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The summer of 2022 saw a full recovery from the pandemic in Europe, with 3.5% more nights stayed in a short-term rental in June, July, and August than in 2019. Demand even surpassed 2019 levels in August, the strongest month for Europe, with revenue this summer up 22% from 2019.
According to AirDNA data, Average rates in August were only 1.2% higher than last year, as growth slows and bookings move back towards urban apartments and smaller properties which typically charge less – though prices remain 16.5% higher than 2019.
Occupancy has been pushed up again by low supply increases, reaching 76.5% in August – 4.3% higher than last year – buoyed by high demand and low supply: available listings remain 10.8% below the same period in 2019.
All of the top 20 countries saw year-over-year increases in summer demand, with the strongest growth in Norway (+71.2%), Hungary (+65.8%), and Greece (+61.8%). Greece even beat pre-pandemic levels, with Germany (+24.8%), Greece (+24.1%), and France (+21.9%) seeing the highest growth from 2019. However, only nine of the top 20 countries saw growth from 2019.
August stays were booked on average 72.9 days in advance, which is 6% closer to arrival than in 2019, but 11% longer than last year, as guests take advantage of relieved travel restrictions to book further in advance.
Bookings for the rest of the year are pacing 6.6% higher than at the same point in 2019. There is also strong booking activity compared to last year (+36.6%), with the strongest growth in Italy—six of the top 10 growth destinations are Italian. Munich is seeing the strongest gains over last year (+164%), as Oktoberfest is back after two cancelled editions. Meanwhile, popular European destinations such as Porto, Lisbon, and Athens are seeing over 120% more bookings than at the same point last year.
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