Latest / STR Unpacked / Rates Up. Occupancy Down. RevPAR Up Anyway.
Transcript
- Ben: Good morning, welcome to your short-term rental bulletin on the 18th of August. So, a brilliant good news story today. that starts with some very simple numbers 8.2%. So that is how much the average European night rose in July. and it's carrying the whole market. So, dig into it little bit. New figures from AirDNA reported this week put European short-term rental red part up 7.7% year on year in July. Average daily rate. 159 euros 20 up 8.2 percent and occupancy actually slipped down 0.3 of a percentage point to 69.2 percent. RevPAR still grew in 19 out of 20 largest European market. So this is a rate story, not a volume story. Supply across Europe rose 1.9% to 4.8 Million listings, demand right nights rose just 0.8%. Operators aren't selling many more nights, but they are selling those nights for more. Then there's Spain. Demand down 11.8%, available listing down 12.5%. And airDNA attributes that to regulation. But read two numbers together. Supply fell faster than demand, which means occupancy. Roughly held, Spain's market is getting smaller, not weaker. Edinay's own Madrid data says the same thing: active listings down 15% year on year, with occupancy and red par both up. Everywhere else grew. Italian demand up 4.2%, the UK 2.5%, France 2. So as of the 11th of August. September demand was pacing 6.9% ahead of last year. October 6% ahead, with rates pacing ahead too. But one caveat pacing is measured against the same point in last year's booking curve, and late bookings usually land cheaper. So treat that as a direction, not a landing figure. And it is worth noting who publishes this. AirDNA sells market data and a finding that tells operators to price with. Confidence is a comfortable one for them. So the continent held rate through a softer volume in July, and the shoulder season is booking early. Discounting September and October is the expensive move. So when supply Titans operators left standing up the top, competing on price. That is your bulletin for today. Thank you for watching, and I'll see you tomorrow.