As we move through the second half of 2024, travel trends in Scottsdale and Nashville are evolving in ways that homeowners should pay close attention to. From rising demand for heated pools in Scottsdale to the growing need for strategically planned pricing in Nashville, staying on top of these changes is key to maximizing the rental potential of your property. Whether you are managing a smaller home or a large luxury estate, knowing what guests want—and how to deliver it—can give your property the edge it needs to stand out. At GoodNight Stay, we are committed to helping property owners navigate these shifts, offering expert management, design services, and local partnerships to boost performance and increase revenue.
Trends in Occupancy Rates
Scottsdale: A Steady Climb in Occupancy Rates
Scottsdale’s short-term rental market has shown steady growth, particularly for smaller homes. Here’s the year-over-year data for Q3 2024:
- 1 & 2 Bedroom Homes:
- July 2024: 42% (vs. 41% in 2023)
- August 2024: 44% (vs. 42% in 2023)
- September 2024: 48% (vs. 46% in 2023)
- 3 & 4 Bedroom Homes:
- July 2024: 41% (vs. 38% in 2023)
- August 2024: 41% (vs. 38% in 2023)
- September 2024: 39% (vs. 38% in 2023)
- 5+ Bedroom Homes:
- July 2024: 37% (same as July 2023)
- August 2024: 37% (vs. 33% in 2023)
- September 2024: 35% (same as September 2023)
GoodNight Stay properties are outperforming these figures, with our 5+ bedroom homes achieving occupancy rates of 49% in July, 48% in August, and 36% in September. Our strategic marketing, attention to guest experience, and pricing have been key in driving higher occupancy compared to the market.
For homeowners in Scottsdale, this steady growth presents a prime opportunity. The city’s booming tourism, bolstered by record-breaking tax revenue and increased visitor spending, is driving demand for vacation rentals. Partnering with GoodNight Stay ensures you’re ahead of the curve, benefiting from strategic pricing, enhanced marketing, and a superior guest experience to secure more bookings, especially as demand grows.
Nashville: Facing Market Challenges
On the other hand, Nashville’s short-term rental market is facing more challenges in 2024. Despite some year-over-year fluctuations, competition remains fierce, impacting occupancy rates across property sizes:
- 1 & 2 Bedroom Homes:
- July 2024: 56% (vs. 61% in 2023)
- August 2024: 55% (vs. 51% in 2023)
- September 2024: 56% (vs. 60% in 2023)
- 3 & 4 Bedroom Homes:
- July 2024: 50% (vs. 53% in 2023)
- August 2024: 48% (vs. 42% in 2023)
- September 2024: 47% (vs. 50% in 2023)
- 5+ Bedroom Homes:
- July 2024: 26% (vs. 33% in 2023)
- August 2024: 25% (vs. 27% in 2023)
- September 2024: 26% (vs. 33% in 2023)
Larger homes, in particular, have struggled to maintain high occupancy rates in 2024. Increased competition and a crowded market make it harder for homeowners to stand out. However, GoodNight Stay has implemented creative solutions, such as combo listings that bundle homes in various configurations to attract different traveler groups. This strategy has proven effective, especially in maintaining occupancy across our Nashville homes, despite market challenges.
In a competitive market like Nashville, creativity is key. By working with GoodNight Stay, homeowners can access innovative solutions like combo listings, helping properties stand out and capture more bookings. These flexible listing strategies are essential for maintaining occupancy and revenue, particularly as more properties flood the market.
Booking Window Trends
In addition to occupancy trends, understanding booking windows is essential for homeowners looking to optimize their rental strategies. Understanding booking windows—how far in advance guests book their stays—can help homeowners make informed decisions about pricing and availability. In both Scottsdale and Nashville, booking windows tend to lengthen as fall approaches, with group trips and events leading to early bookings for larger homes. Shorter booking windows in the summer months require more dynamic pricing and last-minute promotions.
