Inflation and airport delays aren’t showing signs of dampening the pent-up demand for travel in Europe this summer. Demand for European short-term rentals in May was 11.4% higher than the same month in 2019, the fifth consecutive month of higher demand than 2019, with 31.5 million nights stayed during the month.
As of mid-June, bookings for the summer are 5% higher than at the same point in 2019, though rates are beginning to drop.
Average Daily Rates in May were actually slightly lower than last year (-0.7%), which can be attributed to changing demand mix moving back towards smaller units and urban areas, with huge growth in demand for private and shared rooms and 1-2 bed properties.
Occupancy reached a record 53.4% across the continent for the month of May, thanks to high demand and low supply. Available listings were down 4.8% from 2019, though this is the closest it’s been to pre-pandemic levels since the pandemic began. Although listings are picking up in some destinations, high interest rates could hold back new buyers, while second-home owners may rent out to generate more income and cover mortgage costs.