2025 was anything but predictable for short-term rentals. After a surprisingly strong start, the second half of the year told a very different story — and the December data brings that contrast into sharp focus. In this episode of The STR Data Lab, AirDNA Chief Economist Jamie Lane is joined by Bram Gallagher to break down the final U.S. performance numbers and what they reveal about the state of the STR industry heading into 2026.

From weakening occupancy to long-awaited ADR growth finally outpacing inflation, the conversation unpacks why topline stability masked huge disparities beneath the surface. While national averages ended the year nearly flat, many operators experienced dramatic wins or losses depending on where they operate, who they serve, and how they’re positioned. The episode also explores how broader economic forces — cooling labor markets, mortgage-rate volatility, and a K-shaped economy — showed up clearly in STR performance.

Looking ahead, Jamie and Bram dig into pacing data for early 2026, uncovering encouraging signs for spring break and summer travel, especially in resort markets. They also discuss what easing mortgage conditions and stabilizing occupancy could mean for investors considering their next move. Whether you’re managing one property or a growing portfolio, this episode helps cut through the noise to understand what really drove performance — and what to watch next.

You don’t want to miss this episode!

Key Takeaways for STR Hosts & Operators

• 2025 was a tale of two halves: Strong performance early in the year gave way to declining occupancy in the back half, despite modest ADR gains.

• Averages hide extremes: While national occupancy finished flat, nearly half of major markets saw meaningful gains — and others saw steep declines.

• Luxury outperformed across the board: Higher-priced listings consistently captured stronger (or less negative) occupancy than budget properties, reinforcing the K-shaped economy.

• Resort markets led the way: Coastal and mountain destinations posted the strongest occupancy and ADR growth, while urban markets continued to struggle.

• Early 2026 signals are improving: Spring break and summer demand are pacing well, lead times are stabilizing, and easing mortgage conditions may unlock new investment opportunities

Year End Review:

https://www.airdna.co/blog/us-review-december-2025

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Sign up for AirDNA for FREE 👇

https://bit.ly/3Yz8mlS

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Connect with Jamie on social media

LinkedIn: https://www.linkedin.com/in/jamiehlane/

Twitter: https://twitter.com/Jamie_Lane

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Connect with Scott on social media

LinkedIn: https://www.linkedin.com/in/sagescott

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Connect with AirDNA on social media:

Instagram: https://instagram.com/airdna.co

LinkedIn: https://www.linkedin.com/company/airdna/

Twitter: https://twitter.com/airdna

TikTok: https://www.tiktok.com/@airdna.co

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Episode 166

What if one of the biggest opportunities in rentals isn’t short-term or long-term — but everything in between? In this episode of The STR Data Lab, Jamie Lane sits down with Jeff Hurst, CEO of Furnished Finder and former President of Vrbo, to unpack why midterm rentals have quietly become one of the fastest-growing segments in the housing market — and why so many investors still misunderstand them.

Drawing on newly released AirDNA data and Furnished Finder’s on-the-ground experience, the conversation explores how demand for 30+ day stays has more than doubled since 2019, fueled by relocating families, healthcare professionals, construction crews, academics, and a growing need for flexible living. Jeff explains why midterm rentals aren’t just “discounted short-term stays,” but a fundamentally different asset class — with different pricing logic, tenant expectations, and operational realities.

From regulation and affordability to investor accessibility and tech gaps, this episode reframes how STR hosts and property managers should think about midterm rentals — not as a fallback, but as a durable, scalable third pillar of the rental economy that’s still early in its evolution.

You don’t want to miss this episode.

Key Takeaways You Can Apply Today

• Midterm demand is surging: AirDNA data shows stays of 28+ days are up 138% since 2019 — outpacing short-term rental growth by a wide margin.

• It’s a different business model: Midterm rentals price closer to long-term housing, prioritize functionality over flash, and often book one stay at a time with frequent extensions.The strongest demand drivers are practical, not leisure: Think hospitals, universities, construction corridors, and suburban job centers — not vacation hotspots.

• Lower capital, lower friction investing: Midterm rentals often require less upfront furnishing, fewer turnovers, and significantly less day-to-day management.

• The category is still early: With limited tech infrastructure and minimal institutional saturation, midterm rentals today resemble short-term rentals circa 2008.

Sign up for AirDNA for FREE 👇

https://bit.ly/4jcZdsL

—————Monthly Rentals: The Hidden Gem of Housing

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Connect with Jamie on social media

LinkedIn: https://www.linkedin.com/in/jamiehlane/

Twitter: https://twitter.com/Jamie_Lane

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Connect with Scott on social media

LinkedIn: https://www.linkedin.com/in/sagescott

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Connect with AirDNA on social media:

Instagram: https://instagram.com/airdna.co

LinkedIn: https://www.linkedin.com/company/airdna/

Twitter: https://twitter.com/airdna

TikTok: https://www.tiktok.com/@airdna.co

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Episode 165

Is the short-term rental industry struggling — or simply growing up? In this episode of The STR Data Lab, AirDNA Chief Economist Jamie Lane sits down with Simon Lehmann to unpack what “normalization” really means for STR operators, investors, and property managers heading into 2026. After years of explosive growth, the industry is entering a new phase — one defined less by expansion and more by execution.

Simon shares why demand hasn’t collapsed the way headlines suggest, why strong operators are still thriving, and why the biggest shift happening right now is in expectations. Growth rates, margins, and valuations are resetting — but that doesn’t spell trouble. Instead, it’s forcing a long-overdue focus on discipline, systems, and unit-level profitability. As competition intensifies and margins compress, professionalism is no longer optional.

The conversation also dives into technology and AI, exploring why the future isn’t about more tools, but fewer — and better — ones. From fragmented tech stacks and data silos to the elusive “source of truth,” Jamie and Simon explain why operators who master their data will be best positioned to survive (and win) in the next chapter of STRs.

You don’t want to miss this episode if you’re planning for 2026 and beyond.

Key Takeaways from This Episode

• Normalization ≠ downturn: The STR industry isn’t collapsing — growth expectations and return profiles are simply resetting.

• Execution now beats expansion: We’ve moved from a growth story to a selection story, where strong operators pull ahead.

• Professionalization means discipline: Systems, process rigor, and unit-level economics matter more than portfolio size.

• Margins are under pressure: Rising costs and regulation make revenue management and cost control essential skills.

• Tech stacks must simplify: The next wave of STR tech will focus on integration, AI-driven insights, and a single source of truth — not more point solutions.

Sign up for AirDNA for FREE 👇https://bit.ly/4jcZdsL

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Connect with Jamie on social media

LinkedIn: https://www.linkedin.com/in/jamiehlane/

Twitter: https://twitter.com/Jamie_Lane

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Connect with Scott on social media

LinkedIn: https://www.linkedin.com/in/sagescott

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Connect with AirDNA on social media:

Instagram: https://instagram.com/airdna.co

LinkedIn: https://www.linkedin.com/company/airdna/

Twitter: https://twitter.com/airdna

TikTok: https://www.tiktok.com/@airdna.co

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Episode 164