European short-term rental listings reached 4 million in September 2025 as growth slowed

Updated 15 October 2026. After a source check by the standards desk, 2 sentences were removed because no source confirmed their specifics. Corrections log.

On October 15, 2025, AirDNA reported that available short-term rental listings across Europe reached 4 million units in September 2025, representing a 1.6% increase compared to the same month in the previous year. This growth rate marked the second consecutive month in which available listings grew by only 1.6% year-over-year, reflecting a broader deceleration in supply expansion as local regulations tightened across several major European markets.

The contraction was particularly pronounced in southern Europe, where supply declines in Spain and Italy helped push occupancy rates higher for remaining hosts. At the same time, overall European demand showed signs of leveling off, with total demand nights declining by 0.9% year-over-year to 45.5 million. Despite these headwinds, established operators demonstrated resilient pricing power, with the Repeat Rent Index outperforming average daily rates for the first time since January 2025.

What the data shows

The data released by AirDNA for September 2025 showed a stabilizing but slowing European short-term rental market. The total supply of 4 million available listings represented a decrease of 150,000 listings from August 2025, when supply hit a record high. The 1.6% year-over-year increase in listings marked the fourth consecutive month with supply growth below 3%, a deceleration trend that had not been observed since early 2022.

Demand also experienced a slight contraction. Total demand nights fell 0.9% year-over-year to 45.5 million, down from the flat growth of 0.3% recorded in August 2025. Despite this marginal decline, September 2025 secured its position as the fourth-highest month for nominal demand in the year, supported by an extended summer travel season and stronger shoulder-season demand.

In contrast, forward-looking booking activity showed a more pronounced slowdown. Nights booked, which measures reservations made during the month for current or future stays, declined for the third consecutive month. Following a decline of 4% in August 2025, nights booked fell 5.3% year-over-year in September 2025.

Pricing and occupancy metrics followed a downward trajectory across the continent. The average daily rate fell 2.1% year-over-year to €128, following a 1.6% decline in August 2025. The average occupancy rate reached 55%, which was a decline of 1.3% compared to September 2024. Consequently, the revenue per available rental night declined 3.4% to €70.47.

However, existing operators experienced a different pricing environment. The Repeat Rent Index, which tracks pricing changes specifically among established hosts, rose 4.6% year-over-year. This was an increase from the 4.2% growth recorded in August 2025, representing the strongest performance for the index since December 2024, when it rose 4.8%. This rate was also well above the 12-month average of 3.2%.

How it was measured

The figures were compiled and reported by AirDNA, a short-term rental data and analytics provider, in its monthly market review published on October 15, 2025. The data covers performance metrics for the month of September 2025 across European countries. AirDNA did not publish its exact proprietary methodology, the specific sample size of properties tracked, or the precise data collection mechanisms used to monitor the 4 million listings in this specific report. The report analyzed year-over-year changes by comparing September 2025 metrics against September 2024 metrics, alongside historical comparisons dating back to 2019.

The report also incorporated macroeconomic data from the European Central Bank regarding inflation, unemployment, and interest rates.

Regulatory pressures and supply contraction

The primary driver behind the deceleration of European short-term rental supply was the intensification of municipal and national regulations. Southern European nations experienced the most significant declines in available listings. In Spain, available listings fell 7.1% year-over-year. In Croatia, listings declined 3.7% year-over-year, while Italy saw a 2% decline in supply. In contrast, France remained nearly flat with a 0.6% increase in listings.

To put these figures into a longer-term perspective, Spain’s total listings grew by just 4% since 2019, while Italy’s listings remained nearly flat with a 0.1% increase. Croatia’s listings fell 19.8% compared to 2019 levels. These figures stand in sharp contrast to the average European listing increase of 21.2% over the same period, illustrating how regulatory frameworks have reshaped the Mediterranean short-term rental landscape.

In Spain, AirDNA reported that more than 65,000 listings were at risk of delisting due to tightening compliance rules. Cities such as Barcelona, Palma, and Lloret de Mar introduced stricter zoning laws, license caps, and enforcement measures to constrain new supply. However, both Barcelona and Lloret de Mar recorded small year-over-year increases in September 2025, suggesting a degree of stabilization as active hosts adapted to the new local rules.

In Italy, the supply constraints were driven by fragmented local policies, higher taxation, and rising operational costs, which discouraged new entrants and kept supply stagnant. Markets such as Cortona in Tuscany, Castellammare del Golfo in Sicily, and San Teodoro in Sardinia continued to operate below their 2019 supply levels in September 2025.

Regional divergence in occupancy and revenue

The supply contraction in southern Europe created a regional divide in occupancy and revenue performance. Across Europe as a whole, occupancy remained flat or declined in 16 of the top 20 nations. Northern and Central European countries, including Germany, Switzerland, and Finland, experienced steady increases in supply while demand remained flat, resulting in declining occupancy rates. Norway and Poland recorded growth above 5% in both demand and listings, which balanced out and prevented significant occupancy gains.

