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 cities: Boston, Miami, Chicago, Houston, Seattle and Los Angeles. The rates are based on weekly surveys.
In spite of a promising spring, summer rates continue to be disappointing. The six-city average July monthly rate quotes were again down from the same period last year. The July, 2012 six-city average rate quotes were $11.71 lower than July, 2011. Rates looked strong until May, which was down $1.88 from May, 2011, but June was down $12.25 and as we can see, July followed June’s pattern.
|ICAR Average Rate Quotes - Monthly Averages (2011)|
|May 11||Jun 11||Jul 11||Aug 11||Sep 11||Oct 11||Nov 11||Dec 11|
|6 City Avge||38.04||55.99||61.30||38.37||41.22||39.24||36.97||36.30|
|ICAR Average Rate Quotes - Monthly Averages (2012)|
|Jan 12||Feb 12||Mar 12||Apr 12||May 12||Jun 12||Jul 12|
|6 City Avge||40.63||45.36||45.48||39.07||36.16||43.73||49.59|
In May, Chicago and Houston held their own against last year, but June and July’s falloffs spared no-one. All cities were down in at least one of the last two months.
|Year to Year Changes||Year to Year Changes||Year to Year Changes|
|May 11||May 12||Change||Jun 11||Jun 12||Change||Jul 11||Jul 12||Change|
|6 City Avge||38.04||36.16||(1.88)||6 City Avge||55.99||43.73||(12.25)||6 City Avge||61.30||49.59||(11.71)|
The rate quotes are for pickup 15 to 21 days out, so there were no holidays in the July quotes and thus the rates were relatively stable through the month, with only Miami having average rate quotes that went from a low of $23.67 to a high of $51.91.