The 2025 Outlook Report for the short-term rental (STR) market presents a comprehensive analysis of the industry's performance and future expectations, based on the trends of 2024. Here's a summary of the key points: 
2025 年短期租赁（STR）市场展望报告对行业表现及未来预期进行了全面分析，报告基于 2024 年的发展趋势。以下为关键要点摘要：

Last year, we predicted that the U.S. short-term rental (STR) market would find equilibrium in 2024. With year-to-date occupancy through October matching the exact rate of the same period in 2023, it appears that the balance between supply and demand has been achieved. 
去年，我们预测美国短期租赁（STR）市场将在 2024 年达到平衡。截至 10 月，今年以来的入住率与 2023 年同期完全一致，这表明供需平衡已基本实现。

The years leading up to 2023 were marked by extreme volatility. The giddy performance highs of 2021, driven by pent-up travel demand and limited supply in the wake of pandemic restrictions, encouraged a surge of new vacation rental listings. This influx of supply steadily eroded occupancy rates, putting downward pressure on operators' revenue despite demand remaining relatively strong.
2023 年前的几年间，市场呈现出极度波动的态势。2021 年，受疫情限制措施解除后积压的出行需求释放及供应不足的双重驱动，市场表现一度异常火爆，催生了大量新度假租赁房源的涌入。然而，供应量的激增导致入住率持续下滑，尽管需求仍保持相对强劲，但这仍对运营商的收入造成了下行压力。

By early 2023, two additional forces compounded these challenges: high inflation and lingering recession fears. Inflation pushed up the cost of operating STRs, from utilities and property maintenance to labor and insurance premiums. Operators were often forced to raise nightly rates to cover these expenses, even as consumer confidence waned under the weight of recession fears.
到 2023 年初，另外两个因素加剧了这些挑战：高通胀和持续的经济衰退担忧。通胀推高了 STRs 的运营成本，从公用事业和物业维护到劳动力和保险费。运营商常常被迫提高夜间房价以覆盖这些支出，即便在经济衰退担忧的压力下，消费者信心持续下滑。

Many travelers became more price-sensitive, cutting back on discretionary spending. Vacations were some of the first things to go. This dynamic created a disconnect where higher prices suppressed demand growth, further contributing to declining occupancy.
许多游客变得更加注重价格，减少了非必要消费。度假旅行是首先被削减的项目之一。这种动态导致了供需失衡，即价格上涨抑制了需求增长，进一步加剧了入住率的下降。

The combination of rapid supply growth and reduced pricing power due to economic uncertainty resulted in one of the most significant revenue per available rental (RevPAR) contractions ever seen in the STR industry.
由于经济不确定性导致供应快速增长与定价能力减弱相结合，导致了 STR 行业有史以来最严重的每间可售客房收入（RevPAR）下滑之一。

In 2024, the market began to stabilize. Supply growth slowed considerably as high interest rates deterred new entrants, and demand started to recover alongside improving economic confidence. 
2024 年，市场开始趋于稳定。受高利率抑制新进入者，供应增长显著放缓，而随着经济信心的改善，需求开始逐步恢复。

Occupancy rates stopped declining, signaling the end of two challenging years for operators. RevPAR growth has since turned positive, driven by a more balanced market and resilient consumer spending on travel. AirDNA expects this trend to continue, which suggests a period of renewed stability and opportunity for STR stakeholders.
入住率停止下滑，标志着运营商经历的两年艰难时期即将结束。RevPAR 增长已转为正增长，这得益于市场结构更加均衡以及消费者在旅行方面的支出保持韧性。AirDNA 预计这一趋势将持续，这意味着 STR 相关方将迎来一个稳定与机遇并存的时期。

Average daily rate (ADR) growth is likely to slow compared to the inflation-driven peaks of the past two years. At the same time, a phenomenon known as "mix shift" has influenced ADR trends. Mix shift occurs when changes in the types of properties entering or leaving the market—such as the addition of larger, more luxurious, or higher-priced listings—artificially raise or lower the average rate. 
平均每日房价（ADR）增长预计将放缓，与过去两年由通胀推动的峰值相比。与此同时，一种被称为“结构调整”的现象正影响着 ADR 走势。结构调整是指市场中进入或退出市场的物业类型发生变化——例如新增更大、更豪华或价格更高的房源——从而人为地抬高或压低平均房价。

