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US: Short-term rental revenue per available rental [RevPAR] for September is pacing 26 per cent ahead of the same point last year, according to KeyData’s latest US Summer Index.
The forward-looking data, recorded as of 13 July, shows that September’s average daily rate [ADR] is 11 per cent higher year on year, while on-the-books occupancy is up 13 per cent.
KeyData said September is currently showing the strongest forward performance of the remaining summer period as travel activity extends into the shoulder season. However, the company noted that September remains earlier in its booking cycle and is being measured against a lower comparative base than the peak summer months.
July and August are also pacing ahead, with RevPAR up eight and four per cent respectively. ADR is seven per cent higher for July and five per cent higher for August.
Finalised data for the second quarter of 2026 shows that pricing, rather than occupancy growth, was the primary driver of revenue increases.
ADR rose by seven per cent in April and six per cent in both May and June. This contributed to respective RevPAR increases of 10, eight and seven per cent, while occupancy growth remained in the low single digits.
Regional performance followed a similar pattern. The Western US recorded the strongest RevPAR growth at 13 per cent, followed by the Mid-Atlantic at 12 per cent, with both increases largely supported by double-digit ADR growth.
The Hawaiian Islands differed from the wider rate-led trend, recording a nine per cent increase in occupancy.
The report also identified changes in booking-channel share. Airbnb accounted for 51 per cent of reservations and 43 per cent of revenue during the second quarter, compared with 47 and 36 per cent respectively one year earlier.
Direct bookings declined from 25 to 21 per cent of reservations and from 36 to 29 per cent of revenue. Vrbo’s share remained stable at 20 per cent of reservations and 23 per cent of revenue.
Despite representing a smaller proportion of reservations, direct channels continued to generate a higher share of revenue relative to booking volume.
Sally Henry, vice president of market intelligence and insights at KeyData, said: “The story this summer is pricing. Operators have held rates firmly through the second quarter and into the forward months, and that discipline is carrying revenue growth even as booking momentum settles into a steadier pattern.
“September is the one to watch, with revenue pacing well ahead of last year as travellers push trips later into the season. For property managers, the opportunity now is to resist early discounting and benchmark against their own local market rather than the national average.”
KeyData expects the US market to remain stable but increasingly competitive throughout the rest of 2026, with performance depending on operators’ pricing strategies and their ability to secure bookings closer to arrival.
The index uses anonymised reservation data from integrated property management systems and covers 1.3 million short-term rental properties across all 50 US states. Its September findings represent bookings already secured rather than final performance.
Highlights
- US on-the-books RevPAR for September is pacing 26 per cent higher year on year.
- September ADR is up 11 per cent and occupancy is 13 per cent ahead as of 13 July.
- Higher nightly rates were the main driver of second-quarter revenue growth.
- Airbnb’s share increased to 51 per cent of reservations, while direct bookings fell to 21 per cent.
- Direct bookings still generated a disproportionately higher share of revenue.
- September figures are forward-looking and will change as the arrival date approaches.
