Rev Up - Volume 11 - Early 2024 Trends - November 2023

Welcome back to Rev Up with the Brett/Robinson Revenue Management team!

It’s been a couple of weeks since we have made a post, but we want you to know that we are still hard at work in the revenue management department as we push to maximize your rental revenue!  During the Fall and Winter months, our team works tirelessly to ensure that we have good, competitive rates for periods of historically low occupancy and rental demand.  This means that when the market’s sitting at occupancies well under 50%, we’re working hard on our end to get more bookings in your rental property.

In our last update, we let you know that despite the overall slowdown of things in general for 2023, we were seeing strength in our Fall performance across our inventory.  We have continued to outpace competing companies in our market by over 15% for September and October, and are pacing well ahead for November and December as well!  What we really want to focus on today is what our early indicators for 2024 are showing. 

Our monthly rental business is pacing very well for 2024.  We’re seeing that we have significantly higher occupancy than the market, and are currently pacing over 40% better in RevPAR than similar companies up and down the beach.  If that feels too good to be true, we promise you that it’s not, it’s a testament to what a good monthly rental strategy can do for your rental revenue in the Winter! 

We are also showing that Spring 2024 is pacing a little bit slower than where we were at this point last year, so we’re working on the right marketing and pricing strategy to get that moving a bit quicker than it has been over the past two to three weeks.  It is important to note that we have plenty of time to make sure we get this strategy right, and we still believe that Spring Break in 2024 will end up very strong.

Summer 2024 looks very strong right now.  We believe that demand for 2024 will end up being similar to 2023 in that we will have to work harder and push harder to get more market share than 2021 or 2022, where the incredible demand allowed for us to hold rates until the market filled up, and capitalize with strong lates as the market filled up.  With more data to analyze the past 12-18 months of trends, we expect better revenue overall for Summer 2024 than 2023.  For the year as a whole, we expect to see a small amount of revenue growth overall vs. 2023, but will be monitoring closely to determine any additional opportunities to grow more significantly where we can.

Finally, our annual Black Friday and Cyber Monday sales will launch later this month.  These sales are a great opportunity for us to obtain strong initial business on the books for next year, and are a great early indicator of where we have strong demand for 2024, and where demand hasn’t started to pick up just yet.