As Prices Climb for Budget STRs, So Do Expectations

9/3/2024

The number of short-term rentals on short-term rental (STR) platforms hit a record high in July, according to AirDNA. Hosts now have more competition for bookings, while guests have more options, and opinions. Across the board, U.S. STR prices increased nearly 20% compared with 2019, according to AirDNA. Budget short-term rentals charged an average rate of $201 a night from January through July, a 13% increase from last year. Luxury properties charged an average rate of $558 a night, a 6% decrease from 2023. According to numerous hosts, budget travelers often have the highest expectations. Outdated interiors and wall-to-wall carpet don’t cut it anymore, and hosts are adding features to stand out.

The Wall Street Journal (09/03/24) Allison Pohle

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