Charles Esther
A recent Bankrate study revealed that short-term rental prices at popular vacation destinations can increase by more than 100% during their peak seasons.
This trend affects many travellers who plan to stay in these areas during busy times.
The study analysed data from AirDNA, a vacation rental analytics firm, focusing on single-family homes with at least two bedrooms.
Highest Price Surges in Spring and Summer
Some of the biggest rental price hikes in the spring and summer were seen at locations known for events or water activities.
Augusta, Georgia, topped the list with a staggering 178% increase in average daily rental rates during the Masters Tournament.
Other summer hotspots with large price markups included Long Island, New York; Lake of the Ozarks, Missouri; and Bozeman, Montana.
Bozeman also experienced high markups in the winter season due to its proximity to Yellowstone National Park and skiing opportunities.
Fall and Winter Markups Mainly in Ski and Sports Destinations
In the fall and winter, sport and ski destinations had the largest increases in rental prices.
Places like Vail, Avon, and Steamboat Springs in Colorado showed significant price hikes.
Oxford, Mississippi, saw the highest fall/winter markup of 125%, attracting crowds for Ole Miss football games.
Other notable locations included Green Bay, Wisconsin; Ann Arbor, Michigan; and Park City, Utah.
Tips for Avoiding Peak Season Rental Price Hikes
Alex Gailey, a data analyst at Bankrate, emphasised the importance of planning and flexibility to save money on travel.
Booking early and being flexible with travel dates can help travellers avoid paying premium prices.
Midweek stays are often cheaper than weekend bookings, and visiting during shoulder seasons can provide better rates.
Staying in nearby cities that don’t experience the same demand spikes can also reduce costs.
For example, Salt Lake City can be a more affordable alternative to Park City during the busy winter season.
Using Rewards and Points to Save on Travel
Gailey also recommended using credit card points and travel rewards to offset higher costs.
This strategy can help travellers stay within budget despite rising prices.
Summary of Peak Season Markups
The Bankrate study listed the top 10 spring and summer destinations with rental price surges, led by Augusta, Georgia, at 178%.
Other summer hotspots included Long Island, New York (117%), Lake of the Ozarks, Missouri (92%), and Myrtle Beach, South Carolina (79%).
For fall and winter, Oxford, Mississippi, led with a 125% markup.
Ski resorts like Vail, Colorado (123%) and Park City, Utah (103%) were also among the highest.
Conclusion
Short-term rental prices at many popular vacation spots are rising sharply during peak seasons.
Travelers can avoid paying these markups by booking early, staying flexible, and considering alternative locations or dates.
Using travel rewards can also help manage costs in a year when many are still prioritising budget-conscious trips.
Planning ahead is key to enjoying these destinations without overspending.
