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Business Insider
21-05-2025
- Business Insider
20 vacation hot spots where short-term rental prices surge in the busy season — and how to avoid the markup
If you're heading to a vacation hotspot this summer, you could be paying a markup of more than 100% for a stay at a short-term rental. A new study from Bankrate identified 20 vacation hotspots where short-term rental prices surge during their busy season — 10 in the fall and winter and 10 in the spring and summer. The study used rental data compiled by AirDNA, a vacation rental analytics firm, to determine where rental prices hiked the most in 2024. It also focused on properties that were single-family homes with at least two bedrooms. Augusta, Georgia, experienced the highest peak season markup, with the average daily rate for short-term rentals spiking 178% in the spring, due to the Masters Tournament. A family previously told Business Insider that renting their home out for Master's week paid their mortgage for the year. Other locations that spiked in the spring and summer included water destinations, like Long Island, New York, and Lake of the Ozarks, Missouri, as well as Bozeman, Montana, which is near Yellowstone National Park. Bozeman also was among the highest markups in the winter due to its skiing. Places that saw the biggest markups in fall and winter included sport and skiing destinations such as Vail, Avon, and Steamboat Springs in Colorado, as well as Green Bay, Wisconsin, and Ann Arbor, Michigan. The biggest fall or winter markup was 125% in Oxford, Mississippi, which attracts thousands every fall to watch Ole Miss football. Alex Gailey, a data analyst at Bankrate, told BI the big swings in rental prices at these popular destinations was "eye-popping." She also noted many Americans are saying they still plan to travel this year but that they are trying to be more budget-conscious. "Flexibility is one of the best ways you can save on travel," Gailey said. For travelers who do want to visit these hotspots in the busy season, Gailey said it's best to plan ahead of time and book early. Travelers who have flexibility in their travel dates should also use it, as short-term rentals tend to be a lot cheaper during the week than on the weekends. She also said if you can avoid a busy season visit, you're likely to find better rates visiting these places in the shoulder seasons. Another option is to stay in an adjacent city that is close by but does not experience the same level of price hike. For instance, staying in Salt Lake City can be a lot more budget-friendly than Park City, where short-term rentals can cost over 103% more on average in the fall or winter season, according to Bankrate. Gailey also said taking advantage of credit card points and other travel rewards can be a good way to make travel more budget-friendly despite broader economic uncertainty. Here's the full lists of locations and the average peak season markup for short-term rentals, according to the Bankrate study. Spring and summer 1. Augusta, Georgia Maximum average daily rate: $541 Minimum average daily rate: $194 Peak season markup: 178% 2. Long Island, New York Maximum average daily rate: $785 Minimum average daily rate: $362 Peak season markup: 117% 3. Albany/Saratoga Springs, New York Maximum average daily rate: $439 Minimum average daily rate: $224 Peak season markup: 96% 4. Bozeman/Yellowstone National Park Maximum average daily rate: $611 Minimum average daily rate: $313 Peak season markup: 95% 5. Lake of the Ozarks, Missouri Maximum average daily rate: $407 Minimum average daily rate: $212 Peak season markup: 92% 6. Lake Norman, North Carolina Maximum average daily rate: $692 Minimum average daily rate: $364 Peak season markup: 90% 7. Norfolk/Virginia Beach, Virginia Maximum average daily rate: $435 Minimum average daily rate: $231 Peak season markup: 88% 8. Idaho Falls/Rexburg, Idaho Maximum average daily rate: $377 Minimum average daily rate: $201 Peak season markup: 87% 9. Providence, Rhode Island Maximum average daily rate: $388 Minimum average daily rate: $211 Peak season markup: 84% 10. Myrtle Beach, South Carolina Maximum average daily rate: $349 Minimum average daily rate: $195 Peak season markup: 79% Fall and winter 1. Oxford, Mississippi Maximum average daily rate: $635 Minimum average daily rate: $283 Peak season markup: 125% 2. Vail/Avon, Colorado Maximum average daily rate: $946 Minimum average daily rate: $424 Peak season markup: 123% 3. Green Bay, Wisconsin Maximum average daily rate: $457 Minimum average daily rate: $215 Peak season markup: 113% 4. Steamboat Springs, Colorado Maximum average daily rate: $694 Minimum average daily rate: $335 Peak season markup: 107% 5. Ann Arbor, Michigan Maximum average daily rate: $414 Minimum average daily rate: $201 Peak season markup: 105% 6. Park City, Utah Maximum average daily rate: $888 Minimum average daily rate: $436 Peak season markup: 103% 7. Aspen/Snowmass, Colorado Maximum average daily rate: $1,082 Minimum average daily rate: $535 Peak season markup: 102% 8. State College, Pennsylvania Maximum average daily rate: $642 Minimum average daily rate: $315 Peak season markup: 98% 9. Bozeman/Yellowstone National Park, Montana Maximum average daily rate: $611 Minimum average daily rate: $313 Peak season markup: 95% 10. Mammoth Lakes, California Maximum average daily rate: $554 Minimum average daily rate: $303 Peak season markup: 83%
