Travelers find cheaper alternatives to lodging
Travel rates are rising, and are now higher than before the pandemic, but consumers are finding creative ways to save money and still vacation
Some are taking road trips instead of flying or booking a budget hotel room. Others are more innovative - spending $100 to $250 for annual memberships to websites that connect them with people who need simple chores done while their dwellings are vacant.
Key takeaways
- U.S. short-term rental and hotel average daily rates are about 37% and 19% higher than in April 2019, according to short-term rental and hospitality analytics firms AirDNA and STR;
- Consumers are trading down. In April, demand for budget and economy short-term rentals was up 18% and 12%, respectively, compared with the year-ago period, ahead of a 10% increase in demand for luxury rentals, AirDNA said;
- U.S. travel companies have taken notice, beefing up economy-level options to draw in growing numbers of cost-conscious travelers.
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