Short Term Rental Trends

Mississippi Airbnbs & STRs

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Current Vacation Rental Performance in Mississippi

Occupancy Rates and Demand

  • The short-term rental market in Mississippi, like the national trend, is experiencing a decline in occupancy rates. For 2023, the national occupancy rate for short-term rentals dropped to 60%, and this trend is expected to continue, with a forecasted occupancy rate of 58% for 2024.
  • Despite this, the travel industry in the US, including Mississippi, is still active, with short-term rental demand increasing, though at a slower pace than during the peak COVID-19 years. Key tourist regions such as the Southeast and Southwest US are underperforming compared to 2022, with occupancy rates of 60% and 48%, respectively.

Market Dynamics

  • The market is saturated with a high number of short-term rental properties, which has led to lower occupancy rates and rental prices. From 2018 to 2024, the number of short-term rental properties has increased significantly, from 1 million to 4 million, providing guests with more options and lower costs.
  • This oversaturation is a significant factor in the underperformance of the short-term rental market in Mississippi and other areas.

Performance Metrics

  • In Mississippi, popular vacation rental destinations such as the Gulf Coast, Gulfport, and Bay St. Louis continue to attract guests, but the overall occupancy rates are lower than in previous years. For example, the Gulf Islands National Seashore and other coastal areas have seen a decline in occupancy rates compared to the peak years.

Investor and Host Perspectives

  • For investors, buying a well-maintained, fully furnished vacation rental with high ratings can be a good strategy. However, it is crucial to consider the current market conditions and the potential for lower revenues due to increased competition and lower occupancy rates.
  • Hosts in Mississippi, as elsewhere, face challenges such as guest communications, guest vetting, and maintaining high cleanliness standards to ensure better occupancy rates.

In summary, while the vacation rental market in Mississippi remains active, it is currently underperforming due to oversaturation, lower occupancy rates, and increased competition. Investors and hosts need to be aware of these trends and adjust their strategies accordingly.

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.