Short-term rentals take a hit

Vacation-rental owners across the U.S. report dropping demand for their properties, as the supply of these rentals have skyrocketed. According to data from firm AirDNA, the number of available short-term rentals jumped 23.3 percent from October 2021 to October 2022. This has caused an average of 6 percent fewer nights booked per property in October 2022 compared the month a year previous. With interest rates at all-time lows as the pandemic began to wane, more buyers purchased homes with the intent of renting them as short-term rentals. The market has experienced a flood of supply. In addition, those looking to rent have begun looking farther afield as long-range travel has picked up after the pandemic.