NASSAU, BAHAMAS — The short-term rental market showed improvements during the month of April, supported by domestic demand, with total room nights sold increasing by nearly 40 percent.
According to the Central Bank’s Monthly Economic and Financial Developments report for April, data provided by AirDNA showed improvements during the review month, supported by domestic demand.
“Specifically, total room nights sold increased by 36.8 percent, a reversal from the 50.4 percent decline in the previous year,” the regulator noted.
“Underpinning this out-turn, bookings for entire place listings and hotel comparable listings grew by 38 percent and by 25.9 percent respectively. Pricing indicators varied, as the average daily room rate (ADR) for hotel comparable listings rose by 1.8 percent to $172.42, while the ADR for entire place listings fell by 3.3 percent to $481.31.
“On a year-to-date basis, total room nights sold decreased by 14.8 percent, reflective of a 25.7 percent falloff in private room listings and a 13.3 percent decline in bookings for entire place listings. Pricing data revealed that the ADR for both entire place and hotel comparable listings rose by 10.6 percent and by 4.7 percent, to $462.67 and $162.76 respectively.”
Still, the Central Bank noted that preliminary evidence suggests tourism sector activity remained contracted during the month of April, as globally imposed travel restrictions related to COVID-19 resulted in depressed air traffic and the sea segment staying offline. However, domestic demand contributed to positive developments in the vacation rental market.
“Data from the Nassau Airport Development Company Limited (NAD) revealed that total departures — net of domestic passengers — recovered to 47,332 in April, from a mere 445 in the same period last year, owing to the country closing its borders to contain the spread of the virus,” it was noted.
“Underlying this out-turn, the dominant US component totaled to 45,995, relative to just 250 a year earlier. In addition, non-US departures amounted to 1,337, exceeding the 195 passengers in the comparative 2020 period.
“On a year-to-date basis, the reduction in outward bound traffic extended to 67.9 percent, from 37.1 percent in the previous year. By region, both non-US and US departures declined by 89.2 percent and by 63.8 percent, notably higher than respective reductions of 33.2 percent and 37.9 percent in the same period of the prior year.”
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