November delivered a mixed bag for short-term rentals — and this episode breaks down what really happened beneath the headline numbers. RevPAR dipped, occupancy softened, and demand growth slowed, but not for the reasons many hosts might expect. Jamie Lane and Bram Gallagher unpack how calendar shifts, supply growth, and subtle demand dynamics distorted the monthly data — and why November may not be as weak as it first appears.

Beyond performance, the conversation zooms out to the broader economic backdrop shaping STR demand. With new jobs and inflation data finally back online, the picture that emerges is one of a gradually softening labor market, uneven sector growth, and continued uncertainty around interest rates. The hosts also explore troubling trends in international inbound travel, particularly from Canada, and what policy shifts — or global events — could mean for future recovery.

The episode closes on a forward-looking note, spotlighting holiday pacing and the early signals for 2026. From stronger-than-expected Christmas and New Year travel to a surge in bookings tied to the 2026 World Cup, this data-rich discussion offers hosts and operators critical insight into where opportunity — and risk — may lie in the months ahead.

You don’t want to miss this episode if you’re planning for 2025 and beyond.

Key Takeaways for STR Hosts & Managers

• November’s softness was partly a calendar illusion: A day-of-week shift materially impacted occupancy and demand comparisons.

• Rates are stabilizing again: ADR and repeat rent index growth returned after a weak late summer, signaling pricing power may be improving.

• International demand remains a concern: Inbound travel to the U.S. is still significantly down, especially from Canada.

• Holiday travel is shifting later: New Year’s is pacing exceptionally strong, pushing more demand into early January.

• The World Cup is already reshaping 2026 demand: June bookings are surging — especially in host cities — with major implications for pricing and strategy.

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www.airdna.co/blog/us-review-november-2025

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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:

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Episode 163