Europe: Short-term rental data provider AirDNA’s latest monthly review for the European market has been released, shedding light on the industry’s journey through 2023 and some promising trends as we step into 2024.
2023 was the best year on record for European short-term rentals, according to AirDNA data.
Demand reached new heights, and enduring occupancy strength fuelled revenue growth and STR investment. 385 million nights were stayed across Europe in 2023, a record high boosted by international travellers, particularly from North America, and high average prices.
In 2023, the UK saw over 51 million nights booked, marking a 17.5 per cent increase from 2022. However, with a 19 per cent surge in supply, occupancy decreased by 1.3 per cent compared to the previous year.
This might be due to a plateau in domestic travel in the UK, where 65 per cent of bookings come from British travellers. In contrast, countries such as Norway, Poland and Czechia, which rely more on international travel [making up three-quarters of their guests], experienced over 20 per cent growth in demand.
In London, supply surged by 45 per cent after a pandemic dip, but it far outpaced demand, resulting in an eight per cent drop in occupancy.
The average daily rate [ADR] for the year was £181, nine per cent higher than in 2022, allowing British hosts to increase their revenue per available rental [RevPAR] by more than ten per cent.
This year, Sunshine Saturday, the first Saturday of the New Year and the most popular day to book a holiday, showed strong booking activity. Bookings in the first two weeks of January were up by a subtle 1.3 per cent from last year, but nights on the books up to April are 15 per cent higher than they were at the same point last year.
The full AirDNA monthly review can be read in full at this link.
The post AirDNA: December puts bow on record year for European STRs appeared first on Short Term Rentals.
2023 was the best year on record for European short-term rentals, according to AirDNA data.
Demand reached new heights, and enduring occupancy strength fuelled revenue growth and STR investment. 385 million nights were stayed across Europe in 2023, a record high boosted by international travellers, particularly from North America, and high average prices.
In 2023, the UK saw over 51 million nights booked, marking a 17.5 per cent increase from 2022. However, with a 19 per cent surge in supply, occupancy decreased by 1.3 per cent compared to the previous year.
This might be due to a plateau in domestic travel in the UK, where 65 per cent of bookings come from British travellers. In contrast, countries such as Norway, Poland and Czechia, which rely more on international travel [making up three-quarters of their guests], experienced over 20 per cent growth in demand.
In London, supply surged by 45 per cent after a pandemic dip, but it far outpaced demand, resulting in an eight per cent drop in occupancy.
The average daily rate [ADR] for the year was £181, nine per cent higher than in 2022, allowing British hosts to increase their revenue per available rental [RevPAR] by more than ten per cent.
This year, Sunshine Saturday, the first Saturday of the New Year and the most popular day to book a holiday, showed strong booking activity. Bookings in the first two weeks of January were up by a subtle 1.3 per cent from last year, but nights on the books up to April are 15 per cent higher than they were at the same point last year.
The full AirDNA monthly review can be read in full at this link.
The post AirDNA: December puts bow on record year for European STRs appeared first on Short Term Rentals.