Short-Term Rental Supply Grows

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El Heraldo de México

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Publicado: 21/10/2024 · 12:19 p.m. MX | Actualizado: 21/10/2024 · 12:19 p.m. MX

The number of homes offering short-term rentals in Mexico City (temporary accommodations from one night to several weeks) increased by 50% in the last four years, generating profits for owners that have risen by 93% in the price per night.

Marissa González Guzmán, senior economist at BBVA Mexico, explained that “the profits from 2020 to 2024 for owners of these properties listed for short-term rentals have tripled, contributing to the increased demand for housing, as well as rising home prices.”

She detailed that “prices per night have grown considerably, as in 2020, they were 43 dollars, and now in 2024, they are 83 dollars,” representing a 93% increase compared to four years ago.

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She explained that this short-term rental phenomenon (such as services provided through Airbnb) is primarily concentrated in Mexico City, specifically in three boroughs: Cuauhtémoc, Miguel Hidalgo, and Benito Juárez. These areas account for 78% of the short-term rental demand.

Regarding the types of properties, she explained that 69% are fully equipped apartments with all services (kitchen, bathroom, water, and Wi-Fi) and are for the exclusive use of the renter or family, while another 29% are private rooms, and only 1% are shared rooms, with another 1% being hotel rooms.

Despite the boom, the specialist acknowledged that the occupancy rate for homes listed as short-term rentals is 48%, which provides property owners with an average monthly profit of 22,000 pesos.

Nota publicada originalmente en El Heraldo de México.

El Heraldo de México