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.
