The Puerto Rico “Visitor Economy”
Puerto Rico’s “Visitor Economy” generates $9 Billion (8% of GDP) and more than 86,000 jobs.
5.4M visitors arrived in Puerto Rico in 2019: 2.0M stay in STR, 1.6M in Hotels/Paradores, and 1.8M arrive/stay in cruise ships.
The “Accommodations” segment of the “Visitors Economy” generates more than $1 Billion in revenues with Hotels/Paradores at more than $700M (74%) and independent rentals at nearly $250M (26%).
Independent rentals are independently owned Homes, Villas, Apartments, Studios and Other types of accommodations that rented less than 90 days.
Data from Discover Puerto Rico (DPR) Tourism Economics’ 2020 Economic Impact of Tourism
Puerto Rico Short-Term Rental (STR) Fast Facts
Independent rentals number of rooms per unit range from 1 to 10+.
Independent rentals are managed by the owners of the properties or by professional management companies.
It is estimated that there are nearly 20,000 independent rentals units across Puerto Rico.
Independent rentals are marketed/sold/managed by various distributions channels such as Airbnb, VRBO, Join a Join, management companies or directly via their own websites and contact information.
Data from Discover Puerto Rico (DPR) and Puerto Rico Tourism Company (PRTC)
Puerto Rico Short-Term Rentals generate vital economic impact for their communities
Rental revenue increased by 645% from 2015 to 2019, with rentals accounting for nearly 30% of all lodging revenue in 2019, compared to 3% of all lodging revenue in 2015
Short-Term Rental use increased by 91.5% in 2019 alone
In 2019, Short-Term Rentals accounted for nearly 30% of all lodging on the island
To meet the increase in traveler demands, Short-Term Rental supply increased by 135% from 2016 to 2019
*data from prnewswire.com
Short-Term Rentals will continue to play a significant role in the recovery of Puerto Rico’s economy
Independent rentals rental revenue increased by nearly 3000% from 2015 to 2021.
Independent rentals are currently running between 60-80% occupancy rates and RevPAR is at $125.
Data from Discover Puerto Rico (DPR) and Puerto Rico Tourism Company (PRTC)