RedAwning New York City Market Report Reveals Corporate and Short-Term Housing Demand and Inventory Growth Surpasses That Of Traditional Hotels
Corporate and short-term housing demand skyrockets in Manhattan, Brooklyn and Queens
EMERYVILLE, CA – (July 16, 2019) — RedAwning.com, the world’s largest network of vacation properties today released an in-depth Market Report exploring alternative accommodation trends in New York City. The report highlights the significant impact corporate and short-term housing demand has had on the market in Manhattan, Brooklyn and Queens. According to the report, the booking value of hotels showed a modest combined annual growth rate of 3% between 2014 to 2018 while short-term rentals had a CAGR of 12%, from $64B to $101B. Experts predict that CAGR will rise to 13% within the next four years.
“Inventory and occupancy rate growth makes it pretty clear that NYC has not lost its status as a top global destination,” said RedAwning’s VP of Market Development, Johnathan Robinson. “What’s interesting is to see the majority of travelers, whether business or leisure, turning to corporate housing and timeshares as their accommodation type of choice.”
According to the report , the corporate-housing market saw a 13% rise to $3.62 billion in 2017 in what has been its fifth consecutive year of growth (Highland Group). The number of available housing units nationwide rose 6.5% to 71,201 and the average daily rate was up 7.3% to $161 – making it the strongest growth in ADR since 2007.
“We look forward to seeing continued growth in both RedAwning inventory and booking volume as alternative accommodation demand and supply in this region continue to flourish,” 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 550,000 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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