Milan short-term rental booked rates rose 51% during the Winter Olympics in February 2026

On February 7, 2026, AirDNA reported that booked rates for short-term rentals in Milan rose an average of 51% year-over-year for the Olympic period running from February 6 to February 22, 2026. The gains coincided with an expansion of available supply, with listings up 15.9% year-over-year across the city as hosts brought units to market for the Winter Games.

The pricing surge extended beyond the city limits into northern Italy’s alpine clusters, where inventory constraints produced sharp rate spikes. Across Milan, premium properties captured the largest financial gains, with RevPAR in the luxury tier advancing 133% year-over-year during the competition dates.

What the data shows

AirDNA reported that reservations for February 2026 outpaced 2025 volume by as much as 6,000 reservations. Pacing metrics recorded between 2,000 to 6,000 more bookings on the books than during the matching period in 2025. Although booking lines began to converge in January, AirDNA attributed the pattern to shorter booking windows rather than softening interest.

Pricing gains peaked in the middle of the Games. While booked rates across Milan were up 51% on average from February 6 to February 22, the gap reached 65% higher than 2025 dates between February 13 and 15, matching Valentine’s Day weekend. Revenue performance diverged widely across pricing tiers: luxury rentals marked a 133% year-over-year increase in RevPAR, whereas the budget tier registered a 79% rise.

Demand shifts inside Milan concentrated around major event infrastructure. Municipio 4 posted a 66.9% year-over-year increase in demand, driven by proximity to the Milano Santa Giulia Ice Hockey Arena. Neighboring districts also saw gains, with Municipio 3 recording demand growth of 56.5% and Municipio 6 rising 52.4% year-over-year.

Outside Milan, alpine host destinations showed divergent operational paths:

• Cortina recorded a 35% increase in demand, and ADRs more than doubled. PriceLabs data recorded an opening-period ADR of €1,043 between February 4 and February 9, representing a 199% increase over €349 in 2025.
• Bormio saw ADRs more than double, according to AirDNA.
• Verona posted a 19% demand increase ahead of the Games.
• Livigno experienced a 29% year-over-year drop in booked nights and a 27% contraction in available listings, yet total revenue rose 44% year-over-year as ADRs doubled.
• Antholz-Anterselva saw supply cut by 34%, bringing occupancy down to 68%, though occupancy climbed 32% compared to the prior-year period as nightly rates declined.

How it was measured

AirDNA tracked reservation pacing, listing counts, average daily rates, and RevPAR for stays scheduled between February 6 and February 22, 2026, benchmarking them against equivalent dates in 2025. The company analyzed listing tiers categorizing properties from budget to luxury, alongside municipal subdivisions within Milan. Economic baseline data for Lombardy was attributed to Eurostat, which reported the region’s share of Italian gross domestic product at 23% in 2023.

Corroborating performance data compiled by PriceLabs and published by Rental Scale-Up examined the opening days window of February 4 to February 9, 2026, compared to February 5 to February 10, 2025. PriceLabs measured available supply, booked nights, ADR, occupancy, and RevPAR across key northern Italian destinations including Milan, Cortina, Val di Fiemme, Rho, and Valtellina.

The occupancy paradox and rate defense

Data from PriceLabs revealed an apparent contradiction during the opening week: booked nights expanded, but occupancy percentages fell across major markets because listings entered the market faster than travelers booked them. In Milan, booked nights paced 25% higher year-over-year, but available listings rose 35%, pulling occupancy down from 72% to 60%. In Cortina, supply grew 21% while occupancy dropped from 67% to 55%.

In Val di Fiemme, inventory expanded 47% to accommodate Nordic skiing visitors. Occupancy fell 24%, but RevPAR rose 28% because ADR increased 94%. In Valtellina, which covers Bormio and Livigno, available nights grew 56%, ADR increased 69%, and RevPAR advanced 43%. In Rho, supply grew 36%, ADR climbed 77%, and RevPAR rose 33%.

For Milan as a whole during the February 4 to February 9 window, PriceLabs measured a 102% increase in ADR to €443, which lifted RevPAR by 89%. Cortina recorded a 142% gain in RevPAR alongside its 199% rise in ADR. Property operators prioritized higher rates over complete calendar occupancy, and the resulting yields compensated for lower utilization rates.

Market context and seasonality patterns

The demand surge of early 2026 introduced an atypical winter peak to Milan’s lodging market. In standard years, Milan exhibits flat seasonality compared to southern resort areas. AirDNA noted that Naples concentrated 70% of its annual demand between April and October in 2025, whereas Milan recorded mild peaks in May, September, and October, alongside steady corporate demand during winter.

The Italian government projected more than 2 million visitors for the 2026 Winter Olympics, featuring over 116 events, 2,800 athletes, and participants from more than 90 National Olympic Committees. This influx stimulated early bookings across the calendar, with traveler commitment beginning in early 2025.

Demand also carried past the main Olympic closing. For the Winter Paralympics scheduled from March 6 to March 15, 2026, booked rates in Milan tracked upward year-over-year. For stays between March 5 and March 8, booked rates were up an average of 26% year-over-year.

Regulatory friction in alpine hubs

While urban Milan expanded its listing count by 15.9%, alpine sub-markets faced severe supply shrinkage driven by legislative changes. AirDNA attributed Livigno’s 27% contraction in active inventory to new registration rules and tax increases enacted across Italy.

Because available supply in Livigno fell 27%, booked nights declined 29%. However, the remaining operators doubled their ADRs, which raised total market revenue by 44% year-over-year. In Antholz-Anterselva, where supply shrank 34%, operators adopted the reverse strategy: nightly rates declined, allowing occupancy to climb 32% year-over-year to 68%.

What to take from it

The performance metrics recorded across Lombardy and the alpine corridors offer key reference points for short-term rental operators evaluating major event markets.

• Track inventory additions against demand pacing: a sharp drop in headline occupancy often reflects new host supply rather than weak traveler interest.
• Distinguish rate strategies by market type: supply-constrained mountain clusters sustained doubled rates, while markets with collapsing inventory like Antholz-Anterselva were forced to discount ADR to lift occupancy.
• Watch premium segments for early pricing power: luxury units in Milan generated a 133% RevPAR increase, nearly double the 79% increase recorded by budget units.
• Evaluate halo windows and shoulder events: rate strength in Milan extended into the Paralympics, where booked rates for March 5 to March 8 were up an average of 26% year-over-year.