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%
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