VRMA Administrator
Competition between short-term rentals and hotels has accelerated in the fight for leisure guests, according to a new joint report from hospitality data supplier STR and short-term rental analytics provider AirDNA, with the price gap tightening and rental supply falling behind in urban markets. During the pandemic, the U.S. short-term rental sector used its supply flexibility to recover faster than hotels, especially in coastal and mountain destinations, pushing rentals' market share to a record 17% of total lodging in summer 2020. Short-term rentals had an advantage over traditional hotels due to consumer perception of better COVID-19 safety. Now, hotels are competing on price and claiming demand on key holidays where, pre-pandemic, they typically lost out on leisure travelers.
Hospitality Net (11/14/22)
