Milan edges ahead of Bergamo on higher occupancy (17% vs 11%), stronger RevPAR (£25 vs £12).
Head-to-head metrics
| Bergamo | Milan | |
|---|---|---|
| Median occupancy | 11% | 17% |
| Median daily rate | £103 | £138 |
| Median RevPAR | £12 | £25 |
| Active listings | 3,087 | 17,669 |
| YoY occupancy | -0.5 pts | +0 pts |
| YoY daily rate | +40.3% | +33.9% |
| 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 107.9% higher in Milan: £25 against £12. Milan commands 34.2% more per night, £138 against £103. 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 — £138 against £103 — and still fills more of the year, 17% against 11%. 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 £25 against £12.
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 — 21.7 points between its best and worst month against 33.4 in Milan — which makes debt service easier to underwrite. Nightly rates are also climbing faster in Bergamo, +40.3% over the last year against +33.9% in Milan. 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 49.8% and bottoms in November at 28.1%; Milan runs from 68.5% in September down to 35.1% in December. Bergamo is the steadier of the two at 21.7 points peak-to-trough against 33.4 — 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. Every figure above comes from the same Inside Airbnb snapshot pipeline on both sides, dated 2026-09, filtered to listings with at least one booking in the last twelve months. Occupancy medians are drawn from 3,087 active Bergamo listings and 17,669 in Milan.
Frequently asked questions
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