Covid-19 Impact on tourism economy AirDNA: Covid-19 Hits Short-term Rental Market by GTP editing team 16 March 2020 written by GTP editing team 16 March 2020 0 comments Share 0FacebookTwitterLinkedinWhatsappEmail 26 The first signs of Covid-19’s effect on the short-term rental market have emerged with thousands of cancelations worldwide taking a bite out of revenues and curbing demand, according to market analysts AirDNA. Mostly hit are Airbnb-style rentals in urban centers. Demand in Beijing, Tokyo, Milan, Rome, and Seoul plunged throughout February and into March. Indicatively, Airbnb said bookings were plummeting in major cities worldwide. March 1-7 bookings in Beijing dropped by 96 percent to 1,600 from the 40,000 made in January. AirDNA aggregated vacation rental data from over 10 million properties to assess the scope of the pandemic, which has taken a toll mainly on urban markets compared to leisure destinations. According to the findings, regionality is a key factor with cities significantly more exposed to fluctuations than their leisure travel/resort-based options. On a positive note, findings reveal the resilience of leisure travel destinations, which appear less affected. At the same time, according to AirDNA, short-term rentals appear to be more immune to the impacts of health crises than other travel industries. Additionally, aiming to remain competitive and attract travelers, hosts in many locations are dropping their rates. Overall, Europe has seen a significant drop mainly in Italy and Spain, exacerbated by the cancelation of events and by the recent US decision to ban travel from the EU. Most US markets remain strong and stable. Join the 15,000+ travel executives who read our newsletter Follow GTP Headlines on Google News to keep up to date with all the latest on tourism and travel in Greece. Share 0 FacebookTwitterLinkedinWhatsappEmail GTP editing team This is the team byline for GTP. The copyrights for these articles are owned by GTP. They may not be redistributed without the permission of the owner. previous post Greek Property Owners and Airbnb Hosts Offer Shelter to Medical Staff next post Stringent Safety Measures at Greek Super Markets You may also like Greece’s Hotel Market Sees Major Investments Over Four Months 5 February 2025 Greek Tourism Ministry Monitors Santorini Situation as Seismic Activity Continues 5 February 2025 Global Air Passenger Demand Reaches Record High in 2024, IATA Reports 5 February 2025 Greek PM Reassures Public About Santorini’s Ongoing Seismic Activity 5 February 2025 Milos: Ministry Suspends 5-star Hotel Construction Near Sarakiniko Beach 5 February 2025 ELIME and HELMEPA Join Forces for Safer, More Sustainable Greek Ports 5 February 2025 Leave a Comment Cancel Reply Save my name, email, and website in this browser for the next time I comment. Δ