Revenue per available short-term rental in the United States is recording strong growth for September, as travel demand appears to be extending beyond the peak summer season.
According to data from KeyData’s US Summer Index, revenue per available rental (RevPAR) for September is projected to increase by 26% year over year. The figures, which reflect future bookings and were recorded through July 13, show that the average daily rate is up 11% compared to the same period last year, while occupancy based on bookings already made is 13% higher.
KeyData notes that September currently shows the strongest revenue outlook among the remaining months of the summer season, as travel activity extends into the shoulder season between the high and low tourism periods. However, the company points out that September is still at an earlier stage of the booking cycle and is being compared with a lower base than the peak summer months.
Performance is also improving in July and August, with revenue per available rental increasing by 8% and 4%, respectively. The average daily rate is 7% higher in July and 5% higher in August.
Higher rates drive revenue growth
Finalized data for the second quarter of 2026 show that higher pricing, rather than stronger occupancy, was the primary driver behind revenue growth.
The average daily rate increased by 7% in April and by 6% in both May and June. This contributed to revenue per available rental rising by 10% in April, 8% in May and 7% in June, while occupancy growth remained in the low single digits.
A similar pattern was observed at the regional level. The Western United States recorded the highest increase in revenue per available rental, at 13%, followed by the Mid-Atlantic region with a 12% increase. In both cases, performance was largely supported by double-digit growth in average daily rates.
A different trend was recorded in the Hawaiian Islands, where the market diverged from the pricing-driven pattern seen across the rest of the country, as occupancy increased by 9%.
Airbnb strengthens its share of bookings
The report also highlights changes in the market share of different booking channels.
Airbnb accounted for 51% of bookings and 43% of revenue during the second quarter, compared with 47% and 36%, respectively, one year earlier.
By contrast, direct bookings, meaning reservations made without the use of online booking platforms, declined from 25% to 21% of total bookings and from 36% to 29% of total revenue.
Vrbo’s market share remained unchanged at 20% of bookings and 23% of revenue.
Although direct booking channels represent a smaller share of total bookings, they continue to generate a disproportionately higher share of revenue relative to their booking volume.
“The story of this summer is pricing”
Sally Henry, Vice President of Data Analysis and Market Insights at KeyData, said:
“The story of this summer is pricing. Property managers maintained pricing discipline throughout the second quarter and into the upcoming months for which bookings have already been recorded. That pricing discipline continues to support revenue growth, even as booking momentum settles into a more moderate pace.
September is the month to watch, with revenue running well ahead of last year as travelers shift their trips toward the end of the season. For property managers, the opportunity now is to resist early price reductions and benchmark their performance against their local market rather than the national average.”
KeyData expects the US market to remain stable but increasingly competitive throughout the remainder of 2026. Market performance will depend on property managers’ pricing strategies and their ability to secure bookings as guests’ arrival dates approach.
** The index is based on booking data from integrated property management systems and covers 1.3 million short-term rental properties across all 50 US states.
** September figures are forecasts based on bookings already made and therefore do not represent the month’s final performance. The data are expected to change as guest arrival dates draw closer.
