Welcome back to Rev Up, where we do our best to keep you, our owners, informed on what we’re seeing over here in Revenue Management, and how we’re using that information to maximize your rental revenue!
We’re going to keep our focus on a couple things this week:
- What’s up with July?
- What can we look forward to for August?
We have not seen the same level of demand in 2023 as we saw in 2021 or 2022. We’ve done our best to identify the reasons, but regardless of “why”, internally, across our market, and across most of the nation, demand is down, which has led to some adjustments in strategy vs. the past two years. Where we were happy to let the market fill up in 2021 and 2022, and fill in with very strong rates after the rest of the market booked out, this year our focus was on getting sold a little more quickly.
So how did our strategy work? Very well! The graphic below compares how our RevPAR has performed for 3 and 4-bedroom Gulf Front units vs. The Market for July. What we see is consistently stronger revenue for Brett/Robinson units across the entire month of July! The early adjustments to our strategy were key in our ability to out-perform the market by about 8% for revenue for July.
How about August? In the graphic below, we’re focusing again on 3 and 4-bedroom Gulf Front units vs. The Market. You can see that we’re outperforming the market already, but more importantly than that, we’re growing faster than the market right now for August as well. Over the past 7 days, we’ve seen over 7% faster RevPAR growth than our competitive set!
Ultimately, we’re seeing that the trends of 2023 have continued through June and July, and appear to be continuing for August as well. We are seeing later booking trends, and less overall demand than the past couple of years, but we are seeing that our strategies of maximizing occupancy through competitive rates, and increased marketing spend on Brett/Robinson’s behalf are helping us Rev Up best-in-market revenues for Brett/Robinson rental owners!