U.S. short-term rental supply growth accelerated to 3.5% in April 2026

Updated 15 October 2026. After a source check by the standards desk, 1 sentence was removed because no source confirmed its specifics. Corrections log.

On May 20, 2026, AirDNA reported that available short-term rental listings in the United States rose 3.5% year-over-year to 1.72 million in April 2026, marking the fastest annual expansion of supply since June of the previous year. This acceleration in available properties limited occupancy gains across the country, even as traveler demand showed signs of recovery during March and April.

The expansion of listings occurred alongside strong pricing trends, indicating that established operators continued to maintain pricing power despite softer occupancy averages. At the same time, booking data showed that the May 2026 FIFA World Cup was already beginning to reshape travel patterns, driving demand growth not only in designated host cities but also into surrounding regional and secondary markets as travelers sought more affordable accommodation options.

What the data shows

AirDNA reported that key performance metrics for the U.S. short-term rental market in April 2026 reflected a market experiencing improving demand alongside strong pricing. Revenue per available rental night, also known as RevPAR, increased 4.1% year-over-year to $138.83. The number of available listings reached 1.72 million, which was a 3.5% increase compared to April of 2025. Demand nights, which measure the actual nights booked by guests, rose 2.4% year-over-year.

However, because the growth in available listings outpaced the growth in demand, the average occupancy rate declined. Occupancy averaged 54.6% in April 2026, representing a decrease of 0.3% year-over-year. Despite the softer occupancy trends, operators maintained pricing power. The average daily rate climbed to $254.13, representing an increase of 4.5% compared to the previous year. Additionally, the Repeat Rent Index, which tracks the performance of existing properties by removing the influence of new listings, rose 6.4% year-over-year. Total nights booked during the month were up 7.7% compared to April of 2025.

How it was measured

The figures were compiled and reported by AirDNA, a short-term rental analytics firm, in its monthly market review published on May 20, 2026. The data covers the performance of short-term rental listings in the United States during the month of April 2026. To calculate these metrics, the firm tracked performance indicators such as available listings, demand nights, average daily rates, and occupancy across various property types and locations.

To isolate the pricing performance of established properties, AirDNA utilized its Repeat Rent Index. This index removes the mathematical effect of newly listed properties, which often enter the market at lower price points, thereby providing a clearer picture of how existing, experienced operators are adjusting their rates. The firm did not publish the exact total number of properties in its wider database or the specific proportion of listings sourced from individual platforms like Airbnb or Vrbo for this specific report.

Economic factors and supply drivers

The acceleration of supply in April 2026 occurred against a backdrop of complex economic conditions in the United States. This inflationary pressure was driven by high energy prices, as the war in Iran continued through its second month, as well as meaningful increases in the costs of food and shelter. Core inflation, which excludes food and energy costs, also rose to 2.8% in April, up from 2.6% in March.

At the same time, the labor market showed signs of resilience. The U.S. economy added 115,000 jobs in April, which was stronger than economists had expected. However, these gains were tempered by a downward revision of 16,000 jobs for previous months and a significant increase in the number of individuals employed part-time for economic reasons. The overall unemployment rate remained low at 4.3%.

According to AirDNA, this combination of labor market resilience and rising inflation concerns weakened expectations for additional interest rate cuts by the Federal Reserve. Consequently, interest rates and mortgage rates were expected to remain high, which could discourage future investment and limit long-term supply growth.

The supply expansion seen in April 2026, where available listings grew 3.5% year-over-year, was the largest annual increase since June of 2025. AirDNA attributed this uptick to the lagged effects of monetary easing that occurred in 2025. Following several Federal Reserve rate cuts in 2025, mortgage rates fell by nearly a full percentage point through the beginning of 2026. Although mortgage rates rose again in March by approximately 40 basis points due to renewed inflation concerns from the war in Iran, they remained below the levels seen during much of 2025. Because of the typical delay between an investor acquiring a property and launching it as a short-term rental, the supply gains in April likely reflected investment decisions made earlier in the cycle when borrowing costs were lower. April 2026 marked the strongest month for new listings of the year up to that point, with coastal markets leading the expansion, while urban and suburban markets gained momentum as hosts prepared for summer demand.

Regional demand shifts and occupancy pressures

Demand growth in the United States showed signs of reacceleration in the spring of 2026 after a significant slowdown that began in the autumn of 2025. March recorded a year-over-year demand growth rate of 1.6%, which was followed by a 2.4% year-over-year increase in April, representing the strongest demand reading since the summer of 2025.