Conversely, Spain and Italy were the only major markets to record flat or growing occupancy, driven by supply reductions. In Spain, stricter enforcement and listing removals created a supply squeeze that supported occupancy levels despite modest year-over-year demand declines. Spain’s occupancy decreased by only 0.1%, while its average daily rate rose 1.3%, leading to a 1.1% growth in revenue per available rental night. This demonstrated that tighter inventory could sustain higher revenue even during periods of softer demand.

Italy followed a similar pattern, where occupancy rose 2.5% year-over-year despite a 0.7% decline in the average daily rate, suggesting that growth was driven by booking volume rather than rate increases. Elsewhere, Denmark, Ireland, and the Czech Republic posted solid revenue gains, with revenue per available rental night increasing between 3.6% and 8.6%. In contrast, Switzerland, Belgium, and the Netherlands saw occupancy declines despite flat or rising average daily rates, reflecting a more competitive pricing environment with greater available supply.

Economic context and consumer sentiment

The performance of the short-term rental market occurred against a stable macroeconomic backdrop in the Euro Area. Inflation remained steady at the European Central Bank’s medium-term target of 2%, while the unemployment rate in the Euro Area held at 6.3% over the past year. Consequently, the European Central Bank decided to keep interest rates unchanged at its September monetary policy meeting, leaving the deposit facility rate at 2%.

Following trade-related uncertainty earlier in 2025, stable inflation and employment supported a modestly improved economic outlook. The European Central Bank raised its 2025 GDP growth projection to 1.2%, up from the 0.9% projected in June 2025. However, its GDP growth forecast for 2026 was revised downward to 1%, while the 2027 projection remained steady at 1.3%.

In the EU-5 countries, between 34% and 37% of respondents planned to increase their travel spending, compared to 29% of respondents in the United States. Within Europe, Spain recorded the strongest intention to spend more on travel, followed by Germany, Italy, and France, while the United Kingdom trailed slightly behind.

The willingness to spend on travel also revealed a significant generational divide. Baby Boomers reported the greatest intent to increase their travel spending, followed by Gen X. In contrast, fewer than one-third of Millennials and Gen Z respondents planned to increase their travel budgets, reflecting the cost-of-living pressures constraining younger travelers.

The broadening of Greece’s tourism calendar

In Greece, performance metrics for September 2025 showed a transition away from peak summer pricing. The average daily rate in Greece fell 5.2% year-over-year to €145, while revenue per available rental night declined 5.4% to €85. The average occupancy rate remained relatively flat, declining 0.2% compared to the previous year to reach 58%.

Despite these monthly declines, historical data highlighted a structural shift toward shoulder-season travel, defined as the periods from March to May and September to October. Travelers increasingly chose these months to avoid rising temperatures, summer heatwaves, overtourism, and peak summer prices. This seasonal flattening was evident in key Greek destinations.

In Athens, the share of annual demand during the shoulder months rose from 42% in 2019 to 46% in 2024. Over the same period, summer’s share of annual demand fell from 31% to 29%, while winter demand declined from 27% to 25%. This shift reinforced Athens’ position as a year-round destination.

Rhodes, which historically relied heavily on summer travel, showed a similar pattern. The shoulder-season share of annual demand in Rhodes rose from 37% in 2019 to 41% in 2024. Summer’s share of annual demand dipped from 51% to 49%, while winter demand remained steady, accounting for 10% of annual stays.

What the figures do not tell you

While the AirDNA report highlighted a 1.6% overall increase in European short-term rental listings, it did not provide the exact breakdown of how many of the 65,000 listings at risk in Spain were actually removed from platforms versus those that successfully complied with new municipal rules. The data also did not specify the exact financial impact of higher taxation and rising operational costs on individual host margins in Italy, nor did it define the specific local tax rates that discouraged new entrants.

Furthermore, while the report noted that booking windows across Europe continued to shorten, it did not disclose the average number of days between booking and check-in, leaving hosts without a concrete benchmark to measure their own booking lead times. Finally, the consumer sentiment data from McKinsey tracked self-reported intentions to spend rather than actual transaction volumes, which may not fully align with realized consumer spending in a cooling economic environment.

What to take from it

The performance of the European short-term rental market in September 2025 offers several key lessons for hosts, property managers, and investors tracking the sector.

• Monitor local regulatory pipelines and compliance requirements closely, as supply constraints can paradoxically protect the occupancy rates and pricing power of established, compliant operators.
• Compare your own average daily rate trends against both the general market average daily rate and the Repeat Rent Index to determine whether new, lower-priced listings are dragging down market averages or if established hosts are losing pricing power.
• Adjust marketing and pricing strategies to capture the growing shoulder-season demand, particularly by targeting older demographics like Baby Boomers and Gen X, who show a higher willingness to spend on travel.
• Anticipate shorter booking windows by avoiding premature price drops when reservations do not materialize far in advance, as travelers increasingly make last-minute booking decisions.