A Peek Into The Future of Airbnbs??
Economic anxiety is riding high as the year closes, with the consensus of economic forecasters predicting at least a mild recession in 2023. But the short-term rental industry may have more cause to celebrate than despair as travel demand, and new listings are projected to see mature growth, indicating some stability for the year to come.
Here are some key highlights from our report????
?? Demand: 2023 will continue along a more mature path, further growing demand by 5.5% year-over-year.
?? Supply: Growth for nights listed will be 9%, less than in 2022, as the pinch from lower profit potential is felt.
?? Occupancy: Strong supply growth will create a second year of declining occupancy—although the 2023 forecast of 56.4% is still significantly higher than pre-pandemic levels.
?? Average Daily Rates (ADRs): Economic pressures and inflation-weary consumers will lead to small ADR gains of 1.7% in 2023.
?? RevPAR: Small ADR gains won’t be enough to offset occupancy losses, and RevPAR will experience a small decrease in 2023 of -1.6%.