Yesterday we released a huge blog that covers all 59 updates we pushed out. That's right, 59! We highly recommend checking that out. Now, let's dive into some industry news.
San Diego City Council pushed forward a yearly cap on vacation rentals. This cap would cut the volume of vacation rentals by as much as 30 percent. This new regulation still needs a second vote of the council before becoming a law. For all areas except Mission Beach, rentals would be capped at 1 percent of the city's total housing units, which equates to around 5,400. Mission Beach would have a much more generous rental cap due to its long history of vacation rentals.
The Island of Hawaii continues to have low tourism numbers. In January 2021, big island vacation rentals dipped below 50 percent capacity. On the other hand, hotels on the island had an average of 23.3 percent occupancy. Hopefully we can all get vaccinated and take a trip to Hawaii later this year.
In Cancun, vacation rentals are seeing higher occupancy than hotels. Hotels in the area are hovering around 30-40 percent occupancy, while vacation rental are seeing 40-50 percent on average. The influx of vacation rental travelers is most likely due to the ability to work remotely. According to Airbnb, many travelers who book outside of peak season tend to stay 28 nights or more.
Next week, OwnerRez will host not 1... not 2... but 3 webinars! The first is our Dynamic Pricing Industry Expert webinar with Alexander Shartsis, former Perfect Price CEO. If you've ever wanted to know more about dynamic pricing, this is the webinar for you. Then we have our weekly Demo Q&A session; come say hi! Our third webinar of the week will be with ASTRHO to talk about their membership and premium host benefits. Bonus (because we're so awesome): if you come to the webinar, we'll give you 3 months of premium for free!