The U.S. short-term rental market experienced a surge in demand, supply, and rates in February 2023, AirDNA reports. Despite the typically low demand during this month of the year, STR guests tallied 12.9 million nights stayed in February, up 17.9 percent year over year, while 18.3 million nights were booked for future stays, up 14.8 percent from last year. Meanwhile, available listings hit 1.27 million, up 26.1 percent, pushing occupancy down just 1.8 percent from last year’s highs. The largest supply growth was observed in large cities, with both urban and suburban areas seeing more than 30 percent growth. Supply growth, meanwhile, is slowing in mountain/lake and coastal markets, where prohibitive costs cutting into profits are making it harder for newcomers to invest.
ShortTermRentalz (03/21/23) Paul Stevens