2017 OCCUPANCY FIGURES RISE DOUBLE DIGITS FOR FLORIDA BASED VACATION RENTAL COMPANY ACTIVELY EXPANDING ACROSS THE STATE OF FLORIDA
FRUITLAND PARK, FL – 12-28-2017 (Press Release Jet) — The vacation rental market is experiencing an eye watering boom with a rapidly expanding number of homeowners looking to capitalize on passive income from a secondary/tertiary home. Airbnb has grown from 3,000 listings in 2009 to over 3,000,000 in 2017 and is now worth more than Hilton Hotels and Resorts.
While hotels still account for around 85% of available room inventory in the USA, they only account for 32% of inventory growth in recent years. Vacation Rentals account for 15% of available room inventory but account for 68% of short-stay/transient rental inventory growth.
“This isn’t a fad, but a trend that we expect to see exponentially grow over the coming years”, said Alistair Barrett-Powell, the Chief Executive of The VIR Group while explaining the growth. “While hotels have traditionally been the accommodation of choice, the changing demographic of travelers are showing signs of migrating towards the independence offered by a self-catering vacation rental that feels like home.”
According to the Chief Executive, the shifting climate is being driven by technological innovation such as instant online bookings through a smartphone or tablet and live monitored electronic vacation home access. Guests staying with The VIR Group can check in and out any hour of the day or night therefore eliminating guest stress of travel delays. Their guests just turn up to the house, enter their unique 6-digit code and enter the residence.
“To almost all traveling guests, convenience is imperative. Guests don’t want physical keys and they don’t want to have to meet someone to collect a key only between 9am and 5pm Monday to Friday. Budget airlines are becoming more popular and guests cannot fly on a regular business hours schedule with them. We see over 70% of our guests arriving after 7pm at night and leaving before sunrise.” said Alistair Barrett-Powell. “Our occupancies are higher due to the significant technological investments we make for our guests and owners in each vacation rental. Guests will pay a premium for convenience and our owners benefit from that premium.”
In The Villages, FL, The VIR Group’s longest standing served market, the average occupancy rate in high season (January, February and March) is 97%. The VIR Group’s competitors’ rental rates are around $107/night plus tax. Due to the convenience factor of staying with The VIR Group, the average nightly guest rate for the same period with VIR is $179/night plus tax.
“The VIR Group’s dedication, marketing and technological advances really shine through during mid and low season. The homes our competitors manage predominantly sit empty from May through December with the homeowner receiving no income and having to pay $40 – $100 a month for a Home Watch company to check on it.” said Barrett-Powell. “I am ecstatic with our figures for 2017 – which far exceeded the goals we set last year. As an overall average, our client’s homes were occupied for 273 days of 2017 and only vacant for 92 in total. Occupancy 273 days of the year is groundbreaking in a market that traditionally was only occupied for 115 days of the year before VIR came along.”
Owners who listed with The VIR Group in 2017 made $10,339 more than those who opted to self-manage and VIR’s owners made $8,814 more than those using a competing vacation rental management company. The Chief Executive explained that The VIR Group’s 2017 official occupancy figures highlight how important it is for owners to make decisions on an investment property from historical, accurate data. “Hearsay and false promises are no match for spreadsheets and financial projections.” concluded Barrett-Powell. “We have just rolled out an update to our website highlighting The VIR Group’s commitment to accurate information. Owners & Guests will now be able to scroll back in time through individual property calendars, not just forwards, to check our facts. You can’t get more transparent than that.”
The VIR Group’s Annual Occupancy Figures for 2017:
January – 97%; February – 98%; March – 99%; April – 83%; May – 61%; June – 51%; July – 63%; August – 62%; September – 54%; October – 86%; November – 80%; December – 73%
THE VIR GROUP IS ACTIVELY LOOKING FOR NEW VACATION RENTAL PROPERTIES THROUGHOUT THE STATE OF FLORIDA.
Areas such as Longboat Key, Orlando, Kissimmee, Davenport, Celebration, Windermere, Sarasota, Clearwater, St Petersburg, Naples, Sanibel, Captiva, Ft Lauderdale, St Augustine, Destin and Miami Beach are of particular interest.
The VIR Group is offering lifetime 0% management fees for the first 10 new vacation rental listings in each new geographical market.
About The VIR Group and Alistair Barrett-Powell
Alistair Barrett-Powell left Sotheby’s International Realty in 2012 to co-found The VIR Group with Jeff Barrett-Powell, bringing together their combination of talents as a highly successful former CEO, investment firm marketing director, real estate broker and international service manager for a global airline. Alistair is one of the 2012 United States Power 30 under 30 and was awarded London’s Young Guns Young Entrepreneur of the Year in 2008. Other beneficiaries of this prestigious award over the years, that have become household names in their fields, include Ed Boyes and Patrick Drake of Hello Fresh; Graham Bosher of Graze; and Greg Marsh and Tim Davey of onefinestay.
Through the skills and experience Alistair acquired from his previous roles, Alistair Powell put together a highly-qualified team to establish a world-class business. The VIR Group is a vacation rental management and hospitality company providing clients with unparalleled service from start to finish with a simple strategy – increase service levels, increase occupancy, increase nightly rates and increase owner ROI.
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