Are you curious about the short-term rental (STR) sector in Australia? With more travellers choosing STR accommodations over traditional hotels, it's no surprise that the industry is experiencing significant growth. The pandemic has only added fuel to the fire, with factors such as cost-effectiveness, privacy, and space being the main drivers of demand.
Let's take a closer look at the trends and opportunities that are shaping the short-term rental market in Australia for 2023.
In addition to this, the recovery of tourism in 2022 has presented numerous opportunities for further growth, particularly with the resumption of China's outbound travel market, the return of international students, and the hosting of cornerstone sporting and cultural events. The global gross bookings for STRs are expected to reach $145B in 2023, indicating a 41% year-on-year revenue increase (Skift Research. Data as of November 2022).
The STR sector has become a major player in the tourism industry, impacting the Australian economy through its contribution to GDP and job creation. Sydney and Melbourne's hotels have seen occupancy rates below 65%, whereas MadeComfy has reported a 73% average occupancy rate in the same markets (Australian Financial Review, 2023), indicating a strong recovery in the STR sector.
There has been a significant bounce back in demand for STRs from COVID times, with visiting friends and relatives (VFR) as the main driver of this trend. Long-term STR stays are also popular post-pandemic, with bookings exceeding 28 days being the fastest-growing category.
If you're interested in learning more about the state of the Australian STR market, we encourage you to download the full report. With detailed information on each city and its STR performance, the report offers valuable insights that can help hosts and owners alike navigate the complex world of short-term rentals. Don't miss out on this opportunity to stay informed and stay ahead of the curve.
Download MadeComfy's comprehensive analysis of Australia's short-term rental market performance, updated in March 2023.Download Now