As the moon’s shadow dances across the Earth, drawing celestial enthusiasts and curious onlookers, another unexpected beneficiary emerges—the short-term rental (STR) market. Along the path of totality (places that will witness a total eclipse), STR markets experience a surge in demand and revenue. Let’s explore the captivating impact of the 2024 solar eclipse, which occurs on April 8, 2024. Data and insights illuminate these rental markets.
Why is the 2024 Eclipse significant for the U.S. short-term rental market?
The uniqueness of this eclipse lies in its diagonal trajectory across the United States, stretching from the south to the east. This path beckons spectators to countless communities, promising a truly remarkable event. There is a surge in tourism as people flock to witness this celestial spectacle in person.
This event will push people to travel to places that they might otherwise not plan to visit. Destinations that were otherwise unfrequented by travelers are also seeing an influx in demand.
The travel industry is gearing up for the solar eclipse by offering specialized experiences tailored around the event. Major players like Delta, Southwest, and Holland America are organizing special trips along the eclipse’s path of totality, catering to eager travelers.
Interest in eclipse tourism has increased since the 2017 event, which, although shorter and covering less ground, sparked significant interest. This year’s eclipse, spanning a larger area and lasting longer, has generated even more excitement within the travel industry and among enthusiasts.
In 2017, Hot Springs, Arkansas, experienced a partial eclipse, but the local tourism board foresaw the potential for a total eclipse in 2024. Visit Hot Springs created a Facebook event to gauge interest, quickly gaining traction. Over 70,000 people expressed interest in attending the eclipse event within just two hours. This highlighted the intense enthusiasm surrounding the upcoming total eclipse in Hot Springs.
The impact of eclipse tourism on accommodations on the path of totality has been substantial. According to CoStar’s STR, hotels experienced a 244% increase in revenue per available room the day before the 2017 eclipse, showcasing the economic opportunities brought by these celestial events.
What is the impact of the 2024 Solar Eclipse on the short-term rental market?
The 2024 solar eclipse is leaving an indelible mark on STR markets nestled within its path. Analyzing data from several states, including Texas, Arkansas, Indiana, Ohio, New York, and Vermont, reveals a staggering surge in revenue metrics during the eclipse period. Occupancy rates soared, with some cities experiencing double or even triple-digit percentage growth compared to the previous year’s period. Likewise, average daily rates (ADR) and revenue per available room (RevPAR) witnessed remarkable escalation, vividly depicting the eclipse’s economic impact.
PriceLabs Data Showcasing Travel Trends in U.S. Cities
Below is a table that provides a comprehensive summary of revenue performance in various cities and states during the solar eclipse period of April 5th to 9th, 2024. PriceLabs has gathered the data, which can be easily accessed using the PriceLabs Market Dashboard. It has compared this data to the same timeframe in the previous year, April 7th to 11th, 2023. The table illustrates the occupancy rates (%), average daily rates (ADR), and revenue per available room (RevPAR) for each location as of March 13, 2024, offering insights into the year-on-year growth.
