An Engel & Völkers data report released last week predicts that by next year The Bahamas’ vacation rental market will have more bookings than the traditional hotel market.
“We ﬁnd it interesting that people ‘do a 180’ in their preferences once they use peer to peer (P2P) lodging,” notes a press statement on the report’s findings.
“They move directly from preferring traditional hotels to preferring P2P accommodations.”
The statement added that some people do not even consider visiting an area unless there is a vacation rental option available to them.
“Engel & Völkers’ ground breaking research data gives credence to the general impression throughout The Bahamas’ hospitality industry that a highly successful and lucrative secondary homeowners market has opened up, with many variations and operators nationwide,” the statement points out.
Engel & Völkers Bahamas’ 2019 Vacation Rental Report keeps those in the industry abreast of the trends in the market.
“The purpose of our report is to provide The Bahamas real estate industry, comprising renters and owners, buyers, sellers, developers, lenders, agents and its associate professionals, with a baseline study of the vacation rental market in The Bahamas,” said the company’s principal Colin Lightbourn.
“Over 4,200 properties have been used in this report and it is important to note that not all vacation rentals in The Bahamas are reported through Airbnb and Homeaway, however, at the present time this is the most centralized public data system of which to comprise a market report. The key data extracted for this report for all transactions are average daily rate, monthly occupancy rates, annual income, average bedrooms and average guests per rental.”
The statement adds that much of the data in the report came from the vacation rental data site that tracks Airbnb, called AirDNA.
Lightbourn said in the statement that the research shows significant growth in the vacation home rental industry worldwide and in The Bahamas.
“I believe there’s certainly more vacation rental rooms in the Family Islands than there are hotel rooms, in fact, I believe that’s true for the entire Bahamas. And that’s factoring in Baha Mar and Atlantis. I’m talking here total bedrooms in house, not total houses, just in this sample alone we are looking at over 11,000 bedrooms and this does not include all the homes available in the market. Although it is the vacation rental of the whole house that our report deals with in this instance.
“Small hotels will need to look at offering services from their hotels to the private homes. And I think in the future that’s where the market is. The new buzzword is ‘bespoke’ and that’s going to be the experience people are looking for, which is going to really fuse the private homes and the resorts together in some capacity.”
Education: Florida International University, BS in Journalism