This dynamic can make ADR growth appear stronger or weaker than it truly is, as it reflects shifts in market composition rather than genuine pricing power. As inflation normalizes and the effects of mix shift diminish, future ADR growth will more accurately reflect actual market-driven rate increases.
这种动态可能使 ADR 增长看起来比实际更强或更弱，因为它反映的是市场结构的转变，而非真正的定价能力。随着通胀回归正常水平且结构调整的影响逐渐消退，未来 ADR 增长将更准确地反映实际市场驱动的费率上涨。

Optimism Returns Amid Lingering Inflationary Pressures
乐观情绪回归，通胀压力持续存在

Since our mid-year Outlook, the Federal Reserve has begun cutting its target interest rate after implementing the most aggressive rate hikes in U.S. history. 
自我们年中展望以来，美联储已开始下调其目标利率，此前该机构实施了美国历史上最激进的加息措施。

These hikes responded to a global supply-side inflation shock caused by pandemic disruptions. Supply chain breakdowns, labor shortages, and surging demand for goods created severe bottlenecks, driving inflation to historic highs. By October 2024, inflation had eased to 2.6% year-over-year (YOY), allowing the Fed to shift focus toward stabilizing the labor market.
这些加息措施是对疫情扰乱引发的全球供应侧通胀冲击的回应。供应链中断、劳动力短缺以及对商品需求的激增导致严重瓶颈，推动通胀升至历史高位。截至 2024 年 10 月，通胀率已放缓至 2.6%的同比（YOY）增速，这使美联储得以将政策重点转向稳定劳动力市场。

The unemployment rate has been gradually increasing since achieving a remarkable low of 3.4% in January and April 2023, reaching a high of 4.3% in July 2024. While this isn’t historically high, the upward trend prompted the Fed to implement its first 50-basis-point rate cut in September. The Federal Reserve has a dual mandate to maintain full employment and keep prices stable. This requires carefully balancing efforts to curb inflation with measures to support job growth.
自 2023 年 1 月和 4 月达到 3.4%的显著低点以来，失业率一直呈逐步上升趋势，并在 2024 年 7 月达到 4.3%的高点。尽管这一水平并非历史高位，但上升趋势促使美联储于 9 月实施了首次 50 个基点的加息。美联储的双重使命是维持充分就业和保持物价稳定。这要求在抑制通胀与支持就业增长之间谨慎平衡。

Adding to the complexity of the Fed’s decision-making is the economy’s unexpectedly strong footing compared to six months ago. Recent data shows slightly higher real GDP growth forecasts and a drop in unemployment to 4.1%. Monetary conditions, which refer to factors like interest rates, credit availability, and money supply that influence economic activity, have begun to ease with recent rate cuts. 
美联储决策的复杂性进一步加剧，原因在于当前经济状况较六个月前出人意料地更为稳固。最新数据显示，实际 GDP 增长预期略有上调，失业率降至 4.1%。货币条件（指利率、信贷可获得性及货币供应量等影响经济活动的因素）已随着近期降息措施开始有所放松。

As a result, easing monetary conditions further has become less urgent for the Fed, especially with inflation still above its 2% target.
因此，美联储进一步放松货币政策的紧迫性有所降低，尤其是在通胀率仍高于 2%目标的情况下。

Another factor to consider is the potential impact of the newly re-elected Trump administration's agenda. With single-party control of the federal government, many of Trump’s fiscal plans are likely to materialize. Those plans include stimulus measures expected to take effect in 2026. These, along with potentially high tariffs, could introduce modest inflationary pressures.
另一个需要考虑的因素是新当选的特朗普政府议程可能带来的影响。由于联邦政府由单一政党控制，特朗普的许多财政计划很可能得以实施。这些计划包括预计于 2026 年生效的刺激措施。这些措施，加上可能实施的高关税，可能会带来温和的通胀压力。

The combined impact of these developments suggests that interest rates may decline even more slowly than previously anticipated. Oxford Economics projects a decrease of less than 40 basis points in mortgage rates over the next two years. AirDNA believes these persistently high rates have limited housing transactions, effectively reducing the number of new short-term rental listings entering the market.
这些因素的综合影响表明，利率可能比此前预期下降得更为缓慢。牛津经济研究院预测，未来两年抵押贷款利率将下降不到 40 个基点。AirDNA 认为，这些持续高企的利率已抑制了住房交易，有效减少了进入市场的短期租赁房源数量。

Even after two years of dramatically reduced housing market activity, home prices remain resilient. Recent data revisions show that home prices have been rising faster than initially reported, with no large downturns expected in the near future. 
即使在住房市场活动大幅减少两年后，房价仍保持韧性。最近的数据修订显示，房价上涨速度快于最初报告，且未来一段时间内不会出现大幅下跌。

