In an era when more people are spending more time living in short-term rentals, Airbnb releases its list of the top markets for hosts to earn money and guests to stay long-term.
In a shifting real estate market, the guidance and expertise that Inman imparts are never more valuable. Whether at our events, or with our daily news coverage and how-to journalism, we’re here to help you build your business, adopt the right tools — and make money. Join us in person in Las Vegas at Connect, and utilize your Select subscription for all the information you need to make the right decisions. When the waters get choppy, trust Inman to help you navigate.
Short-term rental companies are hoping to capitalize on the shift toward remote work and the return of travel following the COVID-19 pandemic.
In fact, Airbnb has made the growing trend of people spending more time in short-term rentals a key to its future growth. The company’s CEO Brian Chesky currently lives and works from Airbnbs across the continent, and the number of long-term stays — those that were 28 days or longer — has doubled on the platform since 2019.
As it looks to encourage more people to find more places to stay for longer periods of time, Airbnb released a series of rankings on Wednesday. We’ll call it the power rankings for long-term stays at short-term rentals.
These are the places investors can look to capitalize on demand or high nightly prices and where travelers can look to find places with good track records of hosts meeting the needs of people looking to extend a trip past a few short nights.
This one’s for the hosts, the real estate investors creating the experiences that make short-term rental platforms tick. More than 4 in every 10 hosts told Airbnb they were listing their homes on the platform due in part to rising prices.
Airbnb listed the top 10 markets in the U.S. and Canada based on median host earnings in the first three months of this year. Here are the top five based on the average daily rate for those markets, according to data from short-term rental data company AirDNA. (A caveat: long-term stays often have lower nightly rates, but ADR should serve as an accurate benchmark.)
Indio, California: $575/night
Palm Springs, California: $506/night
La Quinta, California: $449/night
Marco Island, Florida: $309/night
Whistler, British Columbia: $272/night
Big urban areas suffered some of the biggest slowdowns for short-term rental stays as a result of the pandemic and ensuing policies put in place. But the tide is starting to turn, with urban markets seeing some of the biggest growth in recent reports.
The data is also backed up by Airbnb’s latest report. Whether it’s beaches of southern California or the bustling cities on the coasts, these are the top five most popular markets for long-term stays ranked by occupancy. Here are the most popular markets for long-term stays, with data from AirDNA.
Victoria, British Columbia
- 1,101 active listings
- Average daily rate: $148
- Occupancy rate: 85 percent
- Percent entire home: 88 percent
Vancouver, British Columbia
- 3,808 active listings
- Average daily rate: $156
- Occupancy rate: 83 percent
- Percent entire home: 82 percent
- 5,391 active listings
- Average daily rate: $174
- Occupancy rate: 80 percent
- Percent entire home: 84 percent
- 4,603 active listings
- Average daily rate: $236
- Occupancy rate: 79 percent
- Percent entire home: 66 percent
New York City
- 23,573 active listings
- Average daily rate: $214
- Occupancy rate: 74 percent
- Percent entire home: 62 percent
According to Airbnb, the average daily rate for long-term stays was as little as $17 per night in the most affordable location. There are at least five U.S. destinations that rank among the most affordable regions for long-term stays. (Canadian stays will cost a bit more.)
Inman couldn’t repeat the same ultra-low prices reported by Airbnb and full-house stays are considerably more expensive. But according to the short-term stay platform powerhouse, these are the markets nomads can look to and find the most affordable long-term stays.
Average daily rate for long-term stays: $16.90
Average daily rate for long-term stays: $21.80
Garretson, South Dakota
Average daily rate for long-term stays: $24.30
Average daily rate for long-term stays: $24.40
Average daily rate for long-term stays: $24.50
In the STR world, a five-star rating is considered a key to long-term success. To determine what it considered the “most hospitable” markets, Airbnb filtered out the five-star reviews only from long-term stays.
This could be a reflection of hosts having to stay at the top of their game in competitive markets, as well as a partial reflection of the cities and towns themselves. Here’s the leaderboard, based on the percentage of five-star reviews from long-term stays.
Bend Oregon: 93.7 percent five-star reviews
Aerial establishing a shot of Bend, Oregon, on a hot and sunny day in summer. Scores of people are tubing, paddleboarding, kayaking and surfing in the water of the Deschutes River, especially around the Whitewater Park, a set of artificial rapids and waves.
Halifax, Nova Scotia: 92.6 percent five-star reviews
Santa Fe, New Mexico: 91.7 percent five-star reviews
Boulder, Colorado: 91 percent five-star reviews
Key West, Florida: 90.2 percent five-star reviews