Summer Travel Boosts Short-Term Rentals – Latest Forecast
Photo Credit: Style Spotlight Townhome for booking as a short-term rental in Houston Texas on Airbnb. Source: Airbnb. Airbnb
Skift Take
This might be the summer of travel, but the economic uncertainty still has consumers choosing value above anything else.
We’re halfway into the year, and the short-term rental industry has been buoyed by summer travel picking up, despite prevailing economic uncertainty.
Travelers have been prioritizing value and seeking affordable options, AirDNA’s mid-year outlook study found. The summer travel season of 2023 is expected to be extended as travelers seek off-season rates.
Here are some highlights from AirDNA’s mid-year outlook report:
Demand: Strong economic fundamentals and continued enthusiasm for travel have raised the demand growth forecast for 2023 to 10.4 percent year-on-year, up from 5.5 percent. Recovery from a mild downturn will sustain demand growth at 8.5 percent in 2024. Supply: Mortgage rate increases and declining occupancy have slowed supply growth, but lower house prices and sustained high demand have boosted the supply forecast to 14 percent year-on-year in 2023, up from 9 percent. Occupancy: Overall, 2023 occupancy will
