OTA Insight has launched Rate Insight+, a solution that gives hoteliers a complete view of their competitive landscape by combining hotel and short-term rental data in a single platform. The new short-term rental data will be available as an upgrade to the core Rate Insight product.
Rate Insight+ offers hoteliers a comprehensive view of competitive short-term rental and hotel pricing in their specific market, providing crucial data to enable better pricing decisions based on demand, occupancy, and rates in their market, according to the company.
As the short-term rental industry continues to grow and increase market share, hoteliers face a host of new challenges. Short-term rentals are now a mainstream competitor to hotels: 46% of those who paid for lodging in 2021 stayed in a short-term rental at least once, according to the company. Potential guests compare factors including price, value and experience offered by both short-term rentals and hotels when booking rooms.
“With the majority of booking sites offering both hotel and short-term rental accommodation, market convergence is accelerating, and traveler habits are changing,” said Sean Fitzpatrick, CEO, OTA Insight. “Our data science team has surfaced some powerful insights to help hoteliers understand the impact of short-term rental properties in their market on their commercial strategy. Rate Insight+ enables hoteliers to take a comprehensive approach to analyze their market, understand the impact of short-term rental supply and gain a competitive advantage.”