Short-Term Rentals in Greece Get Costlier as Prices Jump

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Greece’s short-term rental market defied expectations this February, seeing a significant 15% rise in prices despite a dip in both supply and demand. According to recent data from AirDNA, the average daily rate (ADR) in February climbed to 96 euros, surpassing the European average. Additionally, revenue per available rental (RevPAR) also surged by 10%. This growth underscores the market’s resilience, even in the face of a winter season that didn’t match the usual demand.

However, the picture isn’t entirely rosy. Greece has joined a small group of major European destinations experiencing a decline in both rental supply and demand. Listings saw a reduction of 6% compared to February 2025, signaling a shift in the market’s landscape. As for demand, it also contracted by 6% year-on-year, resulting in a notable drop in occupancy rates, which fell to 55%—a four percentage point dip from the previous year. These figures, though concerning, may not reflect a deeper issue, but rather a shift in traveller behaviour.

Shifting Travel Seasons and Changing Demand

What does this all mean for travelers? While the numbers indicate a quieter winter season, the market is adjusting to changing travel patterns. According to AirDNA, travelers are increasingly leaning towards shoulder seasons and peak summer months. In fact, the decline in winter demand is part of a broader trend across Southern Europe, where the traditional off-season months are becoming less important to both guests and hosts. This shift has led to softer demand during the colder months, even in highly popular destinations such as Athens, Santorini, and Crete.

The changing demand pattern isn’t necessarily indicative of weak tourism; rather, it reflects an evolving preference for travel during milder weather periods. For short-term rental hosts, this means an opportunity to tap into the busy months while adjusting to market fluctuations in the off-season. Travelers will likely find fewer options available during the off-peak months, which may increase the competitiveness of bookings for those willing to venture to Greece in the winter months.

Athens, Santorini, and Crete in the Spotlight

Greek cities and islands have long been popular with short-term rental visitors. In the heart of Athens, vacation rentals offer visitors the chance to stay near iconic landmarks like the Acropolis, while in Santorini, stunning cliffside views are a major draw for travelers. Meanwhile, Crete remains a favorite for those seeking a blend of culture, history, and natural beauty.

Yet, despite the short-term setbacks in supply and demand, these locations are proving resilient. As the weather warms and tourist traffic increases, the prices for short-term rentals are likely to continue their upward trajectory, especially for prime locations. As Greece enters the peak summer season, demand for accommodation will rise, particularly in tourist-heavy areas. This influx of visitors can make booking a rental in advance crucial, especially for travelers targeting popular islands and cities.

While the short-term rental market’s winter dip might appear alarming on the surface, it’s important to note that Greece remains a top destination in Europe. With a rich history, unparalleled landscapes, and a range of activities—from historical site tours to beach days—there’s no shortage of things to do, even when the numbers aren’t as high. For travelers seeking a more peaceful, off-peak experience, Greece offers the perfect escape during the quieter months.

Short-Term Rentals: A Resilient Sector

Despite the minor setbacks, the growth in average daily rates (ADR) and revenue per available rental (RevPAR) indicates that the short-term rental sector is holding strong. With the rise in rental prices, it’s clear that Greece remains a lucrative destination for property owners and hosts. Whether it’s a cozy apartment in Athens or a villa in Santorini, the market has been able to maintain a solid rate of return for property owners, even amidst lower winter demand.

For travelers, this also means a higher likelihood of encountering elevated prices during peak seasons, especially for high-demand properties. With this in mind, advanced booking will be essential for securing the best deals, particularly in locations like Santorini or Mykonos. Those planning to visit Greece this summer may need to plan and budget accordingly, as rental prices are expected to stay above average, driven by sustained demand.

Future of Greece’s Short-Term Rental Market

Looking ahead, it’s clear that Greece’s short-term rental market is evolving. While winter demand has softened, the upward trend in rental prices points to a resilient sector poised for growth as the high season approaches. For those planning to travel to Greece in the coming months, it’s crucial to stay informed on current market trends and adjust expectations accordingly. Demand for rentals during the summer months will remain strong, and booking ahead will help secure the most desirable accommodations.

As the market adapts to these new travel patterns, both tourists and hosts will benefit from a better understanding of these shifts. Travelers seeking a quieter getaway can still enjoy Greece in the off-season, while those looking to experience the summer bustle should plan ahead to avoid missing out on prime rental opportunities.