September 2026 — revenue per property up 20%. September revenue rose 29.7% while listings rose 8.0%, so the average property earned 20.1% more than last September. Labor Day weekend fell entirely in September this year; last year most of it fell in August. Through nine months, revenue per property is up 1.9%.
Issued 15 October 2026 · covering January–September 2026 · next edition mid-November
Year to date, revenue is up 7.0% and listings are up 5.0%, so revenue per property is up 1.9%. In September revenue grew 29.7% against 8.0% more listings.
The two biggest gains of the year came in July and September. The spring shoulder is where growth leaked away.
Source: AirDNA
| Month | 2025 | 2026 | Month | Year to date |
|---|---|---|---|---|
| January | $53,669,783 | $56,972,878 | +6.2% | +6.2% |
| February | $58,619,092 | $61,614,146 | +5.1% | +5.6% |
| March | $43,993,423 | $43,991,602 | 0.0% | +4.0% |
| April | $18,352,914 | $15,111,418 | −17.7% | +1.7% |
| May | $18,622,521 | $18,080,433 | −2.9% | +1.3% |
| June | $53,842,157 | $56,395,736 | +4.7% | +2.1% |
| July | $86,614,164 | $98,738,442 | +14.0% | +5.2% |
| August | $70,721,364 | $74,392,103 | +5.2% | +5.2% |
| September | $32,075,315 | $41,607,350 | +29.7% | +7.0% |
| Year-to-date total | $436,510,733 | $466,904,108 | +7.0% | +7.0% |
A soft spring stalled growth this year — April fell 17.7%, May fell 2.9% and March was flat. July rose 14.0% and September 29.7%, which lifted year-to-date growth from 5.2% to 7.0% in a single month.
Labor Day fell on September 7 this year and on September 1 last year. This year the whole holiday weekend fell in September; last year most of it fell in August.
Total revenue growth by bedroom count, year to date. The bigger the home, the better the year.
Source: AirDNA
Segment revenue for September and year to date, against the same period last year.
| Segment | Sep 2025 | Sep 2026 | September | YTD 2025 | YTD 2026 | Year to date |
|---|---|---|---|---|---|---|
| 1 bed | $3,159,291 | $4,038,194 | +27.8% | $43,984,273 | $43,184,590 | −1.8% |
| 2 bed | $4,856,127 | $5,684,568 | +17.1% | $65,895,847 | $65,117,666 | −1.2% |
| 3 bed | $8,961,587 | $11,708,645 | +30.7% | $124,390,952 | $130,719,211 | +5.1% |
| 4 bed | $7,400,410 | $10,356,903 | +40.0% | $108,016,256 | $116,899,568 | +8.2% |
| 5 bed | $3,516,503 | $4,672,496 | +32.9% | $48,898,501 | $56,361,225 | +15.3% |
| 6 bed | $1,580,353 | $1,967,700 | +24.5% | $18,193,567 | $22,258,942 | +22.3% |
| 7+ bed | $2,585,907 | $3,114,510 | +20.4% | $27,038,020 | $31,967,683 | +18.2% |
Just as we have seen all year, the larger bedroom counts are the strongest performers. Per property, one- to three-bedroom homes are behind last year and every size at four bedrooms and above is ahead. In September, revenue per property rose at every bedroom count.
The saturation check: revenue growth against listing growth. When revenue wins, each property captures more. This year the margin is two points.
Source: AirDNA
Revenue grew 7.0% against listing growth of 5.0% — a margin of 2.0 points. In September alone the margin was 21.7 points: revenue +29.7% against listings +8.0%.
That average hides a split. Some bedroom counts are comfortably ahead of supply, others have already fallen behind, and it changes again by location. Each segment report runs this same check for your bedroom count or your submarket.
Seven submarkets grew, six declined, and the spread between best and worst runs more than twenty points.
Source: AirDNA
South Lake Tahoe is experiencing significant expansion in revenue and listings because of the updated short-term rental regulations there.
Six of the thirteen submarkets have revenue going backwards.
Free monthly reports, built from the same data. Each edition covers month-by-month performance, whether you're gaining or losing ground to new supply, and how to judge your own numbers against it.
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