Yahoo
21-05-2025
- Business
- Yahoo
20 vacation hot spots where short-term rental prices surge in the busy season — and how to avoid the markup
Short-term rental prices can surge by over 100% at some vacation hotspots, a Bankrate study found. The study named 20 places with the biggest rental prices surges, like Augusta, Georgia, and Vail. Travelers should book early and be flexible to avoid the hikes, a Bankrate data analyst said. If you're heading to a vacation hotspot this summer, you could be paying a markup of more than 100% for a stay at a short-term rental. A new study from Bankrate identified 20 vacation hotspots where short-term rental prices surge during their busy season — 10 in the fall and winter and 10 in the spring and summer. The study used rental data compiled by AirDNA, a vacation rental analytics firm, to determine where rental prices hiked the most in 2024. It also focused on properties that were single-family homes with at least two bedrooms. Augusta, Georgia, experienced the highest peak season markup, with the average daily rate for short-term rentals spiking 178% in the spring, due to the Masters Tournament. A family previously told Business Insider that renting their home out for Master's week paid their mortgage for the year. Other locations that spiked in the spring and summer included water destinations, like Long Island, New York, and Lake of the Ozarks, Missouri, as well as Bozeman, Montana, which is near Yellowstone National Park. Bozeman also was among the highest markups in the winter due to its skiing. Places that saw the biggest markups in fall and winter included sport and skiing destinations such as Vail, Avon, and Steamboat Springs in Colorado, as well as Green Bay, Wisconsin, and Ann Arbor, Michigan. The biggest fall or winter markup was 125% in Oxford, Mississippi, which attracts thousands every fall to watch Ole Miss football. Alex Gailey, a data analyst at Bankrate, told BI the big swings in rental prices at these popular destinations was "eye-popping." She also noted many Americans are saying they still plan to travel this year but that they are trying to be more budget-conscious. "Flexibility is one of the best ways you can save on travel," Gailey said. For travelers who do want to visit these hotspots in the busy season, Gailey said it's best to plan ahead of time and book early. Travelers who have flexibility in their travel dates should also use it, as short-term rentals tend to be a lot cheaper during the week than on the weekends. She also said if you can avoid a busy season visit, you're likely to find better rates visiting these places in the shoulder seasons. Another option is to stay in an adjacent city that is close by but does not experience the same level of price hike. For instance, staying in Salt Lake City can be a lot more budget-friendly than Park City, where short-term rentals can cost over 103% more on average in the fall or winter season, according to Bankrate. Gailey also said taking advantage of credit card points and other travel rewards can be a good way to make travel more budget-friendly despite broader economic uncertainty. Here's the full lists of locations and the average peak season markup for short-term rentals, according to the Bankrate study. 1. Augusta, GeorgiaMaximum average daily rate: $541Minimum average daily rate: $194Peak season markup: 178% 2. Long Island, New YorkMaximum average daily rate: $785Minimum average daily rate: $362Peak season markup: 117% 3. Albany/Saratoga Springs, New YorkMaximum average daily rate: $439Minimum average daily rate: $224Peak season markup: 96% 4. Bozeman/Yellowstone National ParkMaximum average daily rate: $611Minimum average daily rate: $313Peak season markup: 95% 5. Lake of the Ozarks, MissouriMaximum average daily rate: $407Minimum average daily rate: $212Peak season markup: 92% 6. Lake Norman, North CarolinaMaximum average daily rate: $692Minimum average daily rate: $364Peak season markup: 90% 7. Norfolk/Virginia Beach, VirginiaMaximum average daily rate: $435Minimum