By Vickys Kourlibini
With an increase of 17.7%, the demand for short-term rental accommodation “closed” in March, according to the latest data from the analysis company AirDNA (with data from the Airbnb and VRBO platforms). The rate of increase compared to last year is significant, however it remained smaller compared to other European countries included in the report. It is noted that March was a month of strong interest in the course of bookings in the short-term rental market, due to the Catholic Easter.
In particular, Europe saw a 32.7% increase in demand compared to last year for the entire month of March, however, demand for the last week of March – Easter week – increased by 55%, while the first three weeks were on average close to 20%.
At country level, year-on-year demand growth in March exceeded 30% in 11 of the 20 European countries under review.
According to AirDNA’s report, the countries that saw the least year-on-year growth in demand last month were:
-Ireland (+20.2%)
-Greece (+17.7%)
-Switzerland (+17.6%)
-Croatia (+3.9%)
All four countries had an increase in demand, and during the Catholic Easter week, but it was not on the same scale.
In Switzerland and Ireland, for example, the increase in demand in the last week of March reached 40%. In Croatia and Greece, however, year-on-year demand growth for Easter week was 24.5% and 6.8%, respectively.
The highest performers in March were in Norway with a 64.1% increase, Denmark with a 50% increase and Sweden with a 44.5% increase.
At the city level, occupancy hovered around 72% in the week of Catholic Easter compared to 61% in the first 3 weeks of March. High occupancy rates of over 80% were recorded in Florence (86%), Amsterdam (85%), Lisbon (84%), Prague (84%) and Porto (82%).
In Athens, occupancy in short-term rental accommodation reached 70%.
The picture changes in May and summer
Given that Easter shifted demand to March, the report states that demand growth in April is expected to be small or even negative. But as we approach summer, the picture changes. Current demand is up 27% for May and the pace of demand for the three summer months is already up 21% year-on-year.
As AirDNA reported in the previous report, for May, when the main volume of tourist traffic begins, the increase in overnight stays jumps to 23%. The company, referring to the Greek market, emphasizes that as we will have a greater supply of short-term rental accommodation this year, visitors may wait longer before making a reservation
