Short-term vacation rentals have changed tourism in every major city in the world, and Verona is no different. Platforms like Airbnb, Vrbo, and Booking have gone from renting out a home to earn income while the owner is traveling, to a pathway for people to generate steady income streams by buying up properties they can rent one night at a time, and earn more money than longer leases. For tourists, they’re offered more unique spaces, often a more authentic experience, at generally the same or lower cost as a chain hotel.
Airbnb itself reports that 75% of its hosts rent out just one listing, while 15% manage two listings. According to them, the average Italian host for instance is a 43-year-old woman who earns around €2,300 annually from renting out their space.
The Short Term Rental Truth
However, data from InsideAirbnb paints a very different picture: many properties are actually managed by real estate companies, including multinationals. In Bologna, 61% of hosts rent out more than one home. In Venice and Florence, this percentage rises to 70% and 67%, respectively. Recently, Florence reintroduced a ban on short-term rentals in its historic UNESCO area.
In Verona, the rise in tourist rentals has decreased the availability of residential housing, driving up prices and contributing to overtourism. According to AirDna, there are 3,115 tourist accommodations in Verona managed by Airbnb and Vrbo, with 77% being entire apartments and an average nightly rate of €168. The data contradicts the narrative of single hosts renting to make ends meet, revealing that the top five groups manage a total of 190 apartments.
Leading the market is Italianflat Ltd, founded in London in 2012 by Veronese Francesco Dalle Pezze, managing 54 different rentals in Verona and about 90 in total. Dimore Verona, led by Barbara Cusano, saw its revenue grow from €180,000 in 2021 to €587,000 in 2023, with 38 managed accommodations. La Nuova Corte manages 35 accommodations, with a turnover of €53,381 in 2023. Incoming Verona SRL, directed by Valentina Cardona, also manages 35 accommodations.
Additionally, AirDna exposes the entry of “Homerez” into the Verona market, a French company that manages 28 accommodations in Verona and takes a 15% commission on each booking, which can reach up to 30% with cleaning and reception services included. This means that with an average rate of €168, owners earn about €800 per week, while property managers can collect over €350.
So while short-term vacation rental companies might like to say that they are primarily used by homeowners making a little money on the side, the reality is that Verona (and basically every other tourist city in the world) is becoming dominated by corporations. And this is extremely damaging to not only smaller short-term rental operations like the homeowner, but to people living there. As multinational organizations snatch up more and more homes, theres less places to actually live. Hotels don’t encroach on the ability for a family to find a place to live, but large real estate corporations now do.
Looking for a hotel in Verona? Check out: The Best Hotels in Verona
Looking to stay in a hostel instead? Check out: The Best Hostels in Verona, Italy
