Performance Overview
Greetings Realtor Partner:
Welcome to the 360 Blue Quarter One Report! We have a variety of vital statistics and a few market trends to share with you. The full Q1 report will provide additional insight into what is happening in the vacation rental space here on the Forgotten Coast.
Supply of Lodging Options + Shorter Booking Window The supply of vacation rentals entering this space continues to increase, putting downward pressure on Average Daily Rates( ADR) and Occupancy( OCC). In January of this year, we saw 9 % more nights available to book in the Forgotten Coast market compared to January of last year. Travelers are generally more price-sensitive today and want the best deals before booking a home. This waiting game of getting the best deal is supported by the decreased average booking window for homes in this area, which is 6 % shorter compared to this time last year.
Revenue Metrics One trend that has remained consistent with last year is the continued soft demand. This is due primarily to the increased supply of lodging options mentioned above and increased economic uncertainty. That said, through Q1, 360 Blue beat the Forgotten Coast Market in ADR. Our ADR came in at $ 251 VS $ 219 for the Market. Though we’ re certainly happy with the result, we continue to make the necessary adjustments to enhance both Occupancy and rates.
Minimum Length of Stay Reduction One of the strongest drivers of our success in Q1 has been the recent reduction in the Minimum Length of Stay( MLOS) requirement. The reduction affords our guests the flexibility they’ re looking for when it comes to planning and booking their vacation. The Saturday-to-Saturday restrictions have been very successful; however, travelers’ expectations have shifted tremendously since the beginning of 2023. The evolving demand picture is showing that the trend toward shorter stays has shifted overwhelmingly in favor of customers being able to book more freely.
One interesting note: Even though we are currently at a three-night minimum stay requirement, our average length of stay on the Forgotten Coast is 5.9 days. Additionally, since dropping our MLOS on March 14, Summer Occupancy for 360 Blue grew by 8.7 %, whereas the market’ s Occupancy only grew by 4.4 % during the same period.
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360 BLUE • FORGOTTEN COAST • 2025 Q1 REVIEW