The Anticipated Gradual Decline in Inflation and Stable Economic Forecast for 2024 Are Set to Positively Influence STR Market Dynamics. Average Rates Are Expected to Rise by 2.1%, Which Will Drive a 1.9% Increase in RevPAR. Occupancy Rates, After Declining from Their 2021 Peak, Should Stabilize Around 54.7%, in Line with 2023 Levels.
The economy has been quietly adding hundreds of thousands of new jobs, and AirDNA data shows that Short-Term Rentals demand and bookings are actually up over 2021.
It’s hard to believe that only two years ago short term rentals were widely considered the 'alternative' accommodation option - something a bit different for the more adventurous traveler looking for a more authentic travel experience perhaps?
Q2 2022 is looking even better, with booking pace 88% higher than 2021.
Average earnings for U.S. short-term rentals grew to their highest ever in 2021, a full 35% higher than at the start of pandemic and even outpaced home prices, which have risen 24.8% over the same period. On average, a listing earned around 26.2% more revenue in 2021 compared to 2020.