PERFORMANCE OVERVIEW
Greetings Realtor Partner ,
It ’ s hard to believe that the first quarter of 2024 has come and gone . With the new year well underway , we ’ re already seeing some interesting trends in the Marketplace . I ’ d like to share some of them with you here , as they offer insight into what lies ahead for the vacation rental space in Destin , along 30A , Panama City Beach , and the Forgotten Coast .
While the market on the Emerald Coast has continued to evolve , we continue to see softer demand compared to the previous three years . This softer demand is primarily due to the influx of additional homes that have entered the vacation rental space during that timeframe — and consumers being more price-sensitive today . That said , 360 Blue has steadily outperformed the Market in nearly all key metrics . Though our Occupancy remains in line with the Market , our Average Daily Rate ( ADR ) is up . More significantly , our RevPAR is handily beating the Market as well . RevPAR is the most telling statistic in terms of the balance of ADR and Occupancy and provides the best , high-level view of how a company , neighborhood , or individual home is performing . Moreover , it minimizes wear and tear on the home while maximizing revenue per night .
While we are certainly proud of this success , we ’ re hard at work tweaking our marketing and revenue efforts to spur demand going forward . This includes reducing the minimum length of stay from seven days to three days on unrestricted homes . The move is perhaps one of the most effective and least disruptive ways for us to enhance both occupancy and revenue . Since making this change , we ’ ve experienced just over a 10 % increase in Occupancy with an average stay duration of six days .
On a related note , the booking window for 360 Blue has shortened considerably — from 96 days at this time last year to 86 days today . The window for smaller homes ( 1 to 4 bedrooms ) is even shorter , which should provide some cause for optimism for bookings going forward .
The above , of course , is just a preview . Please click below to view the full Q1 Report . I ’ ll be sending you our Q2 installment in July , wherein I ’ ll review early-Summer performance — especially with regard to the reduction in the minimum length of stay — and look ahead to the rest of the High Season . Regardless of what you may hear from our competitors , we choose to operate from a position grounded in data and will always provide you with what we are seeing in the marketplace in real time .
Once again , thank you . We could not have achieved this level of success without you .
Alex Curry Director of Business Development
P . 4 BY THE NUMBERS 360 BLUE