Summer 2024, the boom in short-term rentals

Short-term rentals are booming for summer 2024, across Europe. Compared to last year, bookings are already up by 17% for June and July and by 22% for August. With a general increase in prices (except Kosovo and Turkey), peaks of even + 27% (Denmark) and average prices skyrocketing for the usual Ibiza. The surprise this year is finding on the podium of the most sought after destinations that you don't expect: Northern and Eastern Europe. The city making a splash is Munich with double the requests compared to 2023. Meanwhile in Italy this week the experimentation of the single database and identification code for short-term rentals starts from Puglia.

The photograph of summer 2024, taken by AirDna (a portal that collects data from Airbnb, Vrbo of the Expedia group and over one and a half million hosts) speaks clearly: tourists are choosing short-term rentals more and more and it is the year of eastern and northern Europe. The largest increases in the number of bookings for the summer quarter are in fact in Finland (+31%), Norway (+30%), Poland (+29%), Germany (+29%) and the Czech Republic (+26%). However, fewer requests were made for Portugal (14%) and Italy (+13%), which dominated the market last year. Looking at individual cities, the situation in Munich stands out, with bookings recording a surge of 50%, probably due to the presence of the European Football Championships which will be played in Germany from 14 June. In Italy, Milan and Palermo are growing.

But with the requests for beds, prices also rise, practically everywhere. The country where the increase compared to summer 2023 is greatest is Denmark (+27%), followed by Great Britain (+16%), Spain (+14%), Poland (+13%) and Germany (always + 13%). The destinations where more will be spent than last year, but not with a double-digit increase, are Hungary (+5%), Norway (+4%), Sweden (+2%) and Greece (+1%). In Croatia, however, the rates are lower than last year (-3%) and Turkey is the cheapest destination: Eskisehir (city in Anatolia) records the lowest average rate per night (35 euros) and Ankara is the capital cheaper (40 euros).

Italy is mid-table in terms of prices, recording +8% compared to summer 2023. Looking instead at the average rates, we are in eighth place in a ranking of 42 countries with 210 euros for a short-term rental between June and August. Iceland, with 264 euros, is the most expensive if you look at average rates. After her there are the Principality of Monaco (where 261 euros are needed), Great Britain (260 euros), Spain (253 euros) and Greece (236 euros). Where is it more convenient? Kosovo (average expenditure 50 euros) and the much sought after Albania (84 euros). The Albanian boom of summer 2023 seems ready to repeat itself. Tirana is one of the cheapest capitals: on average a short-term rental costs 50 euros.

Beyond the averages per country, there are also the prices of the individual destinations. Ibiza as always is the most expensive. Choosing Sant Josep de sa Talaia l'Adr means spending 830 euros. For Santa Eulalia del Río the outlay is 788 euros. Then there is, in third position, Mykonos with 750 euros. And in fourth place among the most expensive destinations is Positano, with 744 euros.

Meanwhile in Italy the experimentation has started (it will be fully operational in September) for the regulation of short-term rentals. Owners must register in the National Database (Bdsr) and receive the National Identification Code (Cin) which must be used to put their properties on the short-term rental market. There are over half a million accommodation facilities that must be registered. Puglia left yesterday (3 June). Once the experimentation is over, it's up to all of Italy.