Airbnb Booking Data Points to V-Shaped Recovery in the U.S.
NEW YORK, May 11, 2020 /PRNewswire/ — Airbnb bookings in the U.S. are rebounding at an accelerating rate, implying a possible V-shaped recovery for short-term rental bookings, and potentially the accommodations industry and even the wider economy.
This is according to booking data supplied by AllTheRooms Analytics, a provider of short-term rental and Airbnb data and analytics.
The data shows a broad recovery across a number of Airbnb’s key markets in the U.S. European markets also continue to show signs of improvement in some countries.
U.S. 90-day Airbnb occupancy rates, the percentage of nights that properties listed on Airbnb are booked over the next 90 days, reached 17.48% on the 8th of May, a gain of 7.04% week-on week. That’s compared to a gain of 4.09% the week prior.
Despite the promising rebound, 90-day Airbnb occupancy rates in the U.S. are still down 38.26% compared to 2019, but the year-on-year gap looks to be closing quickly.
Within the United States, the Airbnb markets showing the fastest recoveries are concentrated in states that ended their lockdowns earliest. The most significant of these include Texas, Georgia, and Arizona, where 90-day Airbnb occupancy rates have increased by 9.99%, 8.28%, and 7.75% week-on-week, respectively.
“The rebound towards 2019 levels of bookings is accelerating, which obviously bodes well for Airbnb – we could be heading back to those levels sooner than we initially thought,” said Joseph DiTomaso, CEO of AllTheRooms Analytics. “If this is a sign of what’s to come for accommodation bookings as we exit these lockdowns, the fact that OTAs such as Expedia and Booking have missed out on the equity market rebound might not entirely make sense,” he added.
Year-to-date Booking Holdings Inc. (BKNG) and Expedia Group (EXPE) are down -30.33% and -35.94%, respectively. The broader NASDAQ index is up 1.66% for 2020 as of market close on the 7th May.