Transcript

The Sun Goes Dark. Rates Go Up 289%. · STR Unpacked

Ben: Good morning and welcome to your short term rental bulletin on the 3rd of August. So in nine days, the sun goes dark over Spain and rentals along the path are already full. On the 12th of August, mainland Europe sees the first total solar eclipse since 1999, tracking from Galicia to the Belaregs. Air DNA's new data put short-term rentals inside the path at 86% forecast occupancy on Eclipse Day versus 66% outside it. Faragoffa demand is up 123% year on year, and Logranio 109% and Burgos is 65%. Prices are following. Price Labs reports rates nearly doubling across path markets, with Burgos' nightly rate up. 289%. In Southern Catalonia, Darragona, Biroat, and the Ebro is close to sold out, with Airbnb rates touching 598 euros a night. And Iceland's corridor is hotter still. Demand up 57% and rates up 56% on the day. So this one-day demand shock with hotel stock exhausted. Is I think a really interesting point, especially because it's Spain and Catalonia specifically. Inventory near the path or in a drive up to the spillover market can still be repriced now with a minimum stays to match. So scarcity events are the purest pricing power an operator ever gets. So if you move before the calendar fills, this is your time. Thanks for watching, and I'll see you tomorrow.