With travel bans throughout the world limiting movement, vacation rentals saw a spike in cancellations in March and early April. Bookings have started to outpace cancellations, according to the latest data from Transparent.
North America and Europe
Cancellation Trends: Any value below 100% relates to bookings and any value above 100% relates to cancellations.
Analysis based on Transparent’s data tracker showed North American cancellations peaked in the week of March 22 while in Europe, cancellations peaked in the week of April 6. The later spike of European cancellations was primarily due to France which saw most of their cancellations in early April while most of the cancellations in Spain, Italy, and Germany were around March 22.
By mid-April, most of the people who plan to cancel have already done so. The data showed North American and European bookings started to outpace cancellations.
Urban v. Leisure
Urban and Leisure Markets
Cancellations in urban and leisure markets peaked around March 22. Cancellations in the leisure market increased more gradually and had a longer duration. By mid-April, both the urban and leisure market bookings started to outpace cancellations.
Uptick in U.S. Bookings – Selected Markets
In addition to the high number of cancellations, bookings dropped by an estimated 80-95%, according to vacation rental market data company Keydata Dashboard. There are signs of an uptick in bookings for the markets that are more accessible by driving versus flying.