London Short-term Rental Occupancy Rebounds in October

The short-term rental segment in London reported occupancy in October reached 62.4%, a 5.9% increase from September.

The short-term rental sector in London reached its highest occupancy level since February, according to October 2020 data from STR.

October occupancy for the sector was 62.4%, an increase of 5.9% from September (58.9%). That absolute level was noticeably higher than the 29.2% occupancy level for hotels in the market.

STR, the leader in global hospitality benchmarking and analytics, maintains the world’s largest hotel performance database. London is the first international short-term rental market where STR is expanding its benchmarking offerings via a pilot study. Included in STR’s short-term rental sample are both multi-family and single-family short-term rentals.

October average daily rate (ADR) for London short-term rentals dropped 10.3% to GBP97.99. That was a steeper decline than hotel ADR in the market, -4.4% month over month to GBP89.49.

STR provides premium data benchmarking, analytics and marketplace insights for global hospitality sectors. Founded in 1985, STR maintains a presence in 15 countries with a corporate North American headquarters in Hendersonville, Tennessee, an international headquarters in London, and an Asia Pacific headquarters in Singapore. STR was acquired in October 2019 by CoStar Group, Inc. (NASDAQ: CSGP), the leading provider of commercial real estate information, analytics and online marketplaces. For more information, please visit str.com and costargroup.com.