Puerto Vallarta, known for its paradisiacal beaches and Mexican charm, is currently undergoing a period of change and adaptation in the short-term rental industry. What exactly is happening? Let’s dive into the data and explore the factors shaping the market, as well as some predictions for the upcoming quarter.
According to a recent analysis, while the number of tourists in Puerto Vallarta has experienced a year-over-year increase of 5%, the total nights booked have decreased by 1%, mainly due to shorter stays.
This phenomenon has led to a notable discrepancy, as the tourist supply continues to grow at a rate of 9% year-over-year, while booked nights remain steady, resulting in a 7% year-over-year decrease in occupancy.
Additionally, international tourists seem to be leaning towards more budget-friendly destinations than Puerto Vallarta, such as Nayarit or other less popular beach destinations, due to the current strength of the Mexican peso.
In Puerto Vallarta’s bustling tourism industry, we notice a fascinating interplay between supply and demand. Although the growth of new vacation rental units is slowing down, the number of nights available for booking has surged by 9% annually. Yet, this increase in availability has surpassed the demand, leading to a direct decline in occupancy rates.
On the other hand, according to data from the Ministry of Tourism, the number of tourists has seen an encouraging growth of 5% compared to the previous year, despite challenges stemming from the strength of the Mexican peso.
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