The End of Shoulder Season for U.S. Short-term Rentals as Gateway Cities Prepare for International Travel
DENVER, Nov. 18, 2021 /PRNewswire/ -- AirDNA's monthly review indicates that U.S. short-term rentals are now generating 40% more revenue than at the same time in 2019 with demand up 12.2% and 35.8% from 2020.
The gap in rental demand between urban and rural areas keeps widening, thanks to an extended summer season. In October 2021, demand was still 20% below 2019 levels in the 50 largest U.S. cities, while demand in destination/resort markets and smaller cities was 33.8% higher than 2019 levels.
Mountain destinations rentals saw accelerated demand for "leaf peeping" season, as the leaves change colors, bringing demand over 2019 levels in the Poconos (+126%), the Ozarks (+107%), the Adirondacks (+69%), and the North Georgia Mountains (+66%).
"Increased work flexibility and the desire to avoid peak season even at higher prices has led to the end of shoulder season: the extended summer is here to stay," said AirDNA CEO, Scott Shatford.
Holidays and Open Borders Boost Bookings
Southern U.S. cities where COVID-19 restrictions were eased earlier in the year finally see the light at the end of the tunnel with strong demand growth in San Antonio (+41%), Houston (+32%), and Phoenix (+24%) in stark contrast with the largest cities such as New York (-55%), Los Angeles (-45%), and San Francisco (-44%). International travelers are expected to push the recovery in these megacities and have traditionally contributed about 15% of all U.S. short-term rental stays in the past.
"A combination of remote work, closed borders and people still avoiding large crowds had limited the demand recovery in large U.S. cities", said Jamie Lane, VP of Research at AirDNA, though he remains optimistic for the future: "With cases falling and consumer confidence rising again, urban growth seems to be headed in the right direction once again."
2021 is shaping up to be a record year for holiday travel, with Thanksgiving marking a new pattern in booking length and flexibility: bookings for the long weekend are up +22% compared to 2019 and +53% over 2020, while remote work allows travelers to take advantage of longer stays with demand for the full week pacing up +33%.
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SOURCE AirDNA
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