The Riviera Nayarit has been gaining prestige over the past few years as a tourist destination with beautiful beaches, luxurious accommodations, water activities, and ecotourism. The short-term rental industry in the Riviera Nayarit has experienced ups and downs. If you are curious about the market landscape, what we observed in the last quarter of 2023, and the Airbnb insights in Nayarit for 2024, please refer to our full report below.
During the last quarter of 2023, there was a significant 20% reduction in the occupancy of the short-term rental market in the Riviera Nayarit compared to the same period of the previous year (2022), marking a decrease of 16% in monthly revenues. This decline can be primarily attributed to the introduction of new units in the bay, leading to a substantial 22% increase in available inventory year over year. The expansion of inventory has had a notable impact on the market dynamics, creating increased competition among properties and consequently resulting in a decline in occupancy levels and generated revenues.
In the realm of supply in the short-term rental market, a significant shift was evident during the last quarter. Despite the observed stability in the monthly number of active units, there was a noteworthy 22% growth compared to the same period of the previous year. This year-over-year increase signals a continuous expansion in the availability of properties for rent, suggesting a robust dynamic in the temporary accommodation supply.
Regarding demand, there was an upward trend in the number of days reserved during the last quarter of 2023. However, this trend is not as pronounced as the notable increase in supply, shedding light on the lower occupancy rates experienced in the same period.
Although the increase in demand is evident, its pace has not been as rapid as the growth observed in the availability of units. This discrepancy between supply and demand may be a key factor in the decline of occupancy rates, as the surplus availability might not be fully absorbed by the existing demand.
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