With the help of Jim Tennant of The Tennant Group and Michael Meyer of Rate-Highway, Inc., we are conducting rate surveys on a weekly basis and providing analysis and comments where appropriate. We publish this monthly recap in our electronic edition and more comprehensive looks in the print editions.
The June 2015 average rate quote was down $4.85 from a year ago. There was a spike in rates last year, which showed up in the July 2014 average, but rates actually started rising in the third and fourth week of June 2014 (as can be seen from the graph to the left).
Thus, June 2014 rates were temporarily inflated, but a look at the 2013 weekly quotes shows June 2015 rates to be weak, even taking that into account.
Last year, the industry was temporarily short-fleeted due to recalls, so the 2014 rates rose from the third week of June and all of July, falling back somewhat by the last week of July.
The moderate rate increase last month, which was triggered by the Hertz announcement, has been overshadowed by the abnormal events in late June and July last year. Although it will take another month of survey results to be sure, it appears that the summer of 2015 will see lower rates than the previous two summers.