Miami's short-term rental market is experiencing a decline due to factors such as a slowdown in post-Covid vacation demand, government hostility towards the LGBTQ community, and travelers' financial constraints caused by inflation.
Airbnb’s focus on domestic and self-catering travelers positions it well in an unfavorable macro environment with increased demand for vacation rentals.
Vacasa's debut in the public market had a significant impact on the short-term rental industry, showcasing its influence as one of the largest branded property managers in the U.S.
Booking Holdings spent approximately $6 billion on marketing in 2022, which accounted for about 35% of its total revenue, while Expedia Group’s marketing spend was around 47% of its revenue.
Occupancy levels for US vacation rentals in July 2023 are pacing about 5 percent lower than the previous year, falling from 37 percent to 32 percent. However, rates have only decreased by 4.8 percent due to last-minute discounts, and guest behavior doesn’t seem to be the primary factor.