Central Bank: Vacation home rentals to be given ‘heightened’ attention
The Central Bank of The Bahamas (CBOB) said in its June Monthly Economic and Financial Developments (MEFD) report that “heightened attention” will be given to vacation home rentals in order to ensure those offerings are of a quality fitting for the tourism market. The report explained that vacation rentals have become an increasing source of foreign exchange for the country.
According to statistics in the MEFD, the number of bookings for June increased by 37.3 percent year-on-year, with bookings increasing in the key markets of Abaco, Grand Bahama, Exuma and New Providence, which rose by 38.5 percent, 52.1 percent, 48.5 percent and 23.9 percent, respectively.
The report added that the number of room nights sold for entire homes increased by 50.1 percent compared to last year with an average daily rate of $360.63 for those properties. The MEFD said that rate was up 11.7 percent
Additionally, the MEFD reported that “hotel comparable” (per room) vacation home rental listings grew by 38 percent compared to last year, and garnered an average daily rate of $141.86. That sector of the market grew by 4.8 percent year-over-year.
Vacation home rentals in The Bahamas have become increasingly popular, according to industry experts and statistics recorded by the Central Bank.
According to the CBOB’s report there are 2,426 total active listings on vacation home rental website AirBNB, with occupancy rates listed as 50.3 percent for those renting an entire place and 44.9 percent for a hotel-comparable room for June 2018.
The MEFD went on to say that on New Providence there are 927 active AirBNB listings, on Grand Bahama 283 active, on Abaco 282 active, and in the Exumas 220 active.
AirBNB is only one platform that can be used to list private homes and rooms for rent to tourists.
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