US STR RevPAR for September paces 26 per cent ahead of 2025, says KeyData

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US STR RevPAR for September paces 26 per cent ahead of 2025, says KeyData — ShortTermRentalz

What It Says

Data from KeyData’s US Summer Index reveals that US short-term rental (STR) RevPAR for September is pacing 26% higher than the same period in 2025. This growth is driven by an 11% increase in Average Daily Rate (ADR) and a 13% rise in on-the-books occupancy. While July and August are also pacing ahead (8% and 4% RevPAR growth respectively), September is emerging as the strongest month for the remainder of the summer season as travel extends further into the shoulder months.

The report also highlights a shift in booking channels. During Q2 2026, Airbnb’s share of reservations grew to 51% (up from 47% the previous year), while direct bookings fell from 25% to 21%. Despite the volume drop, direct bookings continue to account for a disproportionately high share of total revenue compared to OTAs.

Why It Matters

The surge in September pacing suggests a structural shift toward shoulder-season travel, offering operators a longer window to maintain peak-season pricing. However, the data also indicates that revenue growth is currently being driven more by aggressive pricing (ADR) than by significant increases in occupancy. The shrinking share of direct bookings is a concern for margin-conscious managers, as it suggests a growing reliance on Airbnb for demand generation, even as direct channels remain the most profitable.

Useful Signals

KeyData: Provided the market intelligence for the US Summer Index.
Airbnb: Captured 51% of Q2 reservations and 43% of revenue.
Vrbo: Maintained a stable 20% share of reservations.
Sally Henry: KeyData VP of market intelligence who emphasized that "the story this summer is pricing."
Regional Leaders: The Western US and Mid-Atlantic regions saw the highest RevPAR growth at 13% and 12% respectively.

STR Tech Report Take

The data confirms that travelers are willing to pay higher rates even as the post-pandemic "travel boom" matures into a steadier pattern. For technology vendors, the signal is clear: property managers need robust dynamic pricing tools and localized benchmarking data to sustain these ADR gains. The decline in direct booking share is a specific pain point that PMS and marketing tech providers should address; there is a clear opportunity for tools that help managers recapture "lost" direct volume and reduce their dependency on Airbnb’s growing market dominance.

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