Seasonality reshapes Europe’s short-term rental market as winter prices diverge

Andorra provides a striking example: its average daily rate (ADR) during the 2025–2026 winter season was 88.6% higher than during the March–November 2025 period. In Greece, by contrast, the corresponding rate was 43.3% lower.

According to AirDNA’s analysis of the European short-term rental market, the average daily rate across Europe stood at €119.26 during the winter of 2025–2026, down 1.1% from the previous winter and 10.3% below the level recorded between March and November 2025.

The outlook for the 2026–2027 winter season, however, appears different. As of 14 October 2026, the average daily rate for bookings already made stood at €152.78, representing a 21.4% increase compared with the same date a year earlier. This provides an early indication of market trends, as bookings at this stage largely reflect the holiday period and peak weeks at ski destinations.

Europe’s Most Expensive Countries for Winter Holidays

Andorra ranked as Europe’s most expensive country for the 2025–2026 winter season, with an average daily rate of €262.99, up 15.7% year-on-year. Despite the increase in prices, occupancy remained at 61.6%, while revenue per available rental (RevPAR) reached €161.99, the highest figure among the countries analysed.

Switzerland ranked second, with an ADR of €214.34, a slight decrease of 1.1% compared with the previous winter. Among the most expensive individual destinations were Verbier, at €519.04 per night, and Zermatt, at €511.08.

Iceland followed, with an average daily rate of €200.76, virtually unchanged year-on-year. Despite stable pricing, nights of demand declined by 11.9%, suggesting that hosts maintained their rates despite weakening demand.

Finland ranked fourth, with ADR increasing by 9.8% to €186.86, while nights of demand rose by 12.7%. Lapland was a major contributor to this performance, with Kittilä, Inari and Rovaniemi recording particularly high rates.

Austria completed the top five, with an average daily rate of €181.18, up 0.9% year-on-year. Schladming, Kitzbühel and Zell am See were among the country’s most expensive winter destinations.

The Balkans Offer Europe’s Most Affordable Winter Stays

At the other end of the market, the five most affordable countries for winter holidays are located in the Western Balkans and Moldova. All five recorded increases in nights of demand during the 2025–2026 winter season, with Moldova posting the strongest growth, at 27.6%.

North Macedonia emerged as Europe’s least expensive market, with an average daily rate of just €37.90. In Skopje, the rate stood at €35.16, while in Ohrid it reached €39.91.

Albania ranked second, with an ADR of €39.68, down 5.8% from the previous winter. The seasonal slowdown in tourism along the country’s coast was reflected in rates in Vlorë and Durrës, which were 44% and 46.7% lower, respectively, than during the March–November period.

Kosovo ranked third, with an average daily rate of €42.33, while demand increased by 21.1% year-on-year. In Pristina, ADR stood at €37.02.

Moldova followed, with an average rate of €44.21 per night and occupancy of 56.9%, the highest among the five most affordable markets. Nights of demand also increased by 27.6%.

Bosnia and Herzegovina completed the ranking, with an average daily rate of €50.75. Rates stood at €47.50 in Sarajevo and €47.03 in Mostar, while national occupancy reached 41.4%.

Seasonality Determines a Destination’s Pricing Power

AirDNA’s findings highlight that lower prices do not necessarily translate into greater value for visitors. In markets where winter is a low-demand period, such as Albania’s coastal destinations, lower rates reflect reduced tourist activity and a preference for longer stays.

By contrast, in destinations with strong winter tourism, including Andorra, the Swiss Alps and Lapland, higher prices reflect demand for ski holidays, winter experiences and opportunities to see the Northern Lights.

The figures underline the importance of seasonality in shaping pricing strategies across Europe’s short-term rental sector, with demand patterns, destination characteristics and the timing of travel all influencing the rates that hosts can command.