Landal GreenParks UK, the UK’s fastest growing company offering holiday breaks in nature, has seen a 24% YoY increase in summer bookings driven by longer staycations in the Southwest region.
19.07.2024 - 15:40 / skift.com / Summer Travel / Paris Olympics / Saniya Zanpure
Europe’s short-term rental market is booming this summer, defying stricter regulations aimed at curbing its rapid growth. Even with licensing hurdles in many countries, the market in Europe is thriving.
The Skift Travel Health Index tracks short-term rental performance through bookings, on-the-books reservations, and key performance indicators such as occupancy, nightly rates, and revenues. In May 2024, European short-term rental performance overtook May 2023 by 9%, kicking off the summer travel season early.
The surge is driven by a record-high demand of 40.4 million nights, a 24% increase from May last year. Occupancy rates soared to 57% — the highest achieved in the month of May in the past five years.
While short-term rentals offer an alternative accommodation option for travelers and a source of extra income for Europeans who let out their space for tourists, their rapid growth has sparked backlash.
The number of available listings in Europe has increased by 22% compared to 2019. Short-term rentals account for nearly a quarter of tourist accommodations in Europe. Growing supply means fewer housing options for residents, and the saturated housing market has led to skyrocketing rents and housing costs.
Protests have erupted in several cities across Spain, with locals voicing concerns over ‘overtourism.’ The mayor of Barcelona even announced a ban on short-term rentals in the city by 2028, reflecting the growing pressure on local housing markets.
Despite the backlash, guest satisfaction remains high.
“When we look at the review data of guests staying in STRs in EMEA, we see that the average review has stayed pretty stable year-over-year through 2022,” said Jeffrey Breece, Director of Revenue Management and Data Science at Beyond, a leading revenue management platform for short-term rentals.
“Then, when we see concerns about “tourist exhaustion” come up in 2023 from the bounce back from lockdowns, we see that positive reviews have been increasing through 2023 and 2024..”
Europe’s inbound tourism is set for a record summer, with international arrivals in July and August 2024 (air tickets as of June 6, 2024) growing 12% over last year. Sporting events like the EURO 2024 Championships, Paris Olympics, and Tour de France are boosting demand.
Data from KeyData shows that on-the-books occupancy in Europe is already at 46% during the upcoming summer months (June to August 2024), likely to surpass levels seen in 2023. The region has seen dramatic Average Daily Rate (ADR) increases, which are now 60% higher than in the same period in 2019.
Landal GreenParks UK, the UK’s fastest growing company offering holiday breaks in nature, has seen a 24% YoY increase in summer bookings driven by longer staycations in the Southwest region.
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