AirDNA: Greece leads occupancy growth in October

Short-term rental properties in Greece recorded the highest rate of occupancy growth in October.

According to AirDNA data, Airbnb growth rate in Greece in October 2024 was +6.7% compared to the same month last year. It was followed by Spain +6.3% and Croatia +6.0%.

The increase in occupancy has meant a smoother decline in price. This year, between August and October there was a price decline of 25% which is 4% less than the steeper decline of 29% experienced in 2022.

Overall Occupancy Growth in October

October was a very good month for short-term rentals in Europe, with overnight stays reaching 36.9 million, a jump of 17.7% from last year and an impressive 31% increase from October 2019. February, March and May are the only other months this year to show such strong growth compared to 2019.

Increased demand kept more short-term rental properties open in October, as listings were at 3.6 million, up 12% from October 2023.

This moderate supply increase, combined with strong seasonal demand, pushed occupancy up 3.5% year-on-year. Increased occupancy in October led to strong ADR and RevPAR growth, which peaked in March due to Easter.

** Average daily rates (ADR) were €158, up 9.8% YoY

** Average occupancy was 53%, a YoY increase of 3.5% and +13.2% compared to 2019

** Revenue per available room (RevPAR) increased 13.7% YoY to €84

Double-digit growth in 37 European cities

Among the top 50 European cities, 37 saw double-digit demand growth in October.

The top cities in demand were:

Syracuse +25%
Warsaw +25%
Rome +25%
Bucharest +28%
Krakow +29%
Marbella +30%
Málaga (+31%)
Milan +35%
Dubrovnik +37%

The October surge however, was not felt throughout all of Europe. Of the top 50 European cities, 13 either recorded modest growth of less than 10% or experienced a decrease in demand compared to last year.

In cities such as Lyon or Bordeaux, the caps on the number of rental days per year did not allow new bookings in October. In Barcelona and Amsterdam strict STR regulations limited the increase in supply and suppressed the increase in demand.

Upcoming Booking Growth

STR bookings so far for the coming months in Europe show that: demand is up 19% YoY in December, 17% YoY in January and 7% YoY for February. Demand for March is currently down 2%, while demand for April is up 37%, due to Easter falling in April in 2025, whereas it fell in March last year.