Bologna edges ahead of Milan on higher occupancy (19.7% vs 17%), stronger RevPAR (£32 vs £25).
Head-to-head metrics
| Bologna | Milan | |
|---|---|---|
| Median occupancy | 19.7% | 17% |
| Median daily rate | £150 | £138 |
| Median RevPAR | £32 | £25 |
| Active listings | 3,882 | 17,669 |
| YoY occupancy | +0 pts | +0 pts |
| YoY daily rate | +20.4% | +33.9% |
| Regulation risk | — | — |
| Annual night cap | None | None |
| License required | No | No |
Full analysis: Bologna vs Milan
On the money side of this comparison — what a listing actually earns against the nights it has available — Bologna finishes narrowly ahead of Milan. Revenue per available night — rate and occupancy combined, the figure that actually reaches an owner — is 29.8% higher in Bologna: £32 against £25. Across a full year the median Bologna listing grosses £11,623 against £8,973 in Milan. The margin is thin enough that a single strong year in Milan would close it, so treat the ordering as a lean rather than a verdict.
Bologna takes both halves of the yield equation, which is less common than it sounds. It charges more per night — £150 against £138 — and still fills more of the year, 19.7% against 17%. 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 £32 against £25.
That verdict needs a caveat, because Milan is not simply the weaker market of the two. Nightly rates are also climbing faster in Milan, +33.9% over the last year against +20.4% in Bologna. Milan is the deeper market at 17,669 active listings against 3,882, which usually means better comparables going in and a wider buyer pool coming out. If your model leans on that dimension, the ordering above can reasonably flip.
Neither Bologna 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. Bologna peaks in September at 70.8% and bottoms in December at 32.8%; Milan runs from 68.5% in September down to 35.1% in December. Milan is the steadier of the two at 33.4 points peak-to-trough against 38 — easier to underwrite against a mortgage — while Bologna 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. Bologna 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 3,882 active Bologna listings and 17,669 in Milan.
Frequently asked questions
Is Bologna or Milan better for Airbnb investment?
Which has higher occupancy, Bologna or Milan?
Which has higher nightly rates, Bologna or Milan?
Which has stronger year-over-year growth, Bologna or Milan?
Which is the bigger Airbnb market, Bologna or Milan?
How much can you earn from an Airbnb in Bologna vs Milan?
Go deeper on each city
Get a full investment report on either city
Property-level financials, stress tests, and an AI verdict — £19 each.
Already hosting? Meet HostPal
An AI concierge that answers your guests on WhatsApp 24/7 — in 50+ languages, from your own guidebook and house rules. Emergencies get escalated to you; the WiFi password doesn't. Live in under 10 minutes.
Try HostPal free for 7 days →