AirDNA’s latest monthly review of the US short-term rental market shows that July 2023 broke the record for the most short-term rental stays in one month, with 35.4m nights stayed in the US, beating last July’s previous high by 9.4%. While this growth slowed a little from June (+12.5% year-on-year), the numbers remain impressive.

Supply growth also slowed to 12.1% y-o-y, less than half of the growth rate of July 2022, leaving occupancy just 1.3% below last year as the market begins to find balance.

Meanwhile, average daily rates were down 1% from last year, with growth only in small and mid-size cities, where the strongest demand growth was also seen. Despite record high temperatures, Phoenix/Scottsdale and the Coachella Valley saw the highest annual demand increases, at 34.6% and 29.8% respectively, even though July is not typically high season in those destinations.

In June, AirDNA unveiled its mid-year outlook report for 2023, demonstrating that the industry continues to thrive as consumers prioritise travel despite economic uncertainties.