Travel to European destinations is hotter than ever, and short-term rentals are no exception. But there are still deals to be had, especially if you know where to look. We've got you covered!

Traveling to Europe? Here Are the Cheapest (and Most Expensive) Countries To Visit in 2023 | AirDNA

For people around the world, 2023 seems to be the year of the Europe trip. The absence of COVID-19 restrictions, the return of international travel, a recovering economy in Europe, and growing consumer confidence have caused travel demand to soar. But that demand growth has also driven average daily rates (ADR) to new heights. Demand grew 19% year-over-year (YOY), leading to an equally staggering 15.7% YOY increase in ADR. 

While ADRs may be on the rise, don’t give up on your European travel dreams just yet. There are still plenty of lower-cost destinations and some easy ways to shop for better prices. For those who want to visit Europe but have budget on the brain, here’s a peek into the average nightly rates across Europe, plus some ideas on where to go (and when to visit) to get the most bang for your buck. 

The Cheapest and Most Expensive Countries to Visit in Europe This Year 

ADRs for short-term rental stays across European countries this past year ranged anywhere from less than €50 a night to more than €300 per night.  

Taking the lead for the most expensive European country for short-term rental stays over the last 12 months is Monaco. Though it may be the second-smallest country in the world, Monaco remains a hugely popular travel destination for the rich and famous, thanks to its many high-end malls, world-famous restaurants, luxury beaches, and, of course, the Monte Carlo. 

But its world renown comes with a cost. The average ADR for the past year was €338 a night. 

Other notable countries that led the European continent in high average ADRs over the last year were Iceland (€231), Switzerland (€208), the United Kingdom (€205), and Greece (€203).  

If you’re looking for a budget-friendly getaway, consider Moldova. The cheapest short-term rental stays in Europe since summer 2022 were found here, with the ADR sitting at just €47. 

It’s not just the ADRs that are attractive, either. This lesser-traveled country in Europe can be an enticing destination for those looking for inexpensive food, stays, and exceptional wine.

Other countries with inexpensive STR stays this past year include Moldova (€47), North Macedonia (€48), and trending destination Albania (€60).  

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The time of year you travel can have a large impact on the prices you pay for your European vacation. Here’s how we know: 

Calculating the percent change between the minimum ADR and maximum ADR through the year in a market can tell us if that market is seasonal. Markets that have a large percentage change between the minimum and maximum ADR are considered very seasonal. Markets that have a more modest percentage change between the minimum and maximum ADR are considered less seasonal. 

If the market is highly seasonal, you’ll save a lot by traveling in the low season. If it’s not, it’s still possible to find great deals no matter what time of year you go. 

Across Europe, average ADRs for short-term rental stays tend to be highest around mid-August and the lowest around the beginning of February. 

In 2022, European travelers paid €162 per night during the second week of August, making it the most expensive week for STR stays that year. Those who traveled to Europe the first week of February—the cheapest week for STR stays last year—paid 36% less (€119 per night).  

But the differences in ADR from season to season become more (or less) stark depending on which part of Europe you visit.

See seasonality and much more in the new AirDNA

Visit Highly Seasonal Markets During Off Season

If you are traveling to a highly seasonal market, you can expect to pay significantly higher prices during peak season months than during off-season months. Countries leading Europe in high seasonality include Andorra, Albania, and Monaco.

In 2022, travelers hitting the slopes in Andorra paid 81% more when ADRs peaked in December than in November, when ADRs were at their lowest. In Albania, the summer sun meant travelers in August paid 81% more than February’s low, while Monaco’s Grand Prix meant guests paid 79% more in May than in February. 

The bottom line: If budget is a consideration, but you’re interested in traveling to these or other highly-seasonal countries, traveling during off-season months will likely get you the best travel deals.  

What to Bear in Mind When Traveling to Year-Round Locations

If you are traveling to a market that has low seasonality, ADRs will fluctuate less, and you’ll see similar rates regardless of the time of year. Countries with low seasonality tend to be countries that are popular with travelers all year round, where climate isn’t such a big factor as it might be in ski or beach destinations, or there are a range of destinations offering something for each month of the year. 

Leading Europe in low seasonality are France, Slovakia, Slovenia, and Germany, where ADRs for the cheapest off-season months of 2022 were only about 20% less than ADRs during the most expensive peak-season months.

The Cheapest European Destinations To Travel to This Fall  

Now that you know the cheapest countries in Europe to visit and how to use seasonality to find the best travel deals on the continent, we can get to the best part: revealing the cheapest European destinations to travel to this fall.  

For each country, we’ve identified destinations with more than 1,000 available listings to make sure that there are still options available for fall travel.

Least Expensive: Eastern European Capitals

Topping our list of cheapest destinations this fall are Eastern European capitals. The capitals of North Macedonia, Kosovo, Moldova, Albania, and Montenegro have average ADRs below €50 for September and October. 

As for cheap destinations in the more expensive Western-European countries, Birmingham, UK (€137), Arnhem, Netherlands (€139), Luxembourg City (€154), West Mayo, Ireland (€168), and Reykjavík, Iceland (€243) are places to consider. 

Traveling to Europe? Here Are the Cheapest (and Most Expensive) Countries To Visit in 2023 | AirDNA

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