Last updated: November 2, 2026
Vacation rentals and home swaps, by the numbers
Short-term rental bookings, occupancy and rates, plus home-exchange membership and exchange volumes, from published market reports.
Two different travel markets sit behind this name. One rents a villa by the night; the other swaps a home for a home, with no money changing hands for the stay itself. Both are growing, but they are measured differently, and the headline totals on this page must not be mixed: Phocuswright counts gross bookings (the value of stays booked), while Grand View counts market revenue under its own definition. They describe the same broad market from different angles, and this page keeps them in separate, labeled rows.
What the 2025 numbers show is a market that has stopped expanding by adding listings and started growing by filling the ones it has: U.S. supply growth fell to its weakest rate on record in July 2025, while full-year occupancy still ticked up and Airbnb's booked nights grew 8%. On the swap side, the two leading communities both reported their fastest membership growth in 2024–2025.
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 | Phocuswright, Global Short-Term Rentals 2026 (July 31, 2026) |
| U.S. short-term rental usage incidence | 30% of leisure travelers on their most recent trip in 2024/25 | ▲ Up Prior: 24% in 2023/24 — largest single-period increase in the series | 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 | Homes largest at 45.51% of revenue in 2025 | ● Baseline Single-year share — no prior-year share 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 | AirDNA, U.S. review December 2025 (January 21, 2026) |
| U.S. average daily rate growth, full-year 2025 | +1.8% | ▲ Up Prior context: below the 2.7% average inflation rate for the year | 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 | 1.8% — the weakest rate AirDNA had recorded | ▼ Down Prior: several years of deceleration leading into 2025 | AirDNA, U.S. review December 2025 (January 21, 2026) |
| Airbnb, global, full-year 2025 | 533.0 million Nights and Seats Booked (+8%); gross booking value $91.3 billion (+12%) | ▲ Up Prior: 492 million nights and seats booked and $81.8 billion gross booking value in 2024; gross booking value is transaction volume, not Airbnb revenue ($12.2 billion) | Airbnb Q4 2025 shareholder letter / FY2025 Form 10-K (filed February 12, 2026) |
| U.S. domestic leisure travel spending, forecast 2026 | $909 billion (+0.9% in real terms); total U.S. travel spending $1.37 trillion | ● Forecast Forecast, not an actual — U.S. Travel Association / Tourism Economics modeling | Business Travel News, U.S. Travel 2026 projections (May 8, 2026) |
| HomeExchange, global, 2024 | 200,000 active members; over 408,000 exchanges completed (+43% vs 2023) | ▲ Up Prior: membership up 35% in one year and 102% over two years | HomeExchange milestone release via Newswire (December 10, 2024) |
| HomeExchange, global, end of 2024 | 208,000 paying members, including 70,000 first-time members in 2024 | ● Baseline Paying members (annual membership paid) — a narrower count than homes or listings; page itself undated, figures explicitly for calendar 2024 | HomeExchange community forum, 2024 member review |
| Kindred, global, February 2026 | Almost 300,000 members across 150+ cities; 150,000 members added in 2025 alone; almost 350,000 nights hosted to date | ▲ Up Prior: company-reported growth within a single year; later homepage claims are undated and are not used as dated figures here | Kindred funding announcement (February 3, 2026) |
How to read these numbers
Included: Phocuswright global and North America gross-booking figures and U.S. usage incidence (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); Airbnb full-year 2025 company results; U.S. Travel Association 2026 forecasts as reported by Business Travel News; and company-reported HomeExchange and Kindred membership and exchange volumes. Excluded: Statista figures visible only in secondary compilations, undated homepage claims presented as dated figures, and any market total that blends revenue and gross-booking definitions.
Forecasts are labeled as forecasts wherever they appear. Platform membership and exchange figures are company-reported, not independently audited, and are shown with their reporting dates so a reader can judge their age.
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, Airbnb 2025 results, and HomeExchange/Kindred exchange volumes established.