average daily rate: $231Peak season markup: 88% 8. Idaho Falls/Rexburg, IdahoMaximum average daily rate: $377Minimum average daily rate: $201Peak season markup: 87% 9. Providence, Rhode IslandMaximum average daily rate: $388Minimum average daily rate: $211Peak season markup: 84% 10. Myrtle Beach, South CarolinaMaximum average daily rate: $349Minimum average daily rate: $195Peak season markup: 79% 1. Oxford, MississippiMaximum average daily rate: $635Minimum average daily rate: $283Peak season markup: 125% 2. Vail/Avon, ColoradoMaximum average daily rate: $946Minimum average daily rate: $424Peak season markup: 123% 3. Green Bay, WisconsinMaximum average daily rate: $457Minimum average daily rate: $215Peak season markup: 113% 4. Steamboat Springs, ColoradoMaximum average daily rate: $694Minimum average daily rate: $335Peak season markup: 107% 5. Ann Arbor, MichiganMaximum average daily rate: $414Minimum average daily rate: $201Peak season markup: 105% 6. Park City, UtahMaximum average daily rate: $888Minimum average daily rate: $436Peak season markup: 103% 7. Aspen/Snowmass, ColoradoMaximum average daily rate: $1,082Minimum average daily rate: $535Peak season markup: 102% 8. State College, PennsylvaniaMaximum average daily rate: $642Minimum average daily rate: $315Peak season markup: 98% 9. Bozeman/Yellowstone National Park, MontanaMaximum average daily rate: $611Minimum average daily rate: $313Peak season markup: 95% 10. Mammoth Lakes, CaliforniaMaximum average daily rate: $554Minimum average daily rate: $303Peak season markup: 83% Read the original article on Business Insider
Yahoo
24-04-2025
- Business
- Yahoo
Renting far cheaper than buying in California's largest metro areas, report finds
The age-old adage that it's cheaper to buy a home rather than rent one is proving to be less and less true as the years go by. Renting a home remains significantly cheaper than buying in all of California's largest metro areas, according to a new study released Wednesday. The study, conducted by financial analysis website Bankrate, found monthly mortgage payments far outpacing rent in the state's high-cost housing markets, keeping in line with a national trend. The study compared the average monthly rent to average monthly mortgage payments across the 50 largest U.S. metropolitan areas. The biggest discrepancy in the U.S. was in San Francisco, where the typical mortgage payment is more than 190% higher than the average price of rent. San Jose ranked second nationwide with a 186% difference. Seattle, Denver and Salt Lake rounded out the top five. In the greater Los Angeles area, the gap was 88.5%, while in the San Diego Metro area it was nearly 80%. Los Angeles and San Diego were 6th and 9th nationwide, respectively. Other expensive markets like Portland and Austin also made the list. 'Big city dwellers are better off renting than buying a home, particularly in pricey coastal metros,' said Bankrate analyst Alex Gailey. 'Even as home inventory improves, high mortgage rates, property taxes, and insurance premiums continue to price out many would-be buyers.' The top five metro areas with the largest differences between renting and buying were all in the West, led by: San Francisco/Oakland/Berkeley: $3,055 rent vs. $8,882 mortgage (190.7% difference) San Jose/Santa Clara: $3,305 rent vs. $9,438 mortgage (185.6%) Seattle: $2,265 rent vs. $4,971 mortgage (119.5%) Denver: $1,927 rent vs. $3,787 mortgage (96.5%) Salt Lake City: $1,680 rent vs. $3,197 mortgage (90.4%) Nationwide, the average mortgage payment for a median-priced home climbed to $2,768 per month, up from $2,703 last year. In contrast, the national average rent held steady at about $2,000, making renting 38% cheaper on average. While renting remains more affordable than buying across all of the 50 largest U.S. metro areas, the cost gap is much smaller in several Midwest and Southern cities where home prices and living costs are generally lower. According to Bankrate, the five metro areas with the smallest difference between average monthly rent and mortgage payments are: Detroit: $1,481 rent vs. $1,515 mortgage (2.3% difference) Pittsburgh: $1,452 rent vs. $1,601 mortgage (10.3%) Philadelphia Metro Area: $1,901 rent vs. $2,121 mortgage (11.5%) Cleveland: $1,419 rent vs. $1,607 mortgage (13.2%) Tampa/St. Petersburg, Florida: $2,140 rent vs. $2,587 mortgage (20.9%) The study's methodology included data from Redfin, Zillow and Bankrate's own mortgage and insurance rate surveys, officials said. It assumed a 20% down payment, no HOA fees or PMI, and included average property taxes and insurance rates by metro. Full results and methodology are available at: Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. Sign in to access your portfolio
