Short-Term Rentals Surge: 18% Rise in Greece Stays

Discover how AirDNA reports an 18% increase in overnight stays in Greece, highlighting the growing demand for short-term rentals this August.

In the sun-drenched realm of Greece, the demand for short-term rental accommodations has surged dramatically, particularly during the balmy summer months of June through August. Notably, August witnessed a staggering year-on-year increase of approximately 18%, as reported by AirDNA, a leading data analytics firm in the short-term rental market. 

Interestingly, it appears that the most economically priced properties have emerged as the champions of this summer's rental landscape, effectively capturing the attention of budget-conscious travelers. This trend aligns with broader economic indicators, including a notable decline in average per capita expenditure per trip in Greece during July. Such shifts in consumer behavior can largely be attributed to the dual pressures of inflation sweeping across Europe and the traditional holiday season, which has a tendency to extend its reach both before and after the peak summer months.

Delving into the specifics, the average asking price for a room in Greece during the June-August period stood at €214 per night, with an impressive occupancy rate climbing to 70%, according to AirDNA's findings. In the bustling capital of Athens, the average nightly rate during these three months was recorded at €113, accompanied by an occupancy rate of 69%. Both metrics reflect a positive trajectory compared to the previous year, suggesting a robust recovery in the tourism sector.

This phenomenon is not confined to Greece alone; similar, if not more pronounced, trends have been observed across Europe. The demand for short-term rentals surged by 21% year-over-year, propelling occupancy rates up by 3.3%. Cumulatively, revenue generated from these rentals across Europe reached a staggering €28.9 billion, marking a remarkable 24% increase from the previous year.

This summer, a curious observation emerged: seven of the top ten countries exhibiting the highest annual growth in overnight stays were relatively obscure destinations, where average nightly rates lingered below the €100 threshold. Nevertheless, the allure of more renowned European locales remained steadfast, with travel demand holding strong. Yet, it is evident that the specter of budget-consciousness continues to loom large over visitor choices this summer.

Echoing last summer's trends, occupancy rates were notably higher among lower-priced properties. Economy accommodations boasted the highest occupancy rate at 72% across Europe, while their luxury counterparts languished at a comparatively modest 64%. It seems that in the grand theater of travel, the script is being rewritten by the discerning traveler, who is increasingly prioritizing value over extravagance.