Short-term rentals and Salone del Mobile: stable occupancy but weighed down by falling Asian demand
In Milan, rates are falling and margins under pressure, while the market remains dynamic between early bookings and longer stays
On the eve of the closure of the 2026 Milan Furniture Fair, the first balance sheets are beginning to be drawn up. On the short-term rental front, data indicate a substantially stable occupancy compared to the last two editions, although there has been a significant drop in demand from Asian countries. Outlining the picture is Centro Studi Italianway, a property manager with approximately 1,000 flats under direct management in Milan and 7,500 properties under contract in Italia.
Tariffs falling, employment recovering
Average rates are decreasing: from EUR 330 per night in 2024 to EUR 294 in 2026. The volume of bookings (gross booking value) also shows signs of recovery compared to 2025, rising from 26.9 million to 28 million euros, but without reaching the levels of 2024. "The market is holding up, but the tax burden is heavy," explains Marco Celani, CEO of Italianway, pointing out how the incidence of tax has grown from 2.4% to 6.4% in three years.
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Early Bookings and Longer Stays
Several factors are also affecting the reduction in margins: in addition to the drop in Asian demand, there is a slight increase in supply and a consequent reduction in prices to maintain competitiveness. The result is a market that is dynamic in volume but less profitable for operators and hosts.
Traveller behaviour is also changing: bookings are being made earlier - the booking window is rising from 20 to 27 days (+38%) - stays are getting longer (from 2.9 to 3.2 nights) and the average number of guests per booking is increasing, from 1.7 to 2. The exhibition attracts more and more organised visitors, often in couples or small groups.
Meanwhile, the tourist tax collected by the municipality has more than doubled, from 751 thousand euro to almost 1.8 million. "The increase is linked both to the rate and to the resilience of occupancy, stable between 93% and 94% over five nights," notes Celani. "Hosts and property managers work more and earn less, in a context that also pushes business travellers to optimise the length of their stay."
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