ALTIDO, the growing property management company in Europe, shares new data tracking past and future short-term rental bookings, which points to strong bounceback for the European market.
Direct bookings in European short-term rentals have been steadily increasing over the first half of 2022 with travellers feeling more confident to book stays away from home. However, many reservations are being made last minute or close to the time of stay. On ALTIDO’s platform, total bookings have increased by 27% since June 2021.
The majority of short-term rental businesses experienced low average daily rates (ADR) in 2020 and 2021 due to travel disruptions during the pandemic. However, ALTIDO’s 2022 data is showing similar patterns to pre-pandemic levels. In Q1 2019, the average daily rate stood at £108, rising to £139 in Q2 2019. Encouragingly the predicted ADR (based on existing bookings) in 2022 exceeds Q2 in 2019, standing at £188 per night.
Will Parry, CEO of ALTIDO, said, “At the halfway point of the year, we are certainly seeing a strong bounceback of the European market reflected in ALTIDO’s revenue figures. In the first half of 2022, our Gross Booking Value (GBV) was approximately £12 million with a revenue of £4.5 million (+133% on last year). As we move into peak season, numbers are predicted to rise with a total annual budget for GBV of approximately £40m and revenue of around £13 million, up 105% on last year - if the market remains strong for the second half of the year then we should exceed both these numbers.”
Data from three of ALTIDO’s key markets, the UK, Italy and Portugal, also shows interesting predominating trends:
- There has been a significant recent increase in US travellers visiting the UK. The proportion of bookings in the UK made by US travellers on ALTIDO has risen from 6% in 2021 to 19% in 2022.
- Occupancy for the whole of 2022 in Portugal is 66% higher than the average occupancy in 2020 and 2021. The top five nationalities of people booking Portuguese properties on ALTIDO this year are US, France, Germany, UK and Brazil.
- Italy is proving a popular destination for English-speaking travellers from the UK and US with Italian bookings 78% higher in 2022 than in the previous 2 years and domestic travel rebounding too (+34%).
Will Parry continued, “Although we are facing challenges in Europe in the travel industry and more generally with the cost of living crisis, it’s clear there’s still a healthy demand from consumers for the time being.”