With the help of Michael Meyer of Rate-Highway Inc. and Jim Tennant of The Tennant Group, Auto Rental News publishes monthly auto rental rate surveys for six major airports in the cities of Boston, Miami, Chicago, Houston, Seattle and Los Angeles. The rates are based on weekly surveys.
Analysis and commentary provided by Jim Tennant of The Tennant Group. This survey is dated July 9. (Click on the charts and graphs for a larger view.)
The 6 City Average June rate quotes were $7.57 above May but $12.25 below June 2011. In spite of stronger rates in the early months of 2012 over 2011, the $1.88 falloff observed in May 2012 over May 2011 increased to $12.25 in June. This does not bode well for summer rates and perhaps reflects the lackluster performance of the overall economy in recent months.
Again, individual city results varied considerably. While all except Chicago were down (and that city showed an insignificant 11 cent increase) the decreases varied from 10.5% in Houston to 44.9% in Miami.
Miami continues to show extreme volatility around holidays, in this case drifting down to an all-time low rate of $12.28 on June 8, then jumping to $49.50 the next week. A look at the chart below will show similar volatility in Miami this time last year and again around Labor Day, Thanksgiving, Christmas and Easter/Spring Break.
To see May's report and average rates, click here.