2023 U.S. Summer Short-Term Rental Industry Report: What happened?

LodgifyJul 7, 20239m 0s252 viewsScore 75
Pricing & Profitability
intermediate
occupancy rates
average daily rate
direct bookings
length of stay
booking trends
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Summary

AI-generated

This report analyzes 740,000 US short-term rental bookings from 2021-2023 to reveal key summer trends. Hosts will learn about declining occupancy rates, the shift towards shorter stays booked via OTAs, and longer stays booked directly, alongside a decrease in average daily rates due to increased supply and competition.

Key insights

  • The average length of stay in US short-term rentals is trending shorter, with July 2023 expected to average 3.52 days, and August slightly lower at 3.43 days.

Mistakes to avoid

  • Relying solely on property features without emphasizing the unique guest experience can lead to lower booking rates in a competitive market.

Frequently Asked Questions

Curated by Learn STR by GoStudioM · Summary & key insights generated by AI · Reviewed by editorial