Rates and Travel Patterns Normalise in Record Summer for European Short-Term Rentals

AirDNA's latest Monthly Review of the European short-term rental market revealed that the summer of 2022 saw a full recovery from the pandemic in Europe, with 3.5% more nights stayed in a short-term rental in June, July, and August than in 2019. Demand even surpassed 2019 levels in August, the strongest month for Europe, with revenue this summer up 22% from 2019. 

Average rates in August were only 1.2% higher than last year, as growth slows and bookings move back towards urban apartments and smaller properties which typically charge less—though prices remain 16.5% higher than 2019. 

Occupancy has been pushed up again by low supply increases, reaching 76.5% in August— 4.3% higher than last year—buoyed by high demand and low supply: available listings remain 10.8% below the same period in 2019. 

All of the top 20 countries saw year-over-year increases in summer demand, with the strongest growth in Norway (+71.2%), Hungary (+65.8%), and Greece (+61.8%). Greece even beat pre-pandemic levels, with Germany (+24.8%), Greece (+24.1%), and France (+21.9%) seeing the highest growth from 2019. However, only nine of the top 20 countries saw growth from 2019. 

Norway saw the strongest growth year-over-year in both demand (+71.2%) and supply (+39.4%), with demand driven by coastal destinations like Bæerum (+202%), Tromsø (+135%), and Oslo (+135%).

August stays were booked on average 72.9 days in advance, which is 6% closer to arrival than in 2019, but 11% longer than last year, as guests take advantage of relieved travel restrictions to book further in advance.

Bookings for the rest of the year are pacing 6.6% higher than at the same point in 2019. There is also strong booking activity compared to last year (+36.6%), with the strongest growth in Italy—six of the top 10 growth destinations are Italian. Munich is seeing the strongest gains over last year (+164%), as Oktoberfest is back after two cancelled editions.

Meanwhile, Porto, Lisbon, and Athens were all popular destinations in the first part of of the year, and they will continue to the end of the year with all three cities seeing over 120% more bookings than at the same point last year.

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The summer of 2022 saw a full recovery from the pandemic in Europe, with 3.5% more nights stayed in a short-term rental in June, July, and August than in 2019.