VRMA Administrator
Data from various sources show that short-term rental supply growth has failed to keep up with demand growth thus far this year. Analysis by Key Data shows that nightly rates so far have remained flat in the United Kingdom and the United States, while occupancy rates are higher, leading to higher revenue per room. Globally, average daily rates were up 3.4 percent annually, and occupancy climbed 17.6 percent, while revenue per available room is 21.6 percent ahead of last year. Recent data from AirDNA, meanwhile, found that longer stays are up 71 percent and account for more than 20 percent of nights booked on Airbnb, compared to 14 percent pre-pandemic. “This was a promising start to the year but the outlook for 2023 remains on a knife edge," said Melanie Brown, executive director of data insights at Key Data. "With average daily rates weak, it is occupancy that is currently rescuing returns for owners and operators."
Skift (04/24/23) Srividya Kalyanaraman
