AirDNA: U.S. Short Term Rental Performance Remained Robust This Summer, Setting New Records 

The U.S. short-term rental industry has shown no weakness during summer 2022, despite growing inflation and uncertainty in the overall macroeconomic backdrop. August was another record month for STR demand: over 20.7 million nights stayed (+19.8% YOY), slightly higher than the growth of 17.9% the month before.

All location types have gained demand compared to 2021, with the strongest gains in midsize cities where bookings grew by 26.8%, while coastal and mountain destinations experienced a slower growth (+16%). When compared to pre-pandemic levels, all locations have gained demand, except urban areas which continue to lag 20% lower than 2019. 

In August, the supply of available listings reached 1.38 million units, 23.3% higher than the year prior, but only 7.3% higher than 2019’s 1.28 million listings. 

This increase in new listings has surpassed demand levels, resulting in the sixth consecutive month of falling occupancy levels (-4.3% YOY), with only 20 of the largest 50 markets achieving occupancy gains in the month. 

The highest rate of supply growth has occurred mostly in large Texan cities and the southwest, with Houston leading the way (+48.6% YOY) followed by Phoenix (+45.8%), San Antonio (+44.7%), Las Vegas (+41.4%), and Dallas (+39.0%). 

Average Daily Rates (ADRs) have grown by just +2.8% during the month, the lowest year over year increase since the start of the pandemic. Luxury properties have seen the biggest drop in ADRs compared to last year (-5.6%), while mountain/lake destinations were the only location type to see rates decline (-1.7%), with the biggest drops located in the Mountain West: led by Steamboat Springs, Colorado, (-29.8%), Big Bear, California, (-23.6%) and Park City, Utah, (-23.5%). 

Thanksgiving week, traditionally one of the busiest periods for travel in the US, shows bookings up 24% compared to the same time last year, while the week between Christmas and New Year’s Eve shows a 16% growth in bookings. Prices for these holidays are up +9% and 11% respectively, urging travelers to arrange their holiday bookings as soon as possible to secure the best properties at the best rates.

CONTACT:
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AirDNA: U.S. Short Term Rental Performance Remained Robust This Summer, Setting New Records

Press Release

AirDNA: U.S. Short Term Rental Performance Remained Robust This Summer, Setting New Records

This increase in new listings has surpassed demand levels, resulting in the sixth consecutive month of falling occupancy levels (-4.3% YOY), with only 20 of the largest 50 markets achieving occupancy gains in the month.