VRMA Administrator
As more houses go up for sale and less are scooped up, short-term renters are seeing a big drop in demand for vacation homes. As of October 2022, the number of future nights booked increased 15.8 percent year-over-year. “For all the people asking if we see any weakness at all in consumer booking behavior, that is saying no,” said AirDNA Vice President of Research Jamie Lane. “People are booking short-term rentals, and they are booking stronger than ever before.” But accompanying that increase is a sharp rise in the supply of available U.S. short-term rental listings, up 23.3 percent in October 2022 compared with October 2021. “That’s massive growth,” Lane said. In the spring, at the peak of the short-term rental supply increase, there were between 80,000 and 88,000 short-term rentals being added per month. There has been some pullback since then, but between about 66,000 and 70,000 new listings have still been added per month since August. As a result, each short-term rental property in the United States received an average of 6 percent fewer nights booked in October 2022, said Lane.
Wall Street Journal (12/08/22) Jessica Flint
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