Short Term Rental Trends

Maryland Airbnbs & STRs

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RedAwning offers vacation rental property management for busy vacation rental owners and Airbnb hosts. Starts at 10% of revenue.
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Current Vacation Rental Performance in Maryland

Occupancy Rates

  • The vacation rental market in Maryland, particularly in areas like Ocean City, is experiencing occupancy rates that are in line with national averages. As of recent data, Ocean City's occupancy rate stands at 57%, which is consistent with the national average.

Regional Performance

  • In the context of the broader U.S. market, Maryland falls within the Mid-Atlantic region, which has seen a slight decrease in booked rates compared to the previous year. However, this region is still performing relatively well, with rates only 1-3% lower than in 2023.

Booking Trends

  • Guests in Ocean City tend to book their rentals well in advance, with a booking lead time of 120 days, more than double the national average. This indicates a proactive approach to planning among travelers in this area.

Revenue and Rates

  • The Revenue Per Available Night (RevPAN) in Ocean City averages $124, which is a key metric for hosts to manage their pricing strategies effectively. Despite the national trend of softening daily rates, Maryland's rates remain relatively stable, though slightly lower than in previous years.

Guest Preferences and Reviews

  • Ocean City guests tend to stay for an average of 4.8 days, slightly longer than the U.S. average. They also leave more reviews, with an average of 30 reviews per listing, which can help hosts fine-tune their guest experiences.

Market Outlook

  • While the overall U.S. vacation rental market is experiencing declines in occupancy and revenue due to increased supply and softening demand, the late fall season in Maryland is pacing ahead, suggesting a potential return to pre-pandemic trends as supply and demand become more balanced.

Current Airbnb & VRBO Trends by City

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FAQ

What does your pricing structure look like?
Our prices start at 10% of revenue. You can check out our pricing page for more information.
What types of vacation rental properties do you manage?
We manage a wide range of vacation rental properties, including single-family homes, condos, apartments, and luxury villas. Our services are tailored to meet the unique needs of each property type.
How do you handle guest support?
Our team provides 24/7 guest support, handling all inquiries, booking assistance, and any issues that may arise during a guest's stay. This ensures a seamless experience for your guests.
What is included in your damage waiver?
Our damage waiver provides $3,000 in coverage per booking, protecting you from accidental damages without the need for security deposits. This coverage is automatically included with every booking.
How does the payment process work?
We handle all aspects of the payment process, including processing payments, managing declined cards, and providing chargeback protection. Funds are deposited directly into your account, ensuring a smooth and secure transaction.
Can I still use my own booking website?
Absolutely! We offer a direct booking website service that allows you to showcase your property and accept bookings directly, bypassing the fees charged by major booking sites.
How do I get started with RedAwning?
Getting started is easy! Simply contact us for a free consultation, and our team will guide you through the onboarding process to ensure a smooth transition to our platform.
Why is RedAwning better than other property management companies?
RedAwning sets itself apart from other property management companies with a technology-driven, cost-effective approach that offers both full-service and partial management options, catering to vacation rental owners who value flexibility and control. Unlike competitors like Vacasa or AvantStay, which focus solely on full-service management with fees ranging from 25-50% of income, RedAwning provides a choice: comprehensive oversight including marketing, reservations, guest support, and maintenance, or a partial-service model emphasizing marketing and bookings across 50+ platforms like Airbnb, Vrbo, and Booking.com, potentially increasing bookings compared to narrower-channel options like Evolve. RedAwning's fees start at 10%. Having served the industry for 15 years, RedAwning combines experience with lower fees and rapid onboarding—listing properties in an afternoon—appealing to hosts who want efficiency without losing decision-making power, though it may not suit those needing extensive local support like Vacasa provides. Its scale (20,000+ properties across 10,000 destinations) and data-driven pricing give it an edge over Evolve’s simpler approach, making it a versatile choice for tech-savvy hosts seeking tailored management solutions.