Have short-term rental prices peaked?
A slight drop in the average price of short-term rentals in October may be a sign that the price levels demanded may not be sustainable.
According to the latest data collected by AirDNA, the average price for a short-term rental in October was €177 per day, a 1.3% drop compared to October 2022. This, despite the fact that demand rose 47.1% during the same period, the highest such rise in Europe.
AirDNA collects its data from property listings with at least one booking over the previous 30 days.
In Europe itself, prices are up 14% in October.
Despite the steep rise in demand, supply rose 8.6%, with average occupancy rate rising to 53%, 4.5 percentage points higher than in October 2022. The rate, although down from the summer months, is considered quite high for Greece, which is still seen as a highly seasonal destination.
The rise in demand and occupancy rate should have pushed prices rate. That it didn’t, AirDNA says, may be due to two factors; visitors preferring cheaper digs in October and property owners lowering their prices to stay competitive, especially with neighboring countries, where prices are far lower.
This summer, Greece and especially the most popular destinations, such as Corfu, Crete, Mykonos, Rhodes and Santorini had seen prices soar to an average of over €200 per day, more expensive than other global holiday destinations, such as the Canary Islands and the Maldives. High demand and the luxurious available apartments helped prices rise.
