Post by High Priestess on May 27, 2016 19:13:27 GMT
Julie shared May 2014 on Pittsburgh Airbnber's
www.airbnb.com/groups/content/content-90019
Interesting Stats Regarding Hotel Occupancy/Rates in Pittsburgh
Smith Travel Research (STR) is the "keeper" of stats/trends regarding hotels. There was an article in the P-G about the Hotel Monaco opening downtown and they included some stats from STR:
"In Pittsburgh, the average daily rate has jumped from $101.66 at the end
of 2008 to $116.12 in September, according to STR. Occupancy has
increased from 64 percent to 69.4 percent over the same period. Revenue
has soared from $523.7 million at the end of 2008 to $663.9 million at
the end of last year."
To put these stats in a context, STR's definition of "Pittsburgh" is the City of Pittsburgh as well as outlying areas as far flung as Monroeville and Cranberry. I've never seen stats for just hotels within the City, but I strongly suspect that both occupancy and average rate is appreciably higher (the Fairmont Downtown, usually has occupancy rates in the mid to upper 70 percentile, for example).
What can we as airbnber's take away from this? Our "competition" has steadily raised its rates and still has an upward trend in occupancy. Of course, their overhead is higher than ours, but I think generally speaking we all underestimate the one component in our hosting: our time.
The next time you get an inquiry, keep track of the amount of time you spend on that guest: from responding to the initial inquiry, to communicating before, prepping the room (cleaning, laundry, etc.), helping throughout the stay. I think you'll be surprised at how much of your time actually goes towards one stay. I bet it's easily 3-4 hours (or more) per stay.
Just some food for thought, when considering pricing your room--because costs extend beyond increased electric bills.
www.airbnb.com/groups/content/content-90019
Interesting Stats Regarding Hotel Occupancy/Rates in Pittsburgh
Smith Travel Research (STR) is the "keeper" of stats/trends regarding hotels. There was an article in the P-G about the Hotel Monaco opening downtown and they included some stats from STR:
"In Pittsburgh, the average daily rate has jumped from $101.66 at the end
of 2008 to $116.12 in September, according to STR. Occupancy has
increased from 64 percent to 69.4 percent over the same period. Revenue
has soared from $523.7 million at the end of 2008 to $663.9 million at
the end of last year."
To put these stats in a context, STR's definition of "Pittsburgh" is the City of Pittsburgh as well as outlying areas as far flung as Monroeville and Cranberry. I've never seen stats for just hotels within the City, but I strongly suspect that both occupancy and average rate is appreciably higher (the Fairmont Downtown, usually has occupancy rates in the mid to upper 70 percentile, for example).
What can we as airbnber's take away from this? Our "competition" has steadily raised its rates and still has an upward trend in occupancy. Of course, their overhead is higher than ours, but I think generally speaking we all underestimate the one component in our hosting: our time.
The next time you get an inquiry, keep track of the amount of time you spend on that guest: from responding to the initial inquiry, to communicating before, prepping the room (cleaning, laundry, etc.), helping throughout the stay. I think you'll be surprised at how much of your time actually goes towards one stay. I bet it's easily 3-4 hours (or more) per stay.
Just some food for thought, when considering pricing your room--because costs extend beyond increased electric bills.
