August Performance:
August closed out the summer on a positive note. As so many of our feeder markets returned to school early in the calendar, we opted to quickly adapt and ensure our rates were competitive to push for more rental nights on the books. The result was very positive, with B/R outpacing similar units in our market by roughly 8% in occupancy, and over 25% in revenue per unit! The early Labor Day date did push some revenue into August that ordinarily falls in September, which means you may see a little boost toward the back half of your August statement.
September Trends:
Since August took some of Labor Day weekend’s revenue, we saw slightly lower year-over-year occupancy for the first few days of the month, but overall our Labor Day weekend finished well above 2023 at B/R (about 8%), and even further ahead of our competition in the market (over 14%). As a whole for September, we are pacing about 4% ahead of 2023 in occupancy, and about 16% ahead of the market for occupancy. We’re seeing our revenue per unit pace over 40% ahead of the market for the month as well, per third party data used to analyze performance.
Fall and Winter Expectations:
With October fast-approaching, much of our recent focus has been maximizing Fall Break revenue. We expect 10-14 strong demand nights across October before giving way to winter season demand. We are continuously analyzing the booking trends across the market as well as internally, and working hard to finish 2024 strong. We see good holiday demand that we are pushing hard to optimize and are very encouraged by how the Snowbird/Monthly season is progressing.