, Flipkey/TripAdvisor, and Airbnb. RedAwning also operates a number of exclusive vacation property booking websites, including Perfect Places, VaycayHero, TravelPro Rentals, and RedAwning.com.
RedAwning has been a leading innovator in the vacation rental industry since 2010, with a mission to redefine the customer journey for guests, hosts and managers and to drive new approaches that make the booking experience more consistent, easier, safer and better for all. The company is profitable, rapidly growing, and backed by Silversmith Capital Partners.
Since 2017, RedAwning has expanded its reach and services by acquiring Vaycayhero.com, PerfectPlaces.com, TravelProRentals.com, Leavetown Vacations, Jetstream by Leavetown and Blizzard Internet Marketing.
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