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.
Taylor Swift and Short-Term Rentals: It's a Love Story
11.12.2023 - 09:41 / skift.com / Taylor Swift / Srividya Kalyanaraman / Jeff Breece
Taylor Swift’s Eras Tour made headlines even before it began — by overwhelming booking platform Ticketmaster and drawing attention even from the U.S. Senate.
The money and impact on travel was a big story too: Ticket sales alone were expected to generate $590 million within the U.S. In Chicago, hotels had a 97% occupancy with over 44,000 rooms occupied. Some studies found that demand for workers in the vicinity of a stadium can reach close to 10 times normal levels.
But what did Taylor Swift’s tour do for short-term rentals in the U.S.? We dug through data from Beyond Pricing, KeyData and AirDNA.
“High level, when the STR industry has revenue falling, Taylor is literally a windfall almost everywhere she goes. Entire cities see double-digit increases in occupancy and ADRs, with the mid-tier cities like Pittsburgh, PA, benefiting the most,” said Jeff Breece, director of revenue management at Beyond Pricing.
Beyond found that the top performing markets in terms of occupancy were: Kansas City, MO, Philadelphia, PA and Pittsburgh, PA. And the ones that did well in terms of daily rates were: Pittsburgh, PA, Chicago, IL and Tampa, FL.
According to KeyData , RevPAR grew by 88% annually attributable Swift’s Eras Tour.
The 20 cities that hosted the Eras tour saw revenue per available room go up by 28% and occupancies by 12%.
According to data from AirDNA, the total revenue impact from Taylor Swift was $27.3 million in the United States. Los Angeles ($6.5 million), Nashville ($3.8 million), and Phoenix ($2.7 million) saw the most significant revenue lifts, driven in large part by greater demand for short-term rental stays but also by higher average daily rates (ADRs). The most subtle revenue impacts were seen in San Jose-Santa Clara ($160,000) and Jersey City-Newark ($189,000).
Swift’s fandom is large enough that hosts in most cities didn’t need to raise prices. There was enough demand to go around filling rooms.
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