U.S. Market Review: Record July Boosted by Last-Minute Bookings
At a Glance: Key U.S. Short-Term Rental Performance Metrics for July 2022:
July 2022 was a record month for short-term rental demand. As is typical, July is the peak month for stays with school out and summer vacations in full swing.?We estimate that?over 23 million nights?were stayed in a short-term rental in the U.S. during the month of July, which was 18.2% higher than last year and 20.6% higher than in 2019.?
Last year, a lack of availability pushed occupancies to record levels and many guests were unable to find accommodation in popular locations. Since then, hosts and investors have brought hundreds of thousands of new listings online.?Available listings topped 1.39 million last month,?which was 25.5% higher than at the same time last year and 10.5% higher than in 2019.
In the eyes of the short-term rental guest, the economy doesn’t seem to be a concern as stays in short-term rentals increased across all location types and price tiers.?There were strong gains in employment in July, with 528,000 new jobs added. Additionally, falling gas prices likely gave consumers continued confidence to keep spending on travel, even with inflation eating into their incomes and real spending power.
领英推荐
The outlook for the rest of the year remains a concern, though, with rising interest rates working to slow the housing market, which should drag down overall economic growth.?It remains to be seen if the U.S. will be able to hold off pushing into recession, but the rally in stock over the previous months shows investors may have renewed confidence in the U.S. economy.