September emerges as Athens’ new peak season

Much of the increase was driven by existing hosts charging higher rates.

According to AirDNA data, Athens, alongside Venice, Paris, Rome and Milan, was among the cities where the year-on-year growth rate in average daily rates (ADR) in September was approximately 5 to 8 percentage points higher than during the June–August period.

The trend forms part of a broader strengthening of the autumn season across major European cities. Across the 50 largest markets, ADR increased by 9.4% year-on-year in September, compared with 6.7% growth during the summer. Occupancy rose by 0.9 percentage points, following a decline of 1.3 percentage points between June and August.

Seville, Munich and Italian Cities Lead the Market

The shift was most pronounced in cities where September outperformed the summer months in both demand and pricing. In Seville, average daily nights booked were 36.7% higher than during June–August, while ADR increased by 16%. In Munich, demand rose by 29.7% and rates by 27.2%, with the market also benefiting from Oktoberfest.

Turin, Venice and Milan were also among the ten strongest-performing markets during the shoulder season. Collectively, these markets recorded daily demand in September that was 24.6% higher than in the summer, while ADR was 8.7% higher. Average occupancy across the ten cities reached 77.7%, significantly above the 55.4% recorded across the European market as a whole.

Rate Increases of Up to 25.6%

Madrid recorded the largest year-on-year increase in rates among the major markets, with ADR rising by 25.6% while supply declined by 2.5%. Performance was partly supported by the city’s first Formula 1 Grand Prix, held in mid-September. Budapest followed with a 22% increase in ADR, ahead of Seville at 18.8%, Barcelona at 17.4% and Valencia at 17.3%.

Across Spain, stricter licensing rules reduced supply by 7.7% year-on-year, equivalent to approximately 31,800 accommodation units. Nights booked fell by 8.1%, while ADR increased by 14.5%.

Venice presented a different picture, with rising rates accompanied by strong demand. ADR increased by 13.1%, nights booked rose by 17.2% and occupancy climbed by 13 percentage points, while supply remained almost unchanged.

At the other end of the spectrum, nights booked in Paris declined by 9.5%, while London recorded a decrease of 2.5%. ADR growth in London was limited to 3.9%, while more modest increases were recorded in Lyon, at 0.2%; Vienna, at 1.9%; and Lisbon, at 2.3%.

Hotter Summers Are Shifting City Breaks into Autumn

The data also point to a potential shift in some travel demand away from the hottest summer months towards September. Nine of the ten best-performing shoulder-season markets recorded average daily maximum temperatures above 30°C between June and August. The corresponding temperature for a typical major European market was approximately 24°C.

This trend is particularly relevant for Southern European cities, including Athens, where high summer temperatures may shift some urban tourism demand towards the milder months of the year.

Higher Revenue Despite Fewer Nights Booked

The European short-term rental market nevertheless increased its revenue in September despite a decline in demand.

Nights booked fell by 1.2% to 46.4 million, while supply increased by just 0.4% to 4.04 million available properties. Average occupancy remained virtually unchanged at 55.4%.

ADR, by contrast, rose by 8.9% to €141, pushing revenue per available rental night (RevPAR) up by 9.1% to €78.1.