VRMA Administrator
AirDNA's latest market review found U.S. short-term rental demand had another record month, with 26.6 percent more nights stayed than in September 2019. It marked the strongest month for demand growth compared to 2019 levels since the pandemic began due to robust supply, slight easing of gas prices, and the rebound of sports travel with the new college football season. Occupancy remains lower than 2021, but in September it was only 1.2 percent below last year's record after a 4.4 percent tumble in August. The occupancy decline is mainly because of the addition of more than 70,000 new listings despite high interest rates seen in September, causing listings to top last year's by 23 percent, with 1.38 million in total. The 50 cities leading collectively have not yet reached 2019 inventory levels, falling slightly from August to September. The largest supply gains were in Texas and the Southwest: the Phoenix/Scottsdale MSA has experienced 44 percent growth in listings over the last year, followed by Houston (43 percent), San Antonio (43 percent), and Las Vegas (36 percent). Average daily rates were up 5.6 percent from 2021, a higher rate of growth than in August and slightly topping the Consumer Price Index after some months under; driving this growth were prices in the luxury tier, which were around the same as last September after being down by more than 5 percent in August. Bookings through December show robustness, with 14 percent growth on the same time last year for October and December, and 17 percent for November as Thanksgiving vacations are booked.
Short Term Rentalz (10/20/22) Paul Stevens
