Short-term rentals in demand
AirDNA has found an 18% annual increase in overnight stays across Greece in August
Demand for short-term rental accommodation recorded a large annual increase in Greece during the summer months, specifically between June and August. In August in particular, the increase compared to a year earlier was of the order of 18%, according to data from AirDNA.
The cheapest properties performed best in terms of boosting demand in August. This development is also consistent with other figures that have come to light, such as the decrease in average per capita expenditure per trip in Greece in July; these developments are attributed mainly to changing traveler behavior due to both inflation in Europe and the traditional holiday season reaching into the months before and after summer.
The average asking price per room in Greece in the June-August period was 214 euros per night and the occupancy rate rose to 70%, according to AirDNA. In Athens especially, the average price during these three months was €113 and the average occupancy at 69%. Both those figures are improved compared to last year.
There were similar or even stronger trends recorded across Europe. Demand for short-term rentals increased 21% year-over-year, driving occupancy 3.3% higher.
In total, revenue from these leases in Europe, according to AirDNA, amounted to €28.9 billion, marking an increase of 24% year-on-year.
“Increasing interest in more affordable and off-the-beaten-path European destinations continues to be a strong travel trend,” AirDNA analysts said.
This summer, seven of the top 10 countries with the highest annual growth in overnight stays were lesser-known spots where average nightly prices are under €100. However, travel demand for more popular European destinations also remained strong. But budget-conscious travel continued to shape visitor choices this summer.
As was also the case last summer, occupancy rates were higher among lower-priced properties. Economy stays had the highest occupancy rate at 72% in Europe, while luxury stays had the lowest occupancy rate at 64%.
