VRMA Administrator
A new report from AirDNA and hotel data provider STR shows that short-term rentals (STRs) are closing the gap with hotels in the United States, especially in less populated areas. Among the findings, the reported noted that in the second quarter of 2023, STRs saw a year-over-year growth in demand of 11.7%, compared to a slight decrease for hotels, a shift from the pre-pandemic era when both sectors experienced 25-30% year-over-year growth. In smaller cities and rural areas, STRs enjoyed a 24% surge in demand, while hotels saw no growth. The supply of STRs grew by over 15% year-over-year, outpacing hotels, which lagged behind at under 5% due to pandemic-related construction delays. Hotels experienced a 7.2% year-over-year Average Daily Rate growth, whereas STRs saw an increase of just 2.8%.
Travel Daily News (10/13/23) Vicky Karantzavelou
