EURO 2024 Short-Term Rental Insights: Hosts Score Big

Key Takeaways

• EURO 2024 is driving a notable surge in short-term rental (STR) demand, especially in smaller German host cities.
• Expect further spikes in bookings during the second half of the tournament, particularly after teams secure spots in the knockout rounds.
• Utilize AirDNA’s dynamic pricing tool to optimize rates in real-time, ensuring you maximize revenue by setting prices that reflect the increased demand during the tournament.

Football fans are a unique breed, known for their boundless enthusiasm and, let's be honest, sometimes over-the-top dedication. From donning their team's colors to cheering wildly from the stands, the energy they bring is unparalleled. As EURO 2024 approaches, short-term rental (STR) hosts have an exciting opportunity to join in the action—not on the pitch, but in the game of optimizing their short-term rental strategies.

Think of it this way: Just as teams strategize to win the championship, you can craft your playbook to score big with bookings during this high-demand period. We’re here to help you make it happen. 

In this article, we’ll explore how EURO 2024 is impacting the STR market, from supply and demand dynamics to occupancy trends and pricing strategies. We'll provide actionable tips to help you capitalize on this event, ensuring you come out on top—regardless of whether your favorite team does too. Let the games begin!

EURO 2024 Overview

The EURO 2024, officially known as the UEFA European Championship, is one of the most prestigious football tournaments in the world. 

It brings together the best national teams from Europe to compete for the title. Comparable in scale to the FIFA World Cup, the EURO cup has grown significantly in popularity and scope, drawing millions of viewers globally. 

The group stage of EURO 2024, featuring 36 games, is scheduled to take place from June 14 to June 26. This period is critical as it sets the stage for the knockout rounds, with matches hosted in several key cities across Germany. Each host city not only offers a unique backdrop for the games but also stands to benefit economically from the influx of tourists and football enthusiasts.

EURO 2024 group stage matches will be held in the following German cities:

• Berlin
• Cologne
• Dortmund 
• Düsseldorf
• Frankfurt
• Gelsenkirchen
• Hamburg
• Leipzig
• Munich
• Stuttgart

Each city is expected to experience a surge in short-term rental demand as fans flock to attend the games. The choice of these diverse and culturally rich cities adds an extra layer of excitement and appeal to the tournament, encouraging travel and exploration.

Note that the remainder of the article covers the following key STR metrics:

• Demand: changes in the nightly number of booked stays
• Supply: the number of short-term rental listings in each city to support the tournament.
• Occupancy Rates: variations in occupancy before and during the group stage.
• Pricing Trends: shifts in vacation rental nightly rates influenced by the tournament.
• Booking Trends: how far in advance guests book for the tournament and what that means for later matches.

Demand Is Up in All Host Cities

EURO 2024 is driving a notable surge in demand for STRs across Germany in June and July. This heightened demand extends beyond game days, reflecting a broad interest in staying in these cities outside of the event as well.

For instance, in Stuttgart, the number of bookings ranges from 400 to 750 per night during the group stage dates, compared to fewer than 350 bookings per night in early June. Smaller cities like Stuttgart, Gelsenkirchen, and Dortmund are experiencing the biggest spikes:

• Stuttgart (+104%)
• Gelsenkirchen (+181%) 
• Dortmund (+98%)

In contrast, larger cities like Berlin and Hamburg are not experiencing as big of an uptick due to the football tournament. That’s because these large metropolitan areas already attract high summer demand and have abundant hotel options.

The trends observed during the group stage provide an early glimpse into the tournament's overall impact on STR performance. We anticipate further spikes in bookings as teams advance, particularly after teams secure spots in later rounds.

Occupancy Reflects Demand Trends

Where demand increases are the most pronounced, so are occupancy rates.

Cities like Stuttgart, Gelsenkirchen, and Dortmund are experiencing nearly double or triple the occupancy rates during the group stage compared to the two weeks prior. In contrast, larger cities such as Berlin and Munich, which are not seeing a significant demand uptick due to EURO 2024, also show no significant increase in occupancy rates. 

This trend highlights the more pronounced impact of the tournament on smaller cities with fewer existing STR listings.

Keep in mind, though, that the varying sizes of these cities play a crucial role in analyzing short-term rental data. For instance, comparing occupancy rates across cities can be misleading due to differences in baseline supply and demand. An 82% occupancy rate in Berlin where average monthly listings are 18.7K over the last year, is more impressive than the same rate in a smaller city like Gelsenkirchen with an average of 200 listings.

STR Supply Stays Stable

Major events during off-peak months typically see an increase in STR supply as inactive listings become active to meet demand. That is, hosts who might take their vacation rentals off the market during slow periods will list them to capitalize on the influx of visitors. 

Because EURO 2024 is being held during peak summer months, though, most listings are already active. The result is low supply growth.

Large cities like Berlin are not seeing an increase in STR listings. Smaller cities such as Gelsenkirchen, Dortmund, and Stuttgart are experiencing only a slight uptick in listings—around 4%—compared to the two weeks prior to the group stage. 

The Most Anticipated Matches

Short-term rental supply, demand, and occupancy in each hosting location vary, which can make it difficult to compare these metrics across cities and identify the matches that are attracting the most traveler interest. However, within a city, current occupancy rates for different matches can offer some insight into which Euro Cup Group Stage games might be booking up STRs faster than others.
We’ve broken out group stage games by city so that you can see which games within each locale have the highest occupancy rates. We also highlight the top 10 most anticipated games across locales:

Occupancy is higher in host cities during EURO 2024 match games across the board, but just how much of a ripple the event is making depends on the location.

