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AirDNA: US STRs positive coming out of rocky 2023

Hoca

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US: Short-term rental data provider AirDNA’s latest monthly review for the US short-term rental market has been released, shedding light on the industry’s journey through 2023 and some promising trends as we step into 2024.

2023 was marked by significant milestones: July’s nearly 24 million nights stayed was the most in one month ever, showcasing unparalleled demand, while September’s record of 1.64 million available listings indicated a robust expansion in supply, according to AirDNA.

Despite early challenges, the STR industry bounced back, closing the year with an impressive $64 billion in revenue. Notably, New York City’s regulatory changes led to a dramatic 46.1 per cent decrease in demand in December, in stark contrast to Jersey City / Newark, which saw a 53.7 per cent increase, illustrating the profound impact of local regulations on market dynamics.

2024 has kicked off with promise, evidenced by an eight per cent year-over-year [YOY] increase in January demand on the books. This upward trajectory is further bolstered by the anticipation surrounding the North American eclipse on 8 April, with bookings in small city / rural locations surging by 225.5 per cent for the big day.

Additionally, the shift of Easter to March has reshaped spring break travel, leading to a 40.2 per cent increase in bookings for coastal resort locations in late March and giving these markets an early spring boost.

Read the full AirDNA monthly review at this link.

The post AirDNA: US STRs positive coming out of rocky 2023 appeared first on Short Term Rentals.
 
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