Last updated: November 2, 2026
Short-stay lending and rental performance, by the numbers
Short-term rental bookings, occupancy and rates, plus the loan terms that finance them, from published market reports and lender program guides.
Two different kinds of numbers sit behind this name. One measures what short-stay properties earn: bookings, occupancy, nightly rates, and revenue per available night. The other measures what lenders will lend against those earnings: coverage ratios, down payments, loan-to-value caps, and program terms. Both matter, and neither substitutes for the other — a strong bookings market does not make a thin-ratio loan safe, and a generous loan program does not make a soft market strong. This page keeps the two families in separate, labeled rows, and keeps differently-defined market totals apart: Phocuswright counts gross bookings (the transaction value of stays booked), while Grand View counts market revenue under its own definition. The two series are never blended here.
What the 2025 numbers show is a market that has stopped expanding by adding listings and started growing by filling the ones it has — and a lending market that has standardized around that reality: supply growth fell to its weakest rate on record in mid-2025, full-year occupancy still ticked up, and DSCR programs converged on published ratio, down-payment, and reserve thresholds.
The figures
| Figure | Value | Trend vs prior period | Source |
|---|---|---|---|
| Global short-term rental gross bookings | $219.9 billion in 2025; forecast $270.6 billion by 2029 (5.3% CAGR) | ● Baseline Forecast, not an actual — first published in the July 2026 report summary | Phocuswright, Global Short-Term Rentals 2026 (July 31, 2026) |
| North America short-term rental gross bookings | $78 billion in 2025 (+4%); forecast $81.8 billion in 2026 (+5%) | ▲ Up Prior: 2024 implied at about $75 billion from the reported +4% growth; U.S. hotels grew a more modest 1% in 2025 | Phocuswright, Global Short-Term Rentals 2026 (July 31, 2026) |
| Europe short-term rental gross bookings, forecast 2026 | $79.7 billion in 2026 | ● Forecast Forecast, not an actual | Phocuswright, Global Short-Term Rentals 2026 (July 31, 2026) |
| U.S. short-term vacation rental revenue (Grand View definition) | $43,857.5 million in 2025; forecast $100,107.8 million by 2033 (11% CAGR, 2026–2033) | ● Baseline Different definition from Phocuswright gross bookings — the two series are never blended on this page | Grand View Research, U.S. short-term vacation rental outlook (March 12, 2026) |
| U.S. short-term rental revenue share by accommodation type; U.S. share of global market | Homes largest at 45.51% of revenue in 2025; U.S. accounted for 29.4% of the global market in 2025 | ● Baseline Single-year shares — no prior-year shares published in the cited summary | Grand View Research, U.S. short-term vacation rental outlook (March 12, 2026) |
| U.S. short-term rental occupancy, full-year 2025 | 56.9% | ▲ Up Prior: 56.7% in 2024 — roughly a quarter-percentage-point increase | AirDNA, U.S. review December 2025 (January 21, 2026) |
| U.S. average daily rate growth, full-year 2025 | +1.8% | ▼ Down in real terms Prior context: below the 2.7% average inflation rate for the year; only resort markets grew rates ahead of inflation | AirDNA, U.S. review December 2025 (January 21, 2026) |
| U.S. short-term rental snapshot, December 2025 | 1.66 million available listings (+3.4% YoY); occupancy 51.0% (−1.7% YoY); ADR $248.57 (+3.3%); RevPAR $126.97 (+1.8%) | ● Mixed Single-month snapshot — not an annual average | AirDNA, U.S. review December 2025 (January 21, 2026) |
| U.S. short-term rental supply growth, July 2025; mortgage-rate context | 1.8% in July 2025 — the weakest rate AirDNA had recorded; rebounding to 3.4% by December; average 30-year mortgage rate from 6.85% in early June to roughly 6.10% by year end | ▲ Rebounding Prior: several years of deceleration leading into 2025 | AirDNA, U.S. review December 2025 (January 21, 2026) |
| U.S. occupancy dispersion, 2025 | Top-50 markets split exactly: 25 gained occupancy, 25 lost it; nearly one in five full-time hosts saw occupancy fall by 20% or more | ● Mixed Market range: +4.9% in the strongest top-50 market to −4.4% in the weakest | AirDNA, U.S. review December 2025 (January 21, 2026) |
| Specialist vacation-rental DSCR program (lender-published terms) | More than $3.5 billion in DSCR loans since 2012, including over $990 million in vacation-rental properties; purchase and refinance up to 80% LTV; 30-year fixed terms, no balloon payments; 680 minimum credit score; 20% to 25% down payments | ● Program terms Lender-published program terms, not market averages; down payments up to 35% with weaker credit | Visio Lending, Short-Term Rental Loan Guide |
| Short-stay specialist program (lender-published terms) | Loan sizes $100,000 to $3.5 million; purchase LTV up to 85%; typical down payments 15% to 25%; DSCR 1.00x or greater; average close 14 to 35 days; projected income discounted 20% for new investors | ● Program terms Lender-published program terms, not market averages; 85% purchase LTV requires 740 minimum credit score and $1 million maximum loan | Host Financial, Short-Term Rental Loans |
| DSCR qualifying range and projection haircut (2026 lender guides) | Minimum DSCR typically 1.00 to 1.25, with 1.25+ earning the best terms; projected short-term rental income discounted 20% to 25%; reserves around six months of PITIA commonly expected | ● Market standard Guide ranges across multiple lenders, not a single program's terms | DSCR loan guides (2026) |
| DSCR rate snapshots (dated, lender-published — not current quotes) | March 2026 guide: approximately 6.0% to 8.75% for residential investment properties; October 2026 guide: program pricing starting at 5.8% on a 30-year fixed term; specialist floor rate 5.75%, subject to daily change | ● Dated snapshots These are dated published figures, not current rate quotes; rates vary with ratio, credit, down payment, and loan size | Lender-published guides (March and October 2026) |
How to read these numbers
Included: Phocuswright global, North America, and Europe gross-booking figures (July 2026 report summary); Grand View Research U.S. revenue and segment figures (March 2026); AirDNA measured U.S. occupancy, rate, supply, and December 2025 snapshot data (January 2026); and lender-published program terms from two specialist lenders plus 2026 DSCR guide ranges. Excluded: any market total that blends revenue and gross-booking definitions, undated homepage claims presented as dated figures, and any rate figure presented as a current quote.
Forecasts are labeled as forecasts wherever they appear. Lender program terms are lender-published, not independently audited, and are shown with their sources so a reader can judge their age. Rate snapshots are dated and explicitly not current quotes.
Disclaimer: Figures on this page are aggregated public estimates assembled for information only. They are not investment advice, legal advice, medical advice, or a professional opinion on any specific case, claim, project, or purchase. Original reporting and the underlying surveys remain the work of the sources linked above; this page summarizes their published figures with attribution and adds no proprietary dataset.
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Changelog
- November 2, 2026: Initial edition — Phocuswright 2025/2026 booking figures, Grand View U.S. revenue series, AirDNA 2025 occupancy and rate data, and specialist DSCR program terms established.