Visit Oxford to Partner with AirDNA for Short-Term Rental Market Data – The Oxford Eagle
Visit Oxford to partner with AirDNA for short-term rental market data
Posted at 1:00 p.m. on Thursday, August 18, 2022
The Oxford Tourism Council voted on Monday to approve a contract with AirDNA, a market research tool that will provide insight into holiday rental data in Oxford.
Visit Oxford plans to enter into an 18-month contract with AirDNA, at a rate of $720 per month, to paint a clearer picture of the economic impact of vacation rentals, particularly during football and baseball seasons. Data will be brought back to council after 10 months for discussion.
AirDNA provides occupancy data on short-term rental properties listed on third-party sites, giving Oxford access to key economic trends in its tourism industry.
“It would be a full-time job just to watch the data on AirBNB and VRBO.” said Kinney Ferris, executive director of Visit Oxford.
The site analyzes occupancy rates, annual revenues and daily rate averages to provide data on booking activity, trends and year-over-year changes in the rental economy in short term. Data from short-term rentals that are not listed on third-party sites will not be included.
Online vacation home marketplaces are growing in popularity, with many hospitality companies like The Graduate providing a platform for home rentals. Oxford currently sources hotel occupancy data from STR, a platform similar to AirDNA. STR has researched short-term rental analytics, but does not yet provide this functionality to its customers.
Oxford, like many cities in the state, imposes a 2% tourism and economic development tax on gross sales proceeds from the rental of hotel rooms. As defined by the Mississippi Department of Revenue, a hotel is accommodation rented by the day or week.
“Rentals receive the 2% tourist tax. These companies say they pay it to the Department of Revenue, we’re just not sure the city will ever get it,” Ferris said. “We’re really starting to push the Department of Revenue to make sure those towns that are heavy on vacation rentals actually collect the taxes.”
The data collected through this partnership will provide a more accurate view of Oxford’s economic development through its tourism industry.