Bergamo vs Milan: which is better for Airbnb investment? (2026)

Bottom line

Milan edges ahead of Bergamo on higher occupancy (30% vs 24%), stronger RevPAR (£20 vs £9).

Head-to-head metrics

	Bergamo	Milan
Median occupancy	24%	30%
Median daily rate	£73	£103
Median RevPAR	£9	£20
Active listings	2,785	16,143
YoY occupancy	+12.5 pts	+13.6 pts
YoY daily rate	-3.4%	-2.4%
Regulation risk	—	—
Annual night cap	None	None
License required	No	No

Full analysis: Bergamo vs Milan

On the money side of this comparison — what a listing actually earns against the nights it has available — Milan finishes clearly ahead of Bergamo. Revenue per available night — rate and occupancy combined, the figure that actually reaches an owner — is 115.1% higher in Milan: £20 against £9. Milan commands 40.7% more per night, £103 against £73. Those gaps are wide enough to survive a normal year's variance.

Milan takes both halves of the yield equation, which is less common than it sounds. It charges more per night — £103 against £73 — and still fills more of the year, 30% against 24%. A market that leads on price and utilisation at once is normally one where demand has outrun supply, rather than one where hosts are discounting to keep the calendar busy. RevPAR reflects the double advantage at £20 against £9.

That verdict needs a caveat, because Bergamo is not simply the weaker market of the two. Bergamo's calendar is the flatter of the two — 24.7 points between its best and worst month against 36 in Milan — which makes debt service easier to underwrite. Bergamo is the less crowded of the two — 2,785 active listings to 16,143 — so a well-run property has fewer near-identical rivals to out-rank. If your model leans on that dimension, the ordering above can reasonably flip.

Neither Bergamo nor Milan currently has a verified short-term rental regulation record in our register, so the comparison above is a yield comparison only. Regulation is the single largest source of downside in this asset class — an unverified market is an unpriced risk, not an absent one.

The two calendars also behave differently. Bergamo peaks in September at 52.3% and bottoms in November at 27.6%; Milan runs from 69.5% in September down to 33.5% in December. Bergamo is the steadier of the two at 24.7 points peak-to-trough against 36 — easier to underwrite against a mortgage — while Milan concentrates its return into a shorter window and rewards operators who price the peak aggressively instead of holding a flat rate all year.

Who each suits, then. Bergamo suits buyers who want a conventional, lightly regulated entry. Milan answers to the same regulatory profile, so the split between them is operational rather than legal. It is also the momentum side of this pair. Every figure above comes from the same Inside Airbnb snapshot pipeline on both sides, dated 2025-09, filtered to listings with at least one booking in the last twelve months. Occupancy medians are drawn from 2,063 active Bergamo listings and 9,889 in Milan.

Frequently asked questions

Is Bergamo or Milan better for Airbnb investment?

Milan, on the data we track. It leads on stronger RevPAR (£20 vs £9), a higher nightly rate (£103 vs £73), and higher occupancy (30% vs 24%). Bergamo is not the weak side of this pair, though — it wins on a flatter season (24.7-point swing vs 36).

Which has higher occupancy, Bergamo or Milan?

Milan, at 30% median occupancy against 24% in Bergamo — a gap of 6 points. That is a real but modest edge; a well-run listing in Bergamo can close most of it. Over the last twelve months Bergamo gained 12.5 points and Milan gained 13.6 points, so the gap is widening.

Which has higher nightly rates, Bergamo or Milan?

Milan, at £103 a night against £73 in Bergamo — roughly 40.7% more. Revenue per available night agrees rather than contradicts: £20 in Milan against £9, so the rate premium survives contact with the occupancy figures.

Which has stronger year-over-year growth, Bergamo or Milan?

Milan, on occupancy: +13.6 points over the last twelve months against +12.5 points in Bergamo. Nightly rates fell 3.4% in Bergamo and fell 2.4% in Milan over the same window. One year of movement is a direction, not a trend — weigh it against the regulation picture before treating it as momentum.

Which is the bigger Airbnb market, Bergamo or Milan?

Milan, with 16,143 active listings against 2,785 in Bergamo. Size cuts both ways: a deep market gives you comparables, contractors and an exit, while a thinner one means fewer near-identical rivals competing for the same search results.

How much can you earn from an Airbnb in Bergamo vs Milan?

Milan earns more: roughly £7,140 a year for a median listing against £3,305 in Bergamo. Those are gross booking revenues before cleaning, management, platform fees, furnishing amortisation and tax — budget for a meaningful share of them, and note that a median listing is a median operator, not a good one.

Go deeper on each city

Market guide

Airbnb in Bergamo →

Occupancy, ADR, neighborhoods, regulation

Market guide

Airbnb in Milan →

Occupancy, ADR, neighborhoods, regulation

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