Short-Term Rental Demand Outpaced Supply in 2023
Skift Take
Slower supply growth and high demand aren't always necessarily bad, quite the opposite: They translate into high occupancy rates, and more revenue per booking.
We’re down one quarter this year so far, and demand for short-term rentals keeps inching up.
According to data from various sources tracking the sector, short-term rental has grown, and occupancies are longer despite to rising nightly rates.
Experts warned us that changing consumer preferences towards short-term rentals will cause the blending and merging of different players in the accommodation industry.
Consolidation in the sector is the proof: Accor acquired luxury rental brand onefinestay in 2017, and Marriott launched Homes and Villas in 2019. There have been lots of other mergers.
“If you look at hotel owners and operators, you see a lot of investment in hotel residences and service apartments,” Merilee Karr, CEO at UnderTheDoormat Group said at Skift
