AllTheRooms.com Vacation Rental Index Ranks Top Travel Destinations for Global ‘Sharing Economy’
Paris Maintains Top Slot Globally, New York Continues to Gain
Despite New Law Banning Short-Term Rentals
Paris remains the world’s leading vacation rental market, according to AllTheRooms.com’s Global Vacation Rental Index, but showed signs of slipping according to some measures. Among U.S. cities, New York continues to be the top destination, with the number of available rentals and median rate both increasing despite newly enforceable laws that outlaw short-term rentals in New York state.
The Vacation Rental Index tracks accommodations volume and price trends in the top 50 cities around the world and the top 25 cities in the U.S. Updated monthly, the index identifies the world hottest vacation rental markets, along with trends in accommodation count and type, median rate, and availability based on live data from leading vacation rental websites, such as Airbnb, VRBO, HomeAway, and hundreds of others worldwide. AllTheRooms.com is the world’s largest accommodations search engine.
Based on data collected through February 7, 2017, Paris remains the world’s top vacation rental market based on a combination of total property county and average rental rate. It is followed by London, Rio de Janeiro, New York City, and Rome.
But unlike those cities, Paris is seeing small percentage declines in key metrics: Median Rate, Property Count, Whole Home, Private Room, and Shared Room. Only in the category of instant bookability did Paris show a month-to-month percentage increase.
AllTheRooms.com also ranked the top 25 cities in the U.S. New York City is ranked first, followed by Los Angeles, Houston, San Francisco, and Austin. New York City saw increases in all measures except shared room. It is also noteworthy that the number of whole home rentals in New York City grew slightly in February, despite new state laws designed to curb short-term rentals. Houston entered the top three cities this month, following a 123% surge in new rentals linked to the Super Bowl.
Further down the list, the Index indicates growth in most categories for most U.S. cities, as we saw with global cities. Vacation rental markets in major U.S. cities, as in the rest of the world, are relatively strong.
One interesting bit of information: out of all the cities examined, San Francisco has the highest median rate, followed by Louisville, Boston, and Austin, all of which have a higher median rate than New York, Los Angeles, or any global city surveyed.
“By now, everyone’s heard that vacation rentals becoming more and more mainstream, but no one but AllTheRooms.com and put a definitive number on that trend and track it accurately over time,” said Joseph DiTomaso, AllTheRooms.com Co-founder and CEO. “By tracking how these figures change from month to month, we can see what cities are becoming more popular or less popular, and also chart the precise impact of various regulatory changes on the nascent vacation rental marketplace.”