Why your next trip might be more expensive than the last
In July, short-term rental occupancy rates reached 84% in busiest destinations including Myrtle Beach and Cape Cod, Massachusetts. The average rental rate – which ranges from shared rooms to mansions – was $ 294 in July, up from July 21, 2019.
Beach and resort destinations like these are “the types of destinations that short-term rentals are ideal for accommodating,” said Jamie Lane, head of research for AirDNA, noting that city rentals remain on the decline. 30 to 35% compared to the pre-pandemic demand. Some, like Boston and Los Angeles, are 50 percent.
“It appears that the ramp-up of the Delta variant will delay recovery in urban areas, but we don’t expect much of an impact in the rest of the country,” Lane said, noting that vacation rentals converted many new travelers during the pandemic. who were looking for more space and more amenities for longer stays.
Vacation bookings are already driving up prices for hosts who use Guesty, a short-term rental property management platform. Bookings are up almost 250% from last November and December and 54% from those months of 2019. As of Thanksgiving, average nightly rates are 68% higher compared to the pre-pandemic year, at $ 436.
The numbers, said Vered Raviv Schwarz, president and chief operating officer of Guesty, show “consumers are willing to travel despite the threat of exposure to variants and paying more in the process,” driven by pent-up demand of travel.
Ground transportation costs fluctuate
Over the summer, whether you want to rent a car or take an Uber, transportation costs have skyrocketed.
Rental car prices jumped 73% between July 2020 and 2021, according to the Consumer Price Index, as agencies that lost their stock at the start of the pandemic struggled to replenish it when travelers returned. .
Now, with the end of the summer vacation, prices are coming back to earth. I recently rented a car for a weekend in Los Angeles in September for $ 133, in line with pre-pandemic prices.