Short Term Rental Trends

Rhode Island 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 Rhode Island

Occupancy and Rates

  • The vacation rental market in Rhode Island, like the broader U.S. market, is experiencing a mix of trends. Occupancy rates are generally pacing slightly behind last year, with a 3% decrease in June and a 1% decrease in July, though August is showing a 2% increase in occupancy compared to the previous year.
  • Average daily rates (ADR) have seen a slight increase, with rates in May 2024 being $276, which is $3 higher than in 2023 but $17 lower than in 2022. Rates are expected to remain higher for the summer season but may decrease as the booking window shortens.

Regional Performance

  • Rhode Island, part of the Mid-Atlantic region, is seeing a larger decrease in occupancy rates compared to some other U.S. regions. The Mid-Atlantic States are experiencing a 7% decrease in occupancy rates, one of the largest declines outside of the Hawaiian Islands.

Regulatory and Economic Impact

  • The state of Rhode Island is considering extending the 5% state hotel tax to short-term rental homes, with the proposed revenue aimed at homelessness relief programs. However, there is a debate between the governor and municipal leaders over how this revenue should be allocated, highlighting the complex impact of short-term rentals on local communities and housing affordability.

Market Outlook

  • Despite some challenges, the vacation rental market in Rhode Island is expected to grow, albeit at a slow pace. Factors such as the increasing popularity of online booking platforms and the demand for flexible travel options are driving this growth. However, property managers face issues like guest communications, guest vetting, and compliance with state registries.

Local Considerations

  • Westerly, a popular vacation destination in Rhode Island, offers a range of vacation rentals with access to beaches, historic sites, and other attractions. The town's vacation rentals are part of the broader Rhode Island market, which is known for its coastal charm and rich cultural attractions.

Current Airbnb & VRBO Trends by City

No state available.

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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.