UK: The UK Short Term Accommodation Association [STAA] has announced a new partnership with global research house STR to launch a unique tracking study that will measure the performance of serviced apartments, short-term rental accommodations and hotels, starting with a pilot in London this month.
STR provides premium data benchmarking, analytics and marketplace insights for global hospitality sectors. The tracking study that STR will provide the STAA is unique in that it measures the three sectors simultaneously.
The pilot study has already recruited several of London’s biggest short-term rental operators, including GuestReady, Seven, Urban Stay and UnderTheDoormat. STR will provide the following monthly and year-to-date performance metrics for the London market.
Hotels, short-term rentals and serviced apartments:
- Average daily rate
- Revenue per Available Room [RevPAR]
- Average length of stay
- Average cleaning fee per stay
The first round of findings will be published at the end of October and will include September monthly and year-to-date data.
STAA chair Merilee Karr said: “Our partnership with STR is a great example of how we are developing solutions for better data on our sector. It is further evidence of our commitment to help the short-term rental sector grow responsibly and sustainably.
“The data that STR will share with us will give a cross-industry insight that has never been seen before. It will allow our members and industry commentators to get a measurable and credible picture on how our sector is growing and on how the different sectors within the industry compare.
“We will be able to use this evidence in conversations we have with government and local authorities to help with evidenced based discussions on the sector. It’s another first for the STAA,” she added.
Patrick Mayock, STR’s VP of research and development, said: “STR has for decades served as the source of record for performance data in the hotel sector, and we are excited to partner with the STAA to further expand these capabilities across additional accommodations types. By capturing data directly from the source, we will provide an unparalleled view of market dynamics and trends at a time when the need is greatest for travel industry stakeholders.”
Earlier this month, Karr wrote to the Chancellor, Rishi Sunak, on behalf of STAA members asking for visitor accommodation businesses to be given additional government support as it faces into an autumn and winter season where tighter travel and hospitality restrictions will impact jobs and businesses.