Market Trends in the last month. 

Thanks to some of my good friends over at the Expedia Group we bring you the latest Market trends for February 2023 on the Edinburgh Market. This is based across all rooms and apartments in Edinburgh

• Edinburgh ADR has started to slow down in the last 7 days compared to the last 28 days. February has been slightly softer than expected and this has been showing in ADR* which is back 2% on 2022. Edinburgh Key Trends continue.
• Room night pace** until end May has softened slightly, however nothing to be too concerned about. June & August are both pacing 60% up on same time last year, with July closing the gap, we are now 6% back on 2022, at the beginning of February we were 13% back (The Open 22 effect)
• ADR for July is currently pacing 6% up on 22, August 14% up and September 20%. It was always going to be challenging to maintain ADR increases that we saw in 2022. Demand is strong for international travel which will help but we are not forecasting the same levels of increase in ADR this year, again 22.
• Last 28 days- 40 % of all bookings were booked +90 days BW.
• US bookings have overtaken Domestic as the biggest point of sale, accounting for 35% compared to domestic 33%.
• 34% bookings are being made on a non-refundable rate plan, continues to recover and a sign of more confidence in the market.
• Seen a really big increase in business since Beyonce got announce. YTD room nights against 2019 are -7.5%, however revenue against 2019 is pacing at +30%.

One other key take away is to look at getting bookings in your calander for November. With no November Rugby matches on due to the Rugby World Cup 2023 seeking to fill calander early is highly recommended.

Continue to tune in for Edinburgh Key Trends 2023 

*ADR – What is Average Daily Rate (ADR)? Average daily rate (ADR), one of the three key hotel performance indicators (along with occupancy and RevPAR), is the measure of the average paid for rooms sold in a given time period. The metric covers only revenue-generating guestrooms.

**Room night pace – Provides the booking pace by comparing figures with the previous year.

Sir Rod Stewart will play Edinburgh on the 6th of July.

It’s always great to have great performers in town to assist in booking your Airbnb in Edinburgh. But does it get any better than having the man Sir Rod Stewart in Town. It’s been announced he will play on July 6th 2023 at Edinburgh Castle. It’s the first time he has played in 13 years and it’s no doubt going to bring some action and crowds to the Edinburgh area.

Rod Stewart 6th July Airbnb will be a booked out day

The Edinburgh show, tickets for which go on sale on Friday, is the only Scottish date on Sir Rod’s UK tour. If your hosting an Airbnb its most likely to be the busiest day for Airbnb Bookings in Edinburgh also as fans secure tickets. If you’re hosting your Airbnb, I would say that’s a 100% price increase for the 6^th and a little push either side on the 5^th and 7^th July.

You might need same day turnaround services to maximise on your Airbnb in Edinburgh and we would be delighted to assist you. If you have not your cleaning dates booked yet reach out to us. Prices start from only £45

If you’re looking for other key dates in Edinburgh calendar, please request a copy of our black book of hot Edinburgh dates 2023 by emailing info@airbnbcleaningedinburgh.co.uk

You might also be interested in learning more about Airbnb Key dates Hack in Edinburgh here

Why do you Airbnb your property?

Answer – If you’re like the vast majority of Airbnb hosts in Edinburgh it’s to bring in a fair sale value for your Airbnb property. Some might do it for the experience, company and or just like meeting new people and showing them the fantastic city that is Edinburgh.

What is a fair value for your property on Airbnb?

In the tourism industry there is a name for this. It’s called Revenue Management. Basically, you need to forecast against demand and events on in Edinburgh. There is ample software out there to help you, but it comes with a subscription price and some experience. Airbnb offer a “price optimisation” tool but personally I prefer to use my own judgement. A simple Hack in placing pricing on your Airbnb property in Edinburgh is to do the following.

1. Match your property to a professional property in your area. I would say matching it against a block of aparthotels (if you’re renting a complete property) or hotel room if you’re just renting a room out. This should be within .5km of your Airbnb property.

NB. By matching against a professional operation they most likely have a revenue management team in place who increase and decrease pricing based on demand.

2. Once you have found your match look across different dates for price fluctuation. Most likely they will have set pricing for Low, Medium and High season. They most likely will have a higher price for Friday and Saturday Nights.

3. Now you can price your calendar depending on seasons and weekend demand. The next thing to do is to find what events are on in your area which in turn increases demand and more importantly for increases income.

4. Now please alter your minimum number of nights stays, for Example please don’t rent your home on Airbnb for 1 night on May 20th 2023 when Beyonce is playing in Murrayfield for example. Airbnb Hosts looking to maximise income will set at least a 2-night stay for this event for example.

5. Contact the team at info@airbnbcleaningedinburgh.co.uk for your 2023 Revenue Management in Edinburgh Calendar. We will share with you the key dates we see for the year ahead!