AirDNA survey shows STR buying activity concentrated among scaled operators

US: Acquisition activity in the US short-term rental market is being driven by experienced, multi-property operators, according to AirDNA’s first Short-Term Rental Investor Survey.

The report, based on responses from more than 650 US participants in Q4 2025, suggests the sector is maturing rather than contracting, with growth becoming slower and more selective.

Investors with five or more properties are significantly more likely to acquire another STR in the next 12 months, while single-property owners cluster around neutral or low purchase intent. Among operators with 10 or more properties, acquisition intent is particularly concentrated.

US STR supply grew 3.3 per cent in 2025, reflecting what AirDNA describes as more disciplined and deliberate expansion.

Property prices, interest rates, rising operating costs and regulatory risk rank as the top barriers to additional purchases. However, even among investors who report a strong or extreme impact from current interest rates, many still plan to buy within the next year.

Selling activity remains limited. Most current owners report being unlikely to sell in the next 12 months, with those considering a sale citing strategic reasons rather than distress.

The survey also highlights a shift in financing strategies as portfolios scale. Among operators with 10 or more properties, fewer than 20 per cent used a conventional 30-year mortgage for their most recent acquisition. Instead, larger investors are increasingly using DSCR loans, portfolio loans and private financing structures.

Market targeting also evolves with experience. Newer investors tend to favour urban and familiar markets, while more experienced operators focus on coastal, mountain and destination markets with stronger demand durability and pricing power.

AirDNA said the findings point to a more disciplined investment environment in 2026, with activity concentrated among operators that already have infrastructure, capital and operational experience in place.

Highlights:

AirDNA’s 2026 investor survey shows STR acquisition activity is increasingly led by experienced, multi-property operators.

Investors with five or more properties are far more likely to buy again in the next 12 months, while single-property owners show lower purchase intent.

US short-term rental supply grew 3.3 per cent in 2025, reflecting slower, more selective market expansion.

Larger operators are moving away from traditional mortgages, with DSCR, portfolio and private loans becoming more common.