Short-term rental market surges, one-third increase in total room nights sold

Short-term rental market surges, one-third increase in total room nights sold
Melia Nassau Beach.

NASSAU, BAHAMAS — The Bahamas’ short-term rental market saw further positive trends during the month of April, with the growth in total room nights sold rising by one-third.

The Central Bank in its monthly Economic and Financial Developments Report for April noted that in the short-term vacation rental market, data provided by AirDNA revealed further positive trends in tourism output. In particular, the growth in total room nights sold rose in April by one-third to 192,209. 

“Reflective of this outturn, the occupancy rates for both entire place and hotel comparable listings rose to 65.5 percent and 62.2 percent, respectively, compared to 61 percent and 55.6 percent in 2022,” the Central Bank wrote. 

According to the regulator, tourism metrics indicated that the sector’s monthly output maintained its positive momentum in April, with buoyant gains in both the high value-added air traffic and the sea component.

Data provided by the Nassau Airport Development Company Limited (NAD) revealed that total departures in April—net of domestic passengers—rose by 21.6 percent to 152,037, relative to the comparative period in 2022. Specifically, U.S. departures advanced by 21.6 percent to 129,851, while non-US departures expanded by 21.3 percent to 22,186, compared to the same period last year.

The regulator also revealed that during the review month, external reserves grew by $39.1 million to $2,714.0 million, albeit lower than the $92.6 million increase in the preceding year. 

“Underpinning this development, the Central Bank’s net foreign currency purchases from commercial banks narrowed slightly to $127.4 million from $131.1 million in 2022. Likewise, commercial banks’ net intake from clients slowed to $104.2 million from $118.3 million in the previous year. Meanwhile, the Central Bank’s net sales to the public sector expanded to $117.1 million, from $36.3 million a year earlier,” the Central Bank noted.