Home prices surged post-pandemic due to extremely low-interest rates. Many economists predicted a market correction through price reductions. However, home prices never declined and even saw a resurgence in 2024. 
疫情后，房价因极低利率而大幅上涨。许多经济学家预测市场将通过降价进行调整。然而，房价从未下跌，甚至在 2024 年出现反弹。

The limited number of transactions suggests that most sales were highly intentional. Many homeowners secured mortgages at exceptionally low rates during the years following the pandemic, making it financially advantageous for them to stay put rather than sell and face higher borrowing costs.
交易数量有限表明，大多数销售行为具有高度的 intentional 性。许多房主在疫情后的几年里以极低的利率获得了抵押贷款，这使得他们继续持有房产比出售房产并面临更高的借贷成本更为有利。

As a result, fewer properties have entered the market, leading to a limited number of housing transactions. Persistently high inflation since late 2022 has also made steep price reductions unlikely or difficult to justify.
因此，进入市场的房产数量减少，导致住房交易量有限。自 2022 年底以来持续高企的通胀也使得大幅降价变得不太可能或难以 justify。

As Economic Anxiety Eases, Demand Will Grow 
随着经济焦虑的缓解，需求将增长。

While economic conditions are creating challenges for supply growth, demand dynamics will give travelers a boost in the coming years. In 2023, poor RevPAR performance was driven by rapid supply growth paired with poor demand growth. Demand growth dropped from mid-double digits in 2022 to less than 2% YOY.
尽管经济环境给供应增长带来挑战，但需求动态将在未来几年为旅客出行带来提振。2023 年，RevPAR 表现不佳主要受供应快速增长与需求增长疲软的双重影响。需求增长从 2022 年的两位数中段水平骤降至同比不足 2%。

2023 was marked by tremendous economic anxiety, which likely led many to cut back on travel expenses. If you apply a 12-month lag to income, demand growth closely mirrors changes in real personal income. This pattern suggests that travelers not only plan their trips well ahead of time but also base their decisions on how stable their finances felt in the previous year.
2023 年充满了巨大的经济焦虑，这很可能导致许多人削减旅行开支。如果将收入数据滞后 12 个月，需求增长与实际个人收入的变化密切相关。这一模式表明，旅行者不仅会提前规划行程，还会根据前一年的财务稳定性来做出决策。

A positive side-effect is the improved outlook for 2025, as lagged income indicators already show significant improvement compared to 2023 and 2024. Steady economic growth, productivity gains, and anticipated fiscal stimulus are expected to support stable and rising real incomes through 2026, even as interest rates remain elevated.
一个积极的副作用是 2025 年的前景有所改善，因为滞后收入指标与 2023 年和 2024 年相比已显示出显著改善。稳步的经济增长、生产率提升以及预期中的财政刺激措施预计将支持实际收入在 2026 年前保持稳定并持续增长，即使利率仍处于较高水平。

Supply Growth Will Decelerate in 2025 Before Finding Balance in 2026
2025 年供应增长将放缓，并在 2026 年实现平衡。

Interest rates have a profound impact on investments, with residential housing feeling the effects most acutely. However, these effects take time to manifest in the short-term rental (STR) market. 
利率对投资具有深远影响，其中住宅房地产受影响最为显著。然而，这些影响在短期租赁（STR）市场中需要一定时间才能显现。

For instance, interest rate hikes began in March 2022 but supply growth didn’t begin to slow until a year later. Since then, year-over-year (YOY) supply growth has steadily declined, alongside a noticeable drop in new listings as a percentage of total available listings.
例如，利率上调始于 2022 年 3 月，但供应增长直到一年后才开始放缓。此后，同比（YOY）供应增长持续下降，同时新挂牌房源占总挂牌房源的比例也出现明显下降。

Launching a new short-term rental listing is a time-intensive process, requiring months to acquire, renovate, market, and make the property available. Exiting the market, while somewhat faster, also involves delays.
发布新的短期租赁房源是一个耗时耗力的过程，需要数月时间来获取房源、进行翻新、推广营销并最终使房源上线。退出市场虽然相对更快，但也伴随一定延迟。

These time lags combined mean that the effects of interest rate cuts, which began in September, won’t immediately influence supply growth. Supply growth is expected to continue slowing until mid-2025 before rebounding slightly. 
这些时间滞后效应叠加意味着，自 9 月开始实施的降息措施对供应增长的影响不会立即显现。供应增长预计将持续放缓至 2025 年年中，随后出现小幅回升。

