2024 End-of-Year Summary: North Fork Online Vacation Rental Market

The North Fork of Long Island's online vacation rental market faced a year of challenges in 2024, continuing a trend of declining bookings while showing resilience in certain key metrics. While total bookings and nights booked declined for the second consecutive year, growth in average nightly rates and booking amounts highlighted opportunities for premium property owners to optimize revenue.

Key Highlights:

• Total Bookings:

  • 2024 closed with 11,717 bookings, a 7% decline YoY from 2023 (12,608) and a 15% drop from the peak in 2022 (13,917).
  • This continued decline reflects a recalibration in demand following strong growth during the pandemic years.

• Booking Revenue:

  • Total booking revenue reached $33.15M, a slight 1% decline YoY, signaling relative stability compared to the sharper 10% drop in 2023.
  • Revenue remains 4% below the 2022 high of $37.25M.

• Average Booking Amount:

  • The average booking amount rebounded by 6% YoY to $2,830, reversing declines seen in 2022 and 2023. This suggests a shift towards higher-value bookings despite fewer overall transactions.

• Nights Booked:

  • Total nights booked fell by 11% YoY to 50,126, continuing a three-year downward trend.
  • Fewer nights booked per property indicate a shift away from extended stays, aligning with regional and seasonal competition.

• Average Nightly Rate:

  • The average nightly rate climbed to $661, an 11% increase YoY, and the highest rate recorded over the past four years. This metric underscores strong pricing strategies by property owners.

• Available Properties:

  • The total number of available properties slightly declined by 1% YoY to 1,371, after two years of growth.
  • The number of booked properties fell by 9% YoY to 877, reflecting continued competition and selective traveler preferences.

• Revenue Per Property:

  • Revenue per property rebounded by 9% YoY to $37,805, reversing the sharp 11% decline in 2023, demonstrating successful adjustments in pricing and marketing.

• Booking Duration:

  • The average number of nights per booking remained stable at 4 nights, with only a slight 4% decline YoY, reflecting a continuation of post-pandemic travel patterns.

Trends Over the Years (2021-2024):

• The North Fork market experienced strong growth during 2021 and 2022, with bookings peaking in 2022 (+29% YoY) and booking revenue reaching $37.25M.
• The average nightly rate has risen steadily (+7% since 2021), indicating sustained demand for premium properties.
• Total nights booked and booked properties began declining in 2023, with the trend persisting in 2024, underscoring the need for strategic adjustments.

Looking Ahead:

As demand continues to evolve, focusing on premium offerings and enhancing guest experiences will be critical for property owners in the North Fork. Strategies such as targeted marketing and offering personalized guest services can help sustain revenue growth.

StayMarquis is uniquely positioned to help owners outperform the market. By utilizing advanced revenue management tools, real-time booking data, and tailored marketing strategies, StayMarquis empowers owners to maximize revenue while ensuring their properties stand out in a crowded marketplace. Our comprehensive services, which include property preparation, marketing and booking services, revenue management, and concierge-level guest support, make it easier than ever for owners to tap into the Hamptons' lucrative rental market.

Despite challenges, the 11% rise in average nightly rates and recovery in revenue per property signal strong potential for owners who can adapt to shifting traveler expectations in 2025.