It’s a new year for events and the books are already filling up. After Taylor Swift’s Eras Tour took 2023 by a storm, and gave short-term rentals a big jolt, we wanted to see if 2024 events would have a similar effect.
27.12.2023 - 00:41 / skift.com / Srividya Kalyanaraman
This was the year that all the occupancy gains from the short-term rental boom went away. Demand for short-term rentals declined in the U.S. as Americans opted for overseas trips and cruises.
While demand for international stays rose by 17%, domestic trips had moderate growth of 4.5%. Economic uncertainty, weak consumption growth, and unexpected events, such as wildfires and hurricanes, further added to the slowdown.
Jamie Lane, chief economist at AirDNA wrote rather ominously: “As of November 2023, all the gains seen in U.S. short-term rental occupancy have now been erased and we are back to the average occupancy level seen in 2018 – 2019.”
But AirDNA’s 2024 outlook predicts a rebound in demand, thanks to lower inflation rates and domestic travel picking up.
The Federal Reserve has stopped raising interest rates, and could start cutting in 2024. The housing market could see a 2% decline in home prices through 2024, AirDNA predicts, but wage growth above inflation suggests increased purchasing power for consumers. Put simply, more disposable income for travel.
AirDNA expects these factors to boost demand.
Booking windows — the time between the booking and stay — have decreased since 2018, with 2020 experiencing a notable drop due to Covid. While lead times slightly recovered in 2021, they decreased again in 2023, with suburban locations being hit the most. However, looking ahead, spring travel demand is expected to re-accelerate in March, April, and May 2024, the report said.
The winners: Leisure demand, especially in coastal and mountain/lake resort locations, weakened in 2023 but is anticipated to recover in 2024. Coastal resorts are expected to experience significant growth due to sustained interest in shoulder seasons.
However, mid-size and small city/rural markets are projected to lead demand growth and increase their share of the U.S. rental market.
The losers: Urban locations, which saw rapid growth in 2022 and early 2023, will face challenges in 2024 due to increased competition and regulatory restrictions.
The pandemic boom of vacation rentals convinced many a mom and pop they could quit their jobs, and become full-time Airbnb hosts. But that quickly led to an oversaturated market with a rise in supply and fall in revenue.
The normalization is likely to balance demand and supply in 2024. Historically, a key factor in predicting future supply has been the potential return on investment — measured by typical monthly revenue versus the cost of buying a home and the monthly mortgage payment.
The highest return occurred in the summer of 2021, with monthly revenue 31% higher than pre-Covid due to lower interest rates. That led to more supply, which gradually reduced the performance of
It’s a new year for events and the books are already filling up. After Taylor Swift’s Eras Tour took 2023 by a storm, and gave short-term rentals a big jolt, we wanted to see if 2024 events would have a similar effect.
A Filipino woman was initially rejected for a Schengen visa, but she was successful in her reapplication because she showed them proof she was set to attend a Taylor Swift concert in Asia, according to the travel blog View from the Wing.
I used to apply for multiple rewards-earning credit cards each year. My over-stuffed (mobile) wallet tells that tale as it's stacked with over 20 rewards credit cards from a long list of banks.
Tourism in Jackson Hole may peak when throngs of travelers head to the area’s nearby national parks—Grand Teton and Yellowstone—in the summer, but the winter ushers in the famous snowfall. With anywhere between 75 and 450 inches of powder a year and temperatures that sit well below freezing, the Western region is a haven for winter sports enthusiasts. The months of world-class skiing, snowboarding, tubing, and snowmobiling are also interspersed with rousing events—including Jackson Hole Mountain Resort’s annual freeride competition, Kings & Queens of Corbet's, in February—and a roster of cozier affairs, including Jackson Hole Food & Wine’s Winter Fest in March. Given the recreational area’s wide-ranging appeal this time of year, it’s always a good idea to book your accommodations as soon as possible.
Picture this: You’re wandering around a 2,000 year-old European city in the morning, sipping coffee and eating pastries. By night, you’re responding to emails and getting your work done. A few months later, you’re spending your day at a cafe in Buenos Aires and spending your nights connecting with other remote workers who happen to be in the same city as you. Lucky for me, this has been my life for the past two and a half years. I’m a full-time digital nomad who has learned a lifetime's worth of travel lessons in the past few years—especially when it comes to packing.
Miami-based Here.co, which offered fractional ownership investments in short-term rentals, has ceased operations.
The next time you fly to the United Kingdom, you might be able to leave your passport safely tucked away in your bag. The nation’s airports will reportedly begin testing new facial recognition technology at “eGates” for arriving passengers, which would replace border control's standard physical passport check.
Alaska Airlines and United Airlines may face little more than the cost of a “severe weather event” from the temporary grounding of most Boeing 737-9s, a second-largest model in the 737 Max family, following an accident aboard an Alaska aircraft on Friday.
For those seeking reliable snow, value for money, and fewer crowds this February half term, the leading Italian-French international ski region, Vialattea provides a perfect setting to enjoy family-fun on the slopes. Home to more than 400km of perfectly groomed pistes, families can explore over 250 slopes, and a wide range of runs – including various beginner and intermediate - catering to both first-timers and budding skiers alike. Spanning two countries, the eight resorts include Italian Sestriere, Sauze d’Oulx as well as Montgenevre in France, with 80% of skiable area above 1,900m – ensuring exceptional snow conditions this half-term.
Good morning, and happy new year, folks. Hope 2024 is off to a good start. Today we’re considering the opportunities and challenges of themed rentals, and an important court decision in Hawaii. We’ll also take a peak into 2024 with a forecast.
Japan Airlines expects minimal financial fallout from the the crash of one of its Airbus A350 jetliners at Tokyo’s Haneda Airport on Tuesday. Insurance will cover the cost of the plane while the temporary closure of Haneda’s longest runway is forecast to take a small bite out of the airline’s profits.
It just got easier to visit Greece from the United States. Norse Atlantic Airways, a low-cost airline based in Oslo, Norway, announced a new route between New York’s John F. Kennedy Airport (JFK) and Athens International Airport in Greece on Wednesday. The flight will operate five times per week from May 30, 2024 through Oct. 26, 2024, the airline shared withTravel + Leisure. The new flight has a duration of 9 hours and 35 minutes. Currently, the airline operates service between New York and Athens with a stopover in London’s Gatwick airport for a total duration of 18 hours. “This launch underscores our commitment to meeting the evolving travel needs of our passengers," Norse Atlantic Airways’ CEO and Founder Bjorn Tore Larsen said in a statement shared with T+L. «We believe this route will not only cater to the demand for travel to Greece but will also create opportunities for cultural exchange and business collaborations between these two vibrant destinations,”