In Stuttgart, which hosts 3 of the top 10 most anticipated matches, the average occupancy rate during group stage games is 66%. That is nearly double the average occupancy rate of 34% during the two weeks leading up to the tournament. In Gelsenkirche, the occupancy rate during the group stage of EURO 2024 is an even more impressive 170% higher than average—52% occupancy versus 19% in the two preceding weeks.

In contrast, Berlin’s pre-match occupancy rate averages to 67%, just one percent less than the occupancy for Euro 2024 group stage games (68%). Berlin, which is a popular tourist destination outside of the football tournament, sees consistently high occupancy rates during peak summer months and is therefore less impacted by the football tournament than a smaller city like Stuttgart.

Hosts Boost Their Nightly Rates for EURO 2024

Average nightly booked rates for the Group Stage games currently vary anywhere from 179 € per night in Berlin to 100 € per night in Frankfurt. 

Across the 10 cities, guests paid 121 € per night on average in the two weeks leading up to EURO 2024. However, football enthusiasts have paid 9% more for group stage dates (132 € on average). 

Travelers who haven’t booked their EURO 2024 stays yet can expect to pay a premium. In a few of the smaller cities, hosts have upped their rates for listings that haven’t been booked yet. Available rates are currently more than 50% higher than average booked rates (i.e. what guests who have already booked paid) in key cities:

• Dortmund (+97%)
• Cologne (+81%)
• Gelsenkirchen (+56%) 

It’s common for STRl hosts to increase the price of their listing as event dates approach. After all, travelers who are booking last-minute are often willing to pay more as they feel the pressure of finding a place to stay among the limited options left over by early bookers. 

The degree to which hosts have hiked up their pricing around EURO 2024 is stark. In the two weeks leading up to EURO 2024, available rates were 27% higher than booked rates on average. For EURO 2024 dates, available rates are 45% higher than booked rates on average—a difference of almost 40€.

What to Expect in the Second Half of EURO 2024

The group stage games are held between June 13 and June 26, but subsequent rounds will continue through mid-July. The data indicates that football fans were quick to lock down short-term rentals for the group stage games, but are holding off on booking stays for later matches until the match competitors are decided. 

If we look at Munich, for example, the number of stays on the books is exceeding 2K for three of the four Group Stage game days. However, the quarter finals game on July 2nd has only 1.3K stays booked and the semi-finals game on July 9th has 1.4K stays booked.

On the AirDNA dashboard, you can explore how far in advance guests are booking stays under the Occupancy tab of the Market Performance Details for Munich. We can see from the booking trends chart below that stays for the group stage game days in Munich were booked far in advance. For the first game on June 14th, approximately 70% of bookings were made earlier than the last 60 days. 

We expect bookings for round 16, quarter-final, and semi-final game days in the majority of the cities to have much shorter lead times. 

The exception to this trend may be Berlin, where demand on the books for game days is nearing or exceeding 4K for all six of the EURO 2024 games that the capital city will be hosting. This includes the EURO 2024 final.

Football (Soccer) fans traveling to see a game at the Olympiastadion may be the most dedicated to the sport. Only about 35% of bookings for each of the six game days were made in the last 60 days, while 65% of bookings were made by guests securing their EURO 2024 stays far in advance.

Methodology

Our analysis focused on the EURO 2024 group stage and its impact on the STR market. We do this by comparing STR performance during the group stage with the two weeks leading up to the tournament. 

Comparing EURO 2024 data with the two weeks leading up to the event provides the clearest picture of the event’s impact without the variability issues that arise when comparing with the same month last year. The short-term rental market in each of these hosting cities may look significantly different today than they did last year, due to changes in supply and other external factors.

For each match, we average key performance indicators—ADR, demand, supply, and occupancy rates—for the night before and the night of game day to capture the full picture of football-related travel, assuming most fans are arriving at least the day before the match.  

Final Whistle: Strategic Insights for EURO 2024 Hosts

With short lead times, hosts looking to optimize occupancy and revenue for the round of 16, quarter-finals, and semi-final games will need to pay close attention to booking trends when teams qualify to move onto the next round and matches are finalized.

You can make also make your Euro 2024 guest experience stand out if you:

• Highlight Transportation Routes: Make sure your listing includes clear and detailed information on transportation options to the football stadium, making it easier for guests to plan their travel. If you offer a digital or on-site Airbnb guidebook, highlight transportation options there too.
• EURO 2024-Themed Welcome Packs: Create welcome packs with EURO 2024-themed items such as snacks, local souvenirs, or event schedules to make their stay more memorable.
• Flexible Booking Options: Offer flexible check-in and check-out times to accommodate guests arriving for late or early matches, providing greater convenience and attracting more bookings.

EURO 2024 presents an extraordinary opportunity for short-term rental hosts to capitalize on the surge in demand driven by football fans—especially in smaller cities like Stuttgart, Gelsenkirchen, and Dortmund.

Looking at the occupancy data for each match, it's clear that certain games will significantly outperform others. If you have a short-term rental in one of the host cities, prepare and think carefully about how to price based on this information. Use AirDNA to compare your listing with others in the same submarket and set competitive and optimized pricing accordingly. Preparing ahead of time is crucial, especially as bookings for the knockout stages are expected to be made with shorter lead times.

For investors, hosts, and market watchers, events like the Eurocup present a unique opportunity to learn, adapt, and capitalize on the dynamism of the STR market.