Private aircraft charter rates dropped by 5% year-over-year in the first quarter, according to online charter marketplace JetASAP’s latest activity report. Quarter-over-quarter, hourly rates were down an average of 7% this year.
While pricing for turboprops and light jets remained stable between February and March at $4,373 and $7,020 per hour, respectively, average pricing for midsize jets declined by 2%, to $8,672, followed by super-midsize at -3% ($9,930), and heavy jets at -10 percent ($13,208).
Some example quotes given through the JetASAP application platform in March included Philadelphia to Miami on an Embraer 300E for $17,661; Palm Beach to New York (Bombardier Challenger 604) for $17,000; Aspen to Miami (Dassault Falcon 2000) for $32,395; Las Vegas to New York (Gulfstream GIV-SP) for $32,020; and Indianapolis to Aspen (Cessna Citation XLS+) for $22,137.
“Overall, 53% of quotes received by flyers via the JetASAP app come in at or below the average hourly rates from charter operators across the U.S. and Canada,” said JetASAP founder and CEO Lisa Sayer.