What’s keeping rental car prices so high? – KTSM 9 News
(NerdWallet) – The typical cost of renting a car in the U.S. has increased 48% since May 2019, according to the latest data from the Bureau of Labor Statistics (BLS). In other words, a car that cost $100 per day four years ago would now cost $148 per day.
Believe it or not, prices have dropped recently, with year-over-year costs falling 12%, according to BLS data. But that drop has done little to undo the sky-high prices that emerged during the pandemic.
Change in rental car prices
Percent change compared with 2019 prices.
Source: U.S. Bureau of Labor Statistics
“The traditional car rental industry had to trim down their supply significantly during COVID,” says Albert Mangahas, chief data officer at Turo, a car-sharing platform. “This led to a rental car crunch when all the rental car demand came back.”
Flights are 5% more expensive than they were in May 2019, and hotels are up 15% over the same period, according to the May 2023 BLS report. These prices are somewhat higher, but…
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