| Solar eclipse period (5-9th April 2024) | Same time previous year (7 -11th April 2023) | Year on Year growth | ||||||||
| State | City | Occ (%) | ADR | RevPAR | Occ (%) | ADR | RevPAR | Occ (%) | ADR | RevPAR |
| Texas | Austin | 52% | 275 | 144 | 28% | 197 | 55 | 86% | 40% | 160% |
| Texas | Waco | 65% | 276 | 178 | 24% | 149 | 36 | 170% | 85% | 399% |
| Texas | Dallas | 51% | 229 | 116 | 21% | 142 | 30 | 139% | 60% | 284% |
| Texas | Ft. Worth | 48% | 143 | 68 | 23% | 120 | 28 | 104% | 19% | 142% |
| Arkansas | Little Rock | 55% | 119 | 65 | 18% | 87 | 16 | 200% | 37% | 313% |
| Indiana | Indianapolis | 47% | 178 | 84 | 14% | 101 | 15 | 225% | 76% | 470% |
| Ohio | Dayton | 55% | 109 | 60 | 19% | 83 | 16 | 184% | 32% | 276% |
| Ohio | Toledo | 55% | 90 | 49 | 19% | 81 | 16 | 183% | 11% | 215% |
| Ohio | Cleveland | 59% | 134 | 79 | 24% | 91 | 22 | 148% | 48% | 265% |
| New York | Buffalo | 64% | 157 | 101 | 22% | 102 | 23 | 187% | 55% | 344% |
| New York | Rochester | 47% | 129 | 61 | 26% | 92 | 24 | 83% | 41% | 158% |
| New York | Syracuse | 42% | 106 | 44 | 27% | 86 | 23 | 53% | 24% | 89% |
| Vermont | Burlington | 60% | 252 | 151 | 28% | 161 | 45 | 114% | 57% | 236% |
| Vermont | Montpelier | 59% | 153 | 90 | 48% | 117 | 56 | 22% | 31% | 59% |
| Final | 54% | 168 | 92 | 24% | 115 | 29 | 120% | 46% | 219% | |
City Spotlight
Texas Triumph:
In Texas, cities like Austin, Waco, Dallas, and Ft. Worth are experiencing significant increases in occupancy, ADR, and RevPAR during the eclipse period compared to the previous year. For instance, occupancy rose from 28% to 52% in Austin, with ADR and RevPAR also showing substantial growth. Waco, Dallas, and Ft. Worth similarly see remarkable boosts in all three metrics, showcasing the eclipse’s positive impact on the STR market in these areas.
Midwestern Marvels:
Arkansas’ Little Rock is witnessing a notable surge in occupancy, ADR, and RevPAR, indicating a doubling or tripling performance compared to the previous year. Similarly, cities like Indianapolis in Indiana and Dayton, Toledo, and Cleveland in Ohio are experiencing significant growth across all metrics. This shows that the eclipse attracts people from all over, not just big cities.
Northeastern Nirvana:
In New York during the 2024 solar eclipse, Buffalo’s occupancy is soaring from 22% to 64%, with ADR increasing from $102 to $157 and RevPAR from $23 to $101. Rochester is seeing occupancy rise from 26% to 47%, with RevPAR climbing from $24 to $61 despite a slight ADR decrease. Syracuse is experiencing a jump in occupancy from 27% to 42%, with RevPAR rising from $23 to $44 despite a small ADR decline. Overall, these cities are witnessing a significant growth in demand and revenue during the eclipse period.
Vermont’s Vista:
The 2024 solar eclipse days are witnessing a surge in occupancy in Burlington from 28% to 60%, with ADR increasing from $161 to $252 and RevPAR from $45 to $151. Montpelier is experiencing a rise in occupancy from 48% to 59%, with ADR climbing from $117 to $153 and RevPAR from $56 to $90. These cities are experiencing significant growth in demand and revenue during the eclipse period.
Pricing:
Conclusion
The 2024 solar eclipse is not just a cosmic event; it also greatly impacts the short-term rental markets. People from all over are flocking to cities in the eclipse’s path, boosting rental demand and revenue. From Texas to the Northeast, the eclipse brings economic vitality to rental markets, leaving a bright legacy for communities to cherish. As we marvel at the wonders of the sky, let’s also appreciate the earthly benefits that come with it.
About PriceLabs
PriceLabs is a revenue management solution for the short-term rental and hospitality industry, founded in 2014 and headquartered in Chicago, IL. Our platform helps individual hosts and hospitality professionals optimize their pricing and revenue management, adapting to changing market trends and occupancy levels.
With dynamic pricing, automation rules, and customizations, we manage pricing and minimum-stay restrictions for any portfolio size. Prices are automatically uploaded to preferred channels such as Airbnb, Vrbo, and 100+ property management and channel integrations.
Every day, we price over 300,000+ listings globally across 135+ countries, offering world-class tools like the Base Price Help and Minimum Stay Recommendation Engine. Choose PriceLabs to increase revenue and streamline pricing and revenue management. Sign up for a free trial at pricelabs.co today.
