It’s a long way back from the depths of COVID for Melbourne’s short term rental industry but occupancy rates are finally heading the right direction after a year of despair, according to fresh research from Transparent Intelligence.
Occupancy rates exceeded 50% in late October for the first time since March after beginning to slowly accelerate earlier that month.
And following the easing of further travel restrictions to and from Melbourne today, November 8, expectations are that the trajectory will continue in coming weeks.
But as the chart below shows, forecasting is complicated by the trend to last minute bookings.
Consumers are understandably nervous that that travel restrictions may again be reintroduced in a year where nothing can be taken for granted.
The final chart highlights how dramatically the number of STR bookings has declined in Melbourne this year.