AirDNA released an article this week, which reviews their data on the Short Term Rental Market.
The most notable data point was July’s stays.
“July 2023 broke the record for the most short-term rental (STR) stays in one month, with 35.4 million nights stayed, beating the previous high recorded in July 2022 by 9.4%.”
Even with challenges like a heatwave and inflation-cautious consumers, the demand for short term rentals was strong!
“Data from the Bureau of Labor Statistics revealed that July saw the addition of 187,000 jobs, keeping unemployment at one of its lowest rates in half a century. Even as inflation looms above the Federal Reserve’s 2% target, our economy seems stable, as wages grow and inflation remains relatively controlled.”
Looking forward
“August appears to be seeing a somewhat slower pace than current demand trends would indicate. Lead times have shortened since last year, so while August pacing is currently only 4% ahead of this time last year, last-minute bookings should still push the final realized demand for August higher.”
Check out the AirDNA article for a few projections through the end of the year.
Interesting to note, AirDNA’a data shows that the occupancy levels are much closer to 2022 levels, than 2019 levels.
Maybe you are wondering what does this mean for prospective property investors or those interested in securing their dream Smoky Mountain retreat?
The steady economy and potential pause in interest rate hikes by the Federal Reserve could keep the real estate market buoyant for some time!
For those considering a dive into the STR market, now is still a good time! If you dream of owning a slice of the Smoky Mountains or wish to invest in a thriving STR market, reach out.
The average price for land/lots saw an decrease to $118.394, a
