AirDNA predicts short-term rental demand growth to increase from 5.5% to 10.4% year over year in 2023. Demand growth is expected to continue in 2024 at a rate of 8.5%.
According to Skift, demand for rentals is expected to increase from 14.6% in 2023 to 15.4% in 2024. For 1-bedroom and studio rentals, this share is expected to rise from 4.2% to 4.5%.
CONSUMERS STILL COMMITTED TO TRAVEL
Top three reasons for saving money:
- financial security (57%), retirement (56%), emergency fund (54%). Travel experiences rank closely behind financial security (47%).
- Gen Z’ers show a shift in priorities, with 52% primarily saving for financial security and 42% for major purchases like a car or home.
- Despite other priorities, travel remains important for Gen Z, with 41% expressing it as a reason for saving.
Read More on Consumer Trends: Household Spending and Consumer Sentiment