Naya Homes
Homeowners     17 Apr 2024

Short-term Rental Market Landscape | Nayarit | Q1 2024

The short-term rental industry in Riviera Nayarit is experiencing notable growth, attracting the attention of travelers seeking new and more affordable alternatives to more traditional destinations like Puerto Vallarta. Amidst this flourishing landscape arises a need to understand the factors driving this growth and predictions for its future development.

Tizate Residences by Naya Homes at Puerto Vallarta

The Numbers: What’s Happening in Nayarit?

Riviera Nayarit is at the forefront of a rising tourism trend, with an impressive 17% increase in demand.

This surge is attributed to an active search for more economical options by travelers, driving renewed interest in destinations like La Cruz de Huanacaxtle (LCDH) and Bucerias. In these areas, the growth in reserved nights is particularly noteworthy, with increases of 49% and 33%, respectively.

However, this surge in demand has not been sufficient to maintain occupancy rates, which have experienced a 10% year-on-year decline. This trend is explained by a faster growth in supply, which has increased by 24% annually.

Market Factors: Supply and Demand

In Riviera Nayarit’s market dynamics, we see an interesting interplay between supply and demand. Despite a decrease in the rate of new vacation rental units, the number of available nights has notably increased by 24% year-on-year.

Cities like La Cruz de Huanacaxtle and Bucerias are showing even more impressive growth, with annual increases of 61% and 40%, respectively.

On the other hand, the 17% growth in demand is attributed to tourists seeking more affordable alternatives to Puerto Vallarta.

Sources: Internal data, Transparent, Wheelhouse, AirDNA

Forecast for Q2 2024

  • The continued strengthening of the Mexican peso is expected to decrease the purchasing power of international travelers, increasing interest in more budget-friendly destinations like Nayarit.

  • Domestic tourism will continue to be a key driver of growth, with 47% of Mexicans planning to travel this year and a 5% annual increase in interest in short-term rentals.

  • Additionally, travelers are expected to opt for shorter stays and book with less advance notice, with over 65% of bookings made 30 days or less before check-in.

  • An increase in rental nights is also anticipated as many snowbirds return home during the summer months.

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