Looking to benchmark your short-term rental performance or evaluate new investment opportunities? As we move through 2026, understanding which markets are delivering strong occupancy, premium rates, or both is essential for property managers and Airbnb hosts making strategic decisions.
At Beyond, we analyzed performance data from thousands of short-term rental (STR) listings across major U.S. markets to reveal where vacation rentals are thriving and where operators are facing headwinds.
Whether you're managing a single listing or an entire portfolio, these insights can help you set realistic expectations and adjust your pricing strategy for maximum revenue. The data reveals significant variations in how different markets are performing. Some destinations command impressive average daily rates (ADR) while maintaining healthy occupancy, while others are competing primarily on volume with lower rates. Here's what the numbers tell us about where the STR market stands in 2026.
Hawaii Markets Lead in Revenue Per Night
Kauai tops all markets with an impressive $481 average daily rate (ADR), though occupancy sits at 63%. Oahu follows with $295 ADR and a stronger 66% occupancy rate, demonstrating that Hawaii's appeal to travelers remains robust despite higher price points.
For property managers operating in Hawaiian markets, the data suggests pricing power remains strong. However, the slightly lower occupancy in Kauai compared to Oahu indicates that ultra-premium pricing may be reaching its ceiling in some island markets.
California Markets Show Mixed Results
San Diego emerges as California's revenue leader with a $318 ADR and 63% occupancy. Los Angeles performs well with 71% occupancy at $236 ADR, suggesting a healthy balance between demand and pricing.
San Francisco presents a different story. Despite commanding a respectable $232 ADR, occupancy languishes at just 54%, the second-lowest among major markets. This gap between pricing and demand suggests either oversupply or that the market hasn't fully recovered to pre-pandemic travel patterns.
Northeast and Midwest: High Occupancy, Lower Rates
Boston and Chicago both achieved 71% and 64% occupancy respectively, but with significantly lower ADRs ($171 and $204). This pattern indicates strong consistent demand in these markets, though hosts and PMs are competing more on price than in coastal destinations.
New York maintains solid performance with 66% occupancy at $213 ADR, showing the city's enduring appeal to short-term rental guests despite regulatory pressures.
Destination Markets Face Challenges
Orlando and Las Vegas tell an interesting story about destination markets. Las Vegas achieves the highest occupancy at 70% but the lowest ADR at just $144, suggesting intense competition and price sensitivity among travelers. Orlando sits at 50% occupancy with $193 ADR, the lowest occupancy of any major market tracked.
These numbers suggest that theme park and entertainment destinations are experiencing softer demand or increased supply, requiring property managers to be more strategic with their pricing to maintain revenue.
Miami Holds Steady
Miami demonstrates balanced performance with 62% occupancy at $228 ADR, positioning itself in the middle of the pack. The market appears to have stabilized after years of rapid growth in the STR space.
What This Means for Property Managers
The data reveals three distinct market types in 2025:
Premium markets (Hawaii, San Diego) where travelers accept higher rates for destination appeal
High-volume markets (Boston, Chicago, Las Vegas) where consistent occupancy comes with pricing pressure
Challenged markets (Orlando, San Francisco) where either supply has outpaced demand or external factors are impacting performance
For Airbnb hosts, Vrbo owners, and STR operators looking to optimize revenue, understanding which category your market falls into is crucial for setting the right pricing strategy. Markets with high occupancy but low ADR may benefit from testing rate increases, while markets with strong ADR but lower occupancy might need to focus on length-of-stay strategies or seasonal promotions.
Looking Ahead
These 2025 numbers establish important benchmarks for the year. As we move through peak summer season, watching how these metrics shift will be critical for PMs making strategic decisions about their portfolios.
Markets like San Francisco and Orlando warrant close monitoring—if occupancy continues to lag, it may signal longer-term structural changes requiring different operational approaches. Meanwhile, markets maintaining both strong occupancy and ADR (like Los Angeles) represent the sweet spot every property manager is chasing.
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Data sourced from Beyond’s network of thousands of vacation rental properties across major U.S. markets. Performance metrics represent 2025 year-to-date averages.
