ITB Berlin’s Cancellation Had Only a Mild Impact on Short-Term Rental Owners
An upside for cities like Berlin that tighten short-term rental supply through regulation is that they’re less prone to price and occupancy shocks when something like the trade fair ITB Berlin cancels at the last minute.
You might think that the managers of short-term rental properties in Berlin faced sharp pain when ITB Berlin canceled its early March event, Europe's biggest travel fair.
You might think that the managers of short-term rental properties in Berlin faced sharp pain when ITB Berlin canceled its early March event, Europe's biggest travel fair.
But you'd be partly wrong. New data suggests the impact of the coronavirus crisis was mild, even though Berlin was set to host about 50,000 visitors from abroad during the first week of March.
Berlin's occupancy and rates only had minor drops. Advertised daily rates for the days of the fair barely changed after the cancellation was announced, said Transparent, a vacation rentals analytics service, in a report on Friday. Berlin's short-term rental rates remained broadly in line with the ones for the weeks before and after it.