These Hudson Valley rental markets surged most during pandemic

Catskills counties’ bookings rose as much as 80%

Tri-State /
Feb.February 07, 2022 07:00 AM

Hudson Valley (iStock)

Weekend getaways have been a saving grace for New Yorkers who, trapped in their apartments, came down with the pandemic version of cabin fever. And Hudson Valley rentals have been profiting.

In 2021, Ulster County, which includes Kingston and Woodstock, had $85 million in bookings, 30 percent more than in 2019, according to a report by rental business StayMarquis. Immediately to the north, another Catskills destination, Greene County, had $67 million, an 80 percent increase.

The report was put together using data from Airdna, which includes all bookings made on Airbnb and VRBO.

Most of the market is concentrated in Ulster and Greene counties. But smaller countries have seen rental revenue surge over the two-year period. Sullivan County bookings totaled $29 million in value, up 64 percent, Delaware County’s rose 46 percent to $22 million.

“Towns like Roxbury or Narrowsburg that historically have not been rental markets versus Ulster or Greene County are now really growing as people are pushing out into these new markets for vacation rental destinations,” said Max Schuster, chief revenue officer of StayMarquis.

Lodging was still easy to find, however. Occupancy rates ranged from 20 percent to 65 percent, varying across months and counties. Properties in Ulster, Columbia, and Delaware counties had the highest annual occupancy, with peak occupancy above 60 percent in summer months. Properties in Greene County, however, have relatively higher occupancy in the winter months as they are near ski destinations.

Entrepreneurs responded to increased demand by adding supply. The number of available properties rose by 10 percent from 2019 to 2021, while the number of booked properties rose by about 20 percent, according to Schuster.

“What that means is, while more things are coming on the market, the number of properties that are getting booked is actually outpacing that,” Schuster said.

Owners increased prices as well. Ulster County had 48,000 bookings at an average nightly rate of $441, up from $308 in 2019. Within the county, Saugerties led in gross booking value with $15 million.

Greene County had 32,000 bookings last year at an average nightly rate of $549, up from $403 in 2019. Hunter led the county in gross booking value with nearly $15 million.





    Related Articles

    arrow_forward_ios
    Anthony "Fat Tony" Salerno and the Rhinebeck horse farm (Hudson Modern, Getty)
    Rhinebeck farm once owned by mob boss lists for $1.5M
    Rhinebeck farm once owned by mob boss lists for $1.5M
    Rubenstein Partners' David Rubenstein and Warren Corporate Center (Rubenstein Partners, iStock)
    Tri-state deal roundup: King Kullen loses ground, former Modell’s replacements
    Tri-state deal roundup: King Kullen loses ground, former Modell’s replacements
    Julia Koch and 840 Meadow Lane in Southampton (Getty Images, Tim Davis/Corcoran)
    Julia Koch revealed as buyer of dated $70M Southampton estate
    Julia Koch revealed as buyer of dated $70M Southampton estate
    Suzy Welch and 124 Eden Knoll, Red Hook (Compass, suzywelch101010.com)
    Suzy Welch lists Hudson Valley estate for $25M
    Suzy Welch lists Hudson Valley estate for $25M
    Woodbury Common Premium Outlets in Central Valley, NY with Simon Property Group CEO David Simon (Simon Property Group)
    Simon to add 160K sf, hotels to Woodbury Common
    Simon to add 160K sf, hotels to Woodbury Common
    A photo illustration of Veyoel Moshe Gardens in Kiryas Joel (LoopNet, iStock)
    Developers seizing on Hasidic suburb’s explosive growth
    Developers seizing on Hasidic suburb’s explosive growth
    Schenectady City Council president Marion Porterfield (Facebook, iStock)
    Destructive tenants driving upstate landlords to despair
    Destructive tenants driving upstate landlords to despair
    331 Elmora Avenue and 103 Ryan Street (Kislak Realty)
    Tri-state deal roundup: Multifamily, industrial still hot
    Tri-state deal roundup: Multifamily, industrial still hot
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...