This week, Jamie and Mariah dive deep into the data while keeping things short and sweet. Despite February typically being the weakest month for demand, this past month has seen some interesting trends in the vacation rental industry. With a staggering 13 million nights stayed in February alone, demand was up YoY by 18%. However, occupancy was down YoY by 1.8%, indicating a significant increase in new listings — up 26% YoY. While some of this growth is due to the lengthy process of listing, it is primarily attributed to an influx of second homes that were purchased for remote work during COVID and are subsequently being listed to make a profit as workers return to in-person work environments. It's worth noting that there are currently 6 million second homes in the U.S., but only 1.5 million of them are listed on Airbnb and VRBO.

Switching gears to the economy, we've seen an incredible job listings growth of 311k in February alone. However, with discretionary spending being heavily dependent on job security, it's important to keep an eye on the deceleration of growth we're currently experiencing. Inflation has also decreased, with February's headline inflation sitting at 6% — down from previous months. We could potentially see a drop to 3% by the end of the year. As we gear up for spring break, it's interesting to note that nights booked have increased by 14.8% compared to January. The top markets for spring break include Orlando, Phoenix/Scottsdale, Gatlinburg, Panama City, and Miami. However, some rising stars for growth are the Jersey City/Newark areas, Chicago, The Hamptons, Boston, and Washington D.C.

Stay tuned for the new forecasting report from Jamie Lane.

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Read the Full Market Review:

https://www.airdna.co/blog/airdna-market-review-us-february-2023?utm_source=podcast&utm_medium=social&utm_campaign=US_MarketReview_Feb23

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https://www.airdna.co/vacation-rental-data/app/register

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Connect with Jamie on LinkedIn and Twitter:

LinkedIn: https://www.linkedin.com/in/jamiehlane/

Twitter: https://twitter.com/Jamie_Lane

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Connect with Mariah on LinkedIn:

LinkedIn: https://www.linkedin.com/in/mariah-kamei/

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Connect with AirDNA on LinkedIn, Twitter, TikTok, and Instagram:

LinkedIn: https://www.linkedin.com/company/airdna/

Twitter: https://twitter.com/airdna

TikTok: https://www.tiktok.com/@airdna.co

Instagram: https://instagram.com/airdna.co

Episode 24

Rising Markets, Popular Spring Break Destinations, And More!