You can certainly find redemptions for over 1 cent if you are looking for it. Just plug in ski resorts around Christmas time.

But if you're not looking to ski at Christmas time, the "ease" of finding them isn't really relevant.

I have a spreadsheet for staying in Barcelona and Madrid next summer. Of the 25 properties I looked at, comparing points vs redemptions for that specific period, I found 3 properties over 1 cent - 1.006, 1.021, and 1.012. They averaged 0.84.

5th night free raised it to about 40% of the properties, but going to 6, 7, etc. nights starts bringing it back down.

I suspect if I searched other then prime holiday time, the values would drop, with off-season rates, as OP probably is searching. That's the time to pay cash.