Business Forum • 7 August, 2024 at 3:04 PM
Bucharest's short-term rental industry is expected to outperform the previous year's level and has already recorded estimated revenues close to €24 million in H1 2024, according to a Crosspoint Real Estate report.
Last year, this industry generated revenues of €41.3 million from an average of 4,550 listings, nearly double compared to 2019 and 46% over the performance recorded in 2022.
“The industry is not limited to being profitable only in Bucharest: Brașov, Constanța, and Cluj-Napoca are three regional markets where short-term apartment rentals yield significant returns. In fact, Brașov even slightly surpasses the capital in performance, with an average yearly revenue of €10,923 per property. This demonstrates that other Romanian cities are also thriving in the short-term rental market, offering considerable opportunities for property owners and investors,” adds Ilinca Timofte, Head of Research at Crosspoint Real Estate.
The average daily rate (ADR) for these accommodation units reached €63.7 during H1 2024, while the occupancy rate has remained similar to that recorded in 2023, at 55%.
Another trend is that there is a balanced availability of units for short-term accommodation throughout the city, while in the previous years there was a supply of apartments in the city centre.