RedAwning Market Report Reveals Record-High Average Daily Rate (ADR) and Occupancy Growth For Vacation Rentals in Broward County, Florida Due To Halted Supply Growth In 2016/2017
10% Increase in Tourism in 2017 to 2018, Opens up Opportunities for Popular Short-Term Rentals to Meet Rising Demand in Broward County
EMERYVILLE, CA – (October 1, 2019) — RedAwning.com, the world’s largest network of vacation properties, recently released an in-depth market report exploring tourism and accommodation trends in Florida’s Broward County. The report highlights record high occupancy rates of 86% for the county in Q1 2019, with Pompano Beach and Fort Lauderdale leading the pack.
According to the report, the market in Broward County has seen a 5% RevPAR increase and nation-leading ADR growth rates of 6.0%. The report suggests these numbers stem from halted supply growth due to a slow 2016 and 2017 followed by a 10% tourism increase in the County from 2017 to 2018.
“Broward County hosted an estimated 14 million business and leisure travelers in 2018, many of whom visited from outside of the country.” said RedAwning’s VP of Market Development, Johnathan Robinson. “It is becoming more essential for vacation rental managers in Broward County to start distributing their listings on a global level to stay competitive as the scope of tourism seems to be widening in this region.”
The report also uncovers Airbnb and HomeAway as the most popular OTAs for visitors in Broward County with a combined growth rate of 192% since Q2 2016. “RedAwning distributes listings on every major online travel channel, including HomeAway and Airbnb, plus additional unique (and exclusive) channels like RedAwning.com, eBay Travel, RedAwning Travel Pro and Vacation Rentals by Choice. Broward-based RedAwning partners are well-positioned to succeed in this blossoming market.”
According to the report, over 36 million domestic and international travelers passed through Fort Lauderdale-Hollywood International Airport (FLL) last year and the lodging sector in this market has done much to accommodate the demand growth. According to statistics from the Greater Fort Lauderdale Alliance, some 34K hotel rooms in Broward County are projected to open through 2024, 70% of which will be located in the Upper-Upscale or Upscale class.
As hotel inventory in the county continues to grow, so does Redawning’s collection of Broward-based alternative accommodation listings. According to the report, Redawning partners based in the region have seen a 186% increase in bookings YOY, outperforming industry average by 263% during the first half of 2019.
“The team at RedAwning is delighted to see demand in this market grow at such a rapid pace and we look forward to continuing to help Broward-based partners succeed at both the global and local level,” said Robinson.
The full report for Broward County, Florida 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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To learn more about RedAwnings complete reservation and marketing solutions visit www.redawninggroup.com.