Big falls in nightly rates may be due to a combination of factors, mainly the cost-of-living crisis and a rise in the numbers of holiday homes fighting over guests in recent years.
SANTA ROSA BEACH, FL – As summer enters its final stretch, tourists looking for last-minute cheap vacations are in luck. Nightly rates on vacation rentals have been dropping hard across the world. This is providing eager travelers with huge bargains on last-minute stays in August, short term rental data specialist Key Data reveals.
Occupancy is weak in most of these areas, forcing providers to slash their prices. Big falls in nightly rates may be due to a combination of factors, mainly the cost-of-living crisis and a rise in the numbers of holiday homes fighting over guests in recent years.
Last minute holiday bargains in the US
Topping the list of vacation bargains this August is Brooklyn, New York, where travelers can expect to pay 38% less per night compared to the same time last year, averaging $211 per night. Travelers can also expect to save the same amount (-38%) in Indian Wells, California, which is averaging $204 a night. Completing the top three is Miami Shores, Florida, averaging $303 a night – 37% cheaper than a year ago1.
Other destinations that make up the top ten include Dunwoody, Georgia (-37%, $118/night), Kingsbury, Texas (-37%, $112/night), Gold Canyon, Arizona (-35%, $178/night), Milpitas, California (-32%, $138/night), Everett, Washington (-32%, $154/night), Tequesta, Florida (-30%, $285/night), and Brookhaven, Georgia (-30%, $139/night).
*Inflation adjusted
Last minute holiday bargains in Europe
Topping the list of European holiday bargains this August is Tripoli, Greece, where travelers can expect to pay over a third (34%) less per night compared to the same time last year, averaging £68 per night. Coming in second is Meta in Italy, where guests will pay an average nightly rate of £147, which is 32% less than last year. Completing the top three is Licata in Italy, averaging £116 a night1 – 25% cheaper than a year ago.
Other destinations that make up the top ten include Kifisia, Greece (-23%, £109/night), Oria, Italy (-23%, £175/night), Leiria, Portugal (-21%, £121/night), Winterthur, Switzerland (-20%, £85/night), Santa Margherita Ligure, Italy (-18%, £246/night), Megara, Greece (-18%, £150/night), and Cabrils, Spain (-15%, £329/night).
*Inflation adjusted
Last minute holiday bargains in the UK
Prices have also fallen heavily for August in parts of the UK, where Dungannon, NI, takes center stage. Travelers there can save 21% on the cost of a night compared to August last year, paying an average of £123 a night. This is followed by Gibraltar (-19%), where travelers can expect to pay an average of £149 per night. Completing the top three is Poole (-19%), averaging £323 per night.1
The other destinations making up the top ten are Limavady, NI, (-17%, £144/night), Hartlepool (-15%, £119/night), Kingston upon Hull (-15%, £99/night), Cardiff (-15%, £187/night), Portsmouth (-13%, £180/night), Brighton and Hove (-13%, £239/night, and York (-12%, £200/night).
*Inflation adjusted
Melanie Brown, Executive Director of Data Insights at Key Data, said: “For travelers seeking a last-minute getaway this August, there are some real bargains to be snapped up. With rentals in some destinations costing a third less than last year’s price, increased competition in some areas appears to be putting providers under a lot of pressure to compete for guests with generous discounts. For consumers facing rising inflation, this will be music to their ears, and there are still plenty of stays to be picked up at prices that would have been unimaginable a year ago.”
1 Scraped data as of 2nd August 2023 for stays in August 2023 vs stays in August 2022 (as of 2nd August 2022). Year-on-year price changes adjusted for inflation.
Vicky is the co-founder of TravelDailyNews Media Network where she is the Editor-in Chief. She is also responsible for the daily operation and the financial policy. She holds a Bachelor's degree in Tourism Business Administration from the Technical University of Athens and a Master in Business Administration (MBA) from the University of Wales.
She has many years of both academic and industrial experience within the travel industry. She has written/edited numerous articles in various tourism magazines.
