Demand grew by 12.2 per cent year-over-year [YoY], a step up from the 7.8 per cent increase in August, and closing occupancy’s gap with 2022 again [-1.2 per cent], 6.6 per cent higher than in 2019 after occupancy dipped below 2019 levels in August.
In terms of market specifics, 45 out of the top 50 markets reported a growth in demand YoY.
Jersey City / Newark stood out with close to 50 per cent growth, likely influenced by stricter short-term rental rules in neighbouring New York. However, areas such as Cape Coral / Fort Myers and Maui saw declines, due to environmental disasters.
Average daily rates grew by 2.6 per cent from last year, but AirDNA this month debuted its Repeat Rent Index, which shows the real growth in rates charged by existing listings, removing the shift in size and price of new listings which can impact rates. The Repeat Rent Index gives a more stable picture of rates, with growth between flat and one per cent since April.
Looking forward, the data suggests a busy holiday season. Bookings for November are already up by more than 10 per cent compared to this time last year, with December showing a promising increase of about nine per cent.
Notably, Las Vegas is seeing a big boost for November’s Formula One Grand Prix, with more than 200 per cent more nights booked than the same dates last year as the race makes a long-awaited return to the city.
Read the full AirDNA report at this link.