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Vacation home rental market continuing positive trend

The upward trend in visitor arrivals to The Bahamas continued in May, according to the Central Bank of The Bahamas’ (CBOB) Monthly Economic and Financial Developments (MEFD) report for May, adding that the growing short-term vacation home rental market continued its positive trend.

According to the report, statistics from the Nassau Airport Development Company Ltd. show that total departures (net of domestic traffic) grew by 15.8 percent in May.

“Over the first five months of 2019, aggregate departures rose by 19.9 percent, extending the 12.7 percent expansion recorded in the prior period, as the growth rate for U.S. traffic nearly doubled to 21.6 percent; although gains in the non-U.S. component tempered to an albeit healthy 11.2 percent,” the report states.

In the short-term vacation home rental market, which has supplemented the new inventory of hotel rooms in The Bahamas, in May, bookings for rooms in homes and entire homes increased by 30.8 percent and 24.6 percent respectively.

According to the MEFD report, Exuma had the highest growth in the domestic vacation home rental market at 34.7 percent, followed by Abaco at 21.5 percent and New Providence at 19.3 percent.

Grand Bahama showed a decrease in bookings by about 5.2 percent, “on account of a decrease in the entire place category”, according to the MEFD report.

Pricing in the market also decreased as the average daily rate for hotel comparable listings declined by 23.3 percent to $150.43, while entire place listings narrowed by 6.4 percent to $399.28 throughout the market, with the exception of Exuma.

Chester Robards

Senior Business Reporter at The Nassau Guardian
Chester Robards rejoined The Nassau Guardian in November 2017 as a senior business reporter. He has covered myriad topics and events for The Nassau Guardian.
Education: Florida International University, BS in Journalism
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