This demand growth was distributed unevenly across different location types. Small city and rural markets recorded the strongest performance in April, with demand nights increasing 5.8% year-over-year. Coastal markets followed with a 3.6% year-over-year increase, supported by spring break travel. Conversely, mountain markets experienced a demand decline of 1.2% year-over-year, as many U.S. ski resorts closed early due to below-average snowfall.

The acceleration in supply, however, limited the positive impact that this demand growth might have had on occupancy rates. In small and mid-sized markets, listing growth outpaced demand gains, resulting in slight year-over-year occupancy declines. The steepest occupancy declines occurred in coastal and mountain markets, where hosts expanded supply well ahead of actual traveler demand.

Urban and suburban markets were the exceptions to this trend. In these locations, demand growth narrowly outpaced supply growth, lifting occupancy rates by 0.6% year-over-year in urban areas and 1.2% year-over-year in suburban areas.

Pricing power and the Repeat Rent Index

While occupancy gains remained difficult for many operators to achieve, rate growth emerged as a primary source of revenue strength. Average daily rates climbed 4.5% year-over-year in April 2026, marking the strongest annual rate gain recorded since January 2025.

The pricing power of established properties was even more pronounced. AirDNA reported that its Repeat Rent Index rose 6.4% year-over-year in April, which was nearly two percentage points higher than the headline average daily rate growth. This gap indicates that newer, lower-priced listings were pulling down the overall market averages, while experienced operators with established properties continued to successfully raise their rates.

When analyzed by location type, Repeat Rent Index growth was strongest in coastal and mountain markets, where it rose between 7% and 8% year-over-year. Urban and suburban markets recorded more modest index gains of 4% to 5% year-over-year. The Repeat Rent Index outpaced average daily rate growth across every single location type. The widest gap between the two metrics appeared in mountain markets, where weak demand and expanding supply likely forced newer, less-experienced hosts to underprice their properties to attract bookings.

Summer travel patterns and the World Cup effect

Looking ahead to the summer season, booking data indicated that travel patterns were being reshaped by the May 20, 2026 FIFA World Cup, which was scheduled to take place in the United States from June 11 through July 19.

The summer travel season opened on a modest note with Memorial Day weekend bookings. For the holiday period spanning Friday, May 22 through Monday, May 25, national bookings were up 2% year-over-year. Coastal destinations led this growth with a 5% year-over-year increase in demand. In contrast, urban destinations saw a 3% decline in demand, a trend that AirDNA linked directly to the May 20, 2026 World Cup.

World Cup host cities, including Boston, New York, and San Jose, were among the weakest-performing urban markets for the Memorial Day holiday. This suggested that travelers were delaying their city trips until later in the summer to coincide with the soccer matches. Meanwhile, non-urban destinations experienced significant growth, with demand nights rising more than 20% year-over-year in beach, mountain, and lake destinations such as Vieques, Puerto Rico; Knoxville, Tennessee; and Crested Butte, Colorado.

Following the holiday weekend, summer travel demand was expected to accelerate. June demand in World Cup host cities was pacing 15% above the previous year, while markets outside host cities were pacing 9% higher. This upward trend was projected to continue into July, with host city demand pacing up 18% year-over-year and non-host markets pacing up 15% year-over-year.

A notable finding from the pacing data was that World Cup demand was not concentrated solely within the host cities. Instead, demand was spilling over into surrounding regional and secondary markets. Locations such as Providence, Rhode Island; Columbia, Missouri; and Broken Bow Lake, Oklahoma were all experiencing significant spikes in June demand tied to nearby matches. AirDNA noted that as lodging, dining, flights, and transportation costs rose sharply in major host cities, travelers were actively seeking more affordable accommodation options in these surrounding spillover markets.

What to take from it

The performance metrics from April 2026 provide several critical lessons for short-term rental operators and investors monitoring market dynamics.

• Compare your property's rate growth against both headline average daily rates and a repeat rent index to determine if your pricing power matches established local operators or is being dragged down by new market entrants.
• Monitor local supply growth rates relative to demand growth, as even a strong increase in bookings can result in lower occupancy if new listings expand at a faster pace.
• Assess regional spillover opportunities when major international events are hosted in nearby metropolitan areas, as high costs in primary markets can drive significant demand to secondary destinations.
• Account for the lag between macroeconomic changes, such as interest rate adjustments, and their actual impact on local listing supply when planning future property acquisitions.