Fewer reservations in Miami

[Sayli5]

@Sayli5 

Hi, I have 2 properties in Miami and months ago I had a occupancy rate practically 100% of the month but since May I have been going through a lot of work to fill the month, the prices have dropped a lot and I only get reservations until the same day, August for example I have had a lot of work to fill it up and I still have days available, the guests are happy and everything is working well, at first I thought it was low season but now I think something else is going on, do you know what might be happening? Thank you!! 

[Debra300]

There can be a lot of different contributing factors to reason why you are getting fewer reservations:

1. School has resumed in many places in the US so summer travel for families has decreased.
2. There have been numerous groups calling for a boycott of the state due to the recent implementation of certain policies and laws.  Many business and organizations are relocating their conventions to less polarizing places.
3. Some people are concerned about Florida's gun law that allows carrying a concealed gun without requiring a permit.
4. Now that COVID related travel restrictions have been removed globally, people have more travel options.
5. People are unsure about their financial security, and the costs for everything has risen significantly.  So, they can't or choose not to afford to travel.
6. It's becoming the height of the hurricane season.

[Sayli5]

@Debra300 

Thank you Debra !!!

[Nur785]

@Sayli5 There was an article about this in Bloomberg Business couple days ago, specifically referring to FL markets. According to the article, the saturation cut airbnb occupied rates significantly. 

https://www.bloomberg.com/news/features/2023-08-10/why-being-an-airbnb-host-is-much-harder-than-in-t...

[Sayli5]

@Nur785 

thank you !!

[Fred13]

Perhaps this article may be relevant to your question: https://www.ipx1031.com/cities-most-airbnb-properties/

Oftentimes a pie is growing in size, but the individual slices become smaller because of an increase in competition. Apprehension about the economy, about which way it may go, probably also has some bearing.

[Sayli5 · Accepted solution]

@Fred13 

Thank you all very much, it was very helpful to read about this, especially since in mid-September I plan to put 2 more properties on Airbnb, I am also advertised on various platforms such as booking.com and others but these have also become slow in reservations, thanks a million for your answer 😍.