US vacation rental operators closed out the summer with a strong September, as revenue per available rental (RevPAR) surged 26% year-over-year, according to KeyData's US Summer Index. The growth was driven primarily by pricing strength, with average daily rates (ADR) up 11% and occupancy climbing 13%.
The report, which tracks performance across the US short-term rental market, shows that this pricing discipline was consistent throughout the summer. July and August also posted revenue gains, though at a slower pace of 8% and 4% respectively. This suggests that operators are increasingly relying on rate management rather than volume to drive profitability, a trend that aligns with broader hospitality revenue management strategies.
Marketplace dynamics shift
KeyData's data also reveals a notable shift in booking channels. Airbnb's share of reservations increased to 51% in the second quarter, up from 47% in the same period last year. Meanwhile, direct bookings declined to 21%, underscoring the growing importance of marketplace visibility for rental operators. This trend mirrors the broader push by hoteliers to balance direct channels with OTA exposure, as seen in recent moves by major groups.
Sally Henry, Vice President of Market Intelligence and Insights at KeyData, emphasized the role of pricing in the current environment. "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," she said.
The report also highlights that revenue growth is increasingly dependent on capturing bookings closer to arrival dates. With demand normalizing, operators who can adjust pricing dynamically are better positioned to maximize yield. This is a lesson that extends beyond vacation rentals, as AI-driven revenue management tools gain traction across the hospitality sector.
Looking ahead, the market is expected to remain competitive. KeyData's full US Summer Index Report provides further insights into these trends, including regional variations and forward-looking indicators. For travel professionals, the takeaway is clear: pricing discipline and marketplace visibility are critical levers in a more normalized booking environment.
As the US heads into the fall and winter seasons, vacation rental operators will need to balance rate integrity with occupancy goals. The September performance suggests that those who have held the line on pricing are reaping the rewards, even as the industry adjusts to post-pandemic travel patterns.
