20 vacation hot spots where short-term rental prices surge in the busy season — and how to avoid the markup

If you’re heading to a vacation hotspot this summer, you could be paying a markup of more than 100% for a stay at a short-term rental.

A new study from Bankrate identified 20 vacation hotspots where short-term rental prices surge during their busy season — 10 in the fall and winter and 10 in the spring and summer.

The study used rental data compiled by AirDNA, a vacation rental analytics firm, to determine where rental prices hiked the most in 2024. It also focused on properties that were single-family homes with at least two bedrooms.

Augusta, Georgia, experienced the highest peak season markup, with the average daily rate for short-term rentals spiking 178% in the spring, due to the Masters Tournament. A family previously told Business Insider that renting their home out for Master’s week paid their mortgage for the year.

Other locations that spiked in the spring and summer included water destinations, like Long Island, New York, and Lake of the Ozarks, Missouri, as well as Bozeman, Montana, which is near Yellowstone National Park. Bozeman also was among the highest markups in the winter due to its skiing.

Places that saw the biggest markups in fall and winter included sport and skiing destinations such as Vail, Avon, and Steamboat Springs in Colorado, as well as Green Bay, Wisconsin, and Ann Arbor, Michigan. The biggest fall or winter markup was 125% in Oxford, Mississippi, which attracts thousands every fall to watch Ole Miss football.

Alex Gailey, a data analyst at Bankrate, told BI the big swings in rental prices at these popular destinations was “eye-popping.” She also noted many Americans are saying they still plan to travel this year but that they are trying to be more budget-conscious.

“Flexibility is one of the best ways you can save on travel,” Gailey said.

For travelers who do want to visit these hotspots in the busy season, Gailey said it’s best to plan ahead of time and book early. Travelers who have flexibility in their travel dates should also use it, as short-term rentals tend to be a lot cheaper during the week than on the weekends.

She also said if you can avoid a busy season visit, you’re likely to find better rates visiting these places in the shoulder seasons.

Another option is to stay in an adjacent city that is close by but does not experience the same level of price hike. For instance, staying in Salt Lake City can be a lot more budget-friendly than Park City, where short-term rentals can cost over 103% more on average in the fall or winter season, according to Bankrate.

Gailey also said taking advantage of credit card points and other travel rewards can be a good way to make travel more budget-friendly despite broader economic uncertainty.

Here’s the full lists of locations and the average peak season markup for short-term rentals, according to the Bankrate study.

Spring and summer

1. Augusta, GeorgiaMaximum average daily rate: $541Minimum average daily rate: $194Peak season markup: 178%

2. Long Island, New YorkMaximum average daily rate: $785Minimum average daily rate: $362Peak season markup: 117%

3. Albany/Saratoga Springs, New YorkMaximum average daily rate: $439Minimum average daily rate: $224Peak season markup: 96%

4. Bozeman/Yellowstone National ParkMaximum average daily rate: $611Minimum average daily rate: $313Peak season markup: 95%

5. Lake of the Ozarks, MissouriMaximum average daily rate: $407Minimum average daily rate: $212Peak season markup: 92%

6. Lake Norman, North CarolinaMaximum average daily rate: $692Minimum average daily rate: $364Peak season markup: 90%

7. Norfolk/Virginia Beach, VirginiaMaximum average daily rate: $435Minimum average daily rate: $231Peak season markup: 88%

8. Idaho Falls/Rexburg, IdahoMaximum average daily rate: $377Minimum average daily rate: $201Peak season markup: 87%

9. Providence, Rhode IslandMaximum average daily rate: $388Minimum average daily rate: $211Peak season markup: 84%

10. Myrtle Beach, South CarolinaMaximum average daily rate: $349Minimum average daily rate: $195Peak season markup: 79%

Fall and winter

1. Oxford, MississippiMaximum average daily rate: $635Minimum average daily rate: $283Peak season markup: 125%

2. Vail/Avon, ColoradoMaximum average daily rate: $946Minimum average daily rate: $424Peak season markup: 123%

3. Green Bay, WisconsinMaximum average daily rate: $457Minimum average daily rate: $215Peak season markup: 113%

4. Steamboat Springs, ColoradoMaximum average daily rate: $694Minimum average daily rate: $335Peak season markup: 107%

5. Ann Arbor, MichiganMaximum average daily rate: $414Minimum average daily rate: $201Peak season markup: 105%

6. Park City, UtahMaximum average daily rate: $888Minimum average daily rate: $436Peak season markup: 103%

7. Aspen/Snowmass, ColoradoMaximum average daily rate: $1,082Minimum average daily rate: $535Peak season markup: 102%

8. State College, PennsylvaniaMaximum average daily rate: $642Minimum average daily rate: $315Peak season markup: 98%

9. Bozeman/Yellowstone National Park, MontanaMaximum average daily rate: $611Minimum average daily rate: $313Peak season markup: 95%

10. Mammoth Lakes, CaliforniaMaximum average daily rate: $554Minimum average daily rate: $303Peak season markup: 83%

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