Insight
Direct bookings declined to 21% of reservations and 29% of revenue in Q2 2026, down from 25% and 36% respectively.
US short-term rental RevPAR for September is pacing 26% ahead of last year, driven by an 11% ADR increase and 13% occupancy boost. Pricing is the main revenue driver, not occupancy growth. Airbnb's share grew, while direct bookings declined.
Direct bookings declined to 21% of reservations and 29% of revenue in Q2 2026, down from 25% and 36% respectively.