The Short-Term Rental Correction in the U.S. Was Sharp
Skift Take
RevPAR falls 17% in the U.S. Booking Holdings’ Oversight in Hungary Vacasa’s Reverse Stock-Split
This is not a story of "Airbnbust," but instead we're talking about a correction of the "Airbnboom" that has taken place since the highs of the pandemic.
In its latest report, data company KeyData found that the U.S. short-term rental market saw a revenue (RevPAR) drop of 17%.
During June, July, and August, analysts observed similar dips in Europe, the UK, and elsewhere globally. However, the U.S. saw sharper declines in RevPAR and was the only country that KeyData surveyed where average daily rates decreased.
In the United States, RevPAR fell by 14% to $115, which amounted to a 16.8% decline when adjusted for inflation, and average daily rates dropped 8% annually going from $328 to $302 (an 11% decrease in real terms), and occupancy decreased by 6.5%, reaching 38%.
Comparatively, the rest of the world fared somewhat better, which means the American market faced greater challenges this summer. The data suggests that the U.S. RevPAR d