Scottsdale Booking Window Trends
- 1 & 2 Bedroom Homes:
- July 2024: 9 days
- August 2024: 10 days
- September 2024: 19 days
- 3 & 4 Bedroom Homes:
- July 2024: 45 days
- August 2024: 55 days
- September 2024: 63 days
- 5+ Bedroom Homes:
- July 2024: 70 days
- August 2024: 80 days
- September 2024: 92 days
Nashville Booking Window Trends
- 1 & 2 Bedroom Homes:
- July 2024: 36 days
- August 2024: 43 days
- September 2024: 49 days
- 3 & 4 Bedroom Homes:
- July 2024: 63 days
- August 2024: 69 days
- September 2024: 66 days
- 5+ Bedroom Homes:
- July 2024: 83 days
- August 2024: 93 days
- September 2024: 98 days
Why the Booking Window is Longer in September and in Nashville
There are several reasons for the longer booking windows in both Scottsdale and Nashville during September compared to July, as well as Nashville having longer booking windows overall:
- Seasonality:
Scottsdale’s intense summer heat likely leads to shorter, last-minute bookings in July and August, while more comfortable September weather encourages guests to plan further ahead. In Nashville, the cooler fall season and fewer extreme temperature swings make September a prime time for travelers to book in advance. - Nashville’s Event Calendar:
Nashville’s vibrant music and event scene often peaks in the fall, attracting visitors who plan trips well in advance, particularly for festivals and group events. Scottsdale’s more spontaneous, leisure-driven travel leads to shorter booking windows overall. - Larger Homes and Group Travel:
Homes with 5+ bedrooms typically accommodate larger groups, which require more planning. Family reunions, weddings, or corporate retreats are often booked months in advance, contributing to the longer lead times, especially in both markets during September.
Adjusting pricing based on lead time and offering promotions for shorter booking windows can help fill gaps in occupancy. Larger homes with longer booking windows can benefit from increased rates, while smaller homes may need competitive last-minute pricing. With GoodNight Stay’s expertise in dynamic pricing strategies, your property can optimize bookings at every stage of the season.
* All market data is sourced from KeyData.
Seasonal Amenities Matter
As the weather cools down, travelers are increasingly seeking properties with heated pools and hot tubs in Scottsdale, while in Nashville, heating maintenance is essential for guest satisfaction. Snowbirds—one of Scottsdale’s largest travel groups—are also on the lookout for long-term stays. By offering discounts for extended stays and allowing pets, you can transform your rental into a home-away-from-home for these seasonal travelers. Homeowners should reassess and refresh their amenities to meet seasonal demand and make their property more attractive to travelers. GoodNight Stay can assist with revamping your home’s amenities to meet the specific needs of winter travelers and snowbirds.
Design Matters More Than Ever
With more vacation rental options available, location, pricing, and bedroom count are no longer the primary deciding factors for guests. Travelers now seek homes with unique designs and photo-worthy aesthetics that enhance their overall experience. GoodNight Stay’s in-house design team specializes in short-term rental design, and even small upgrades—like statement pieces or a revamped corner—can make a big difference. You don’t need to overhaul the entire home; when done right, a few well-placed design elements can significantly improve your home’s appeal. GoodNight Stay’s design team can help you create stylish, Instagram-worthy spaces that attract today’s design-conscious travelers, leading to higher booking rates and increased revenue.
Evolving Guest Motivations
More guests are factoring in their reasons for traveling, not just choosing a location and booking a stay. Our surveys show that travelers are looking for connection, purpose, and full experiences during their vacations. Simply put, guests want more than just a stay—they want experiences. GoodNight Stay is partnered with the best local vendors so that your property can offer curated experiences that align with guests’ desire for purpose-driven travel. Whether it’s through bachelorette party decor, local tours, or special events, these partnerships elevate your rental and set it apart from standard vacation homes, boosting your reviews and revenue.
Partnering with GoodNight Stay for Strategic Growth
As travel trends shift in Q3 2024, homeowners in Scottsdale and Nashville have the opportunity to maximize their rental income by staying ahead of the market. Whether it’s revamping your property’s amenities, redesigning spaces for aesthetic appeal, or partnering with local vendors to offer unique experiences, GoodNight Stay is here to help you navigate these changes strategically. With our in-house design team, data-driven pricing strategies, and expert management, we can ensure your property stands out from the competition and achieves its full potential.
Let GoodNight Stay be your partner in maximizing your rental property’s success in the ever-evolving vacation rental market.