US: Short-term rental data provider AirDNA’s latest monthly review of the US short-term rental market shows that July 2023 broke the record for the most short-term rental stays in one month, with 35.4 million nights stayed in the United States, beating last July’s previous high by 9.4 per cent.
While this growth slowed a little from June [+12.5 per cent year-over-year], the numbers remain impressive.
Supply growth also slowed to 12.1 per cent YOY, less than half of the growth rate of July 2022, leaving occupancy just 1.3 per cent below last year as the market begins to find balance. Meanwhile, average daily rates were down one per cent from last year, with growth only in small and mid-size cities, where the strongest demand growth was also seen.
Despite record high temperatures, Phoenix / Scottsdale and the Coachella Valley saw the highest demand increases, at 34.6 per cent and 29.8 per cent respectively YOY, even though July is not typically high season in those destinations.
Demand for August is pacing four per cent above the same time last year but lead times are short, so last-minute bookings could still push growth much higher.
For Labor Day, bookings are pacing strong, with strong growth around the weekend as guests stay for longer. The extended high season is still something of an unknown: bookings already made for September – November are ten per cent higher than last year, but it remains to be seen if lead times will remain short or if off-season travellers book further in advance.
Then last month, the data provider acquired location intelligence platform Arrivalist – its first acquisition since being purchased by private equity firm Alpine Investors last March.
Read the full AirDNA US monthly review at this link.