Even as supply growth picks up, persistently high interest rates will make financing new properties expensive. This will limit the pace of new listings entering the market. 
即使供应增长有所回升，持续高企的利率仍将推高新房融资成本。这将限制新房源进入市场的速度。

With occupancy still below pre-pandemic levels of 56%, operators may also be hesitant to list properties due to lower profitability. Together, these factors will constrain supply growth, keeping it closely aligned with demand and allowing occupancy rates to recover gradually over time.
由于入住率仍低于疫情前的 56%水平，运营商可能因盈利能力下降而对挂牌出租房产持谨慎态度。这些因素将共同制约供应增长，使其与需求保持紧密同步，并使入住率随时间推移逐步回升。

Regulations and Natural Disasters Pose Challenges to Supply Growth 
法规与自然灾害对供应增长构成挑战

Two additional factors may hinder supply growth, both tied to specific factors: stricter government regulations in urban areas and the increasing threat of natural disasters.
另外两个因素可能阻碍供应增长，这两个因素都与特定因素相关：城市地区政府监管的收紧以及自然灾害威胁的加剧。

In 2024, urban listings declined by nearly one percentage point. This decline is largely due to better enforcement of existing regulations in New York City that effectively banned STRs. While this specific crackdown won’t recur, many other urban markets are either considering or implementing similar restrictions. Over time, we expect supply in these areas to grow, but at a slower pace than in previous years.
2024 年，城市地区房源数量下降了近 1 个百分点。这一下降主要归因于纽约市对现有法规的严格执行，有效禁止了短期租赁（STR）。尽管这一具体整治措施不会再次出现，但许多其他城市市场正在考虑或实施类似限制。随着时间的推移，我们预计这些地区的房源供应将增长，但增速将低于往年。

The decline in urban listings is largely due to better enforcement of regulations in New York.
城市房源数量的下降主要归因于纽约市对相关法规的执行力度加强。

Natural disasters also directly impact supply by making homes temporarily unavailable. Hurricanes Beryl, Helene, and Milton caused widespread damage to many popular coastal—and some inland—destinations in 2024, disrupting infrastructure and local economies. 
自然灾害也会直接影响供应，使住房暂时无法使用。2024 年，飓风贝瑞尔、海伦和米尔顿对许多热门沿海地区——以及部分内陆地区——造成了广泛破坏，破坏了基础设施并扰乱了当地经济。

While coastal resort listings are projected to grow by over 5% in 2025, the total number of available rental nights is expected to increase by approximately 1%. This growth gap reflects ongoing recovery from natural disasters, as many new listings may be partially unavailable due to repairs or infrastructure challenges. By 2026, rental nights and listing growth are expected to align more closely as recovery efforts stabilize.
预计到 2025 年，沿海度假胜地的房源数量将增长超过 5%，但可供出租的房晚总数预计仅增加约 1%。这一增长差距反映了自然灾害后的持续恢复进程，因许多新房源可能因维修或基础设施问题而部分无法出租。到 2026 年，随着恢复工作的稳定推进，房晚数量与房源增长预计将更加趋于一致。

Hurricanes, along with rising construction costs and insurance rates, remain major challenges for development in these regions. Additionally, climate change adds further uncertainty, with predictions of more frequent and intense storms potentially shaping the future of STRs in these vulnerable areas.
飓风、不断上涨的建筑成本和保险费率仍是这些地区发展面临的主要挑战。此外，气候变化带来了更多不确定性，预计未来飓风将更加频繁且强度更大，这可能对这些脆弱地区 STRs 的未来发展产生深远影响。

2024 Gains Give Way to Balanced Market Demand
2024 年增长势头让位于市场需求平衡

We noted in our mid-year Outlook six months ago that demand was gaining momentum. The recent summer outperformed expectations, leading us to revise our annual forecast upward to a 7.0% growth rate. 
我们在六个月前的年中展望中指出，需求正在加速增长。近期夏季表现超出预期，促使我们将年度增长预期上调至 7.0%。

However, demand growth is already beginning to taper off. Some of 2024’s gains likely reflect postponed trips from 2023, when economic uncertainty led many to cut back on travel.
然而，需求增长已开始放缓。2024 年部分增长可能源于 2023 年因经济不确定性而推迟的旅行计划。

As the outlook steadies, we anticipate a more gradual growth trajectory moving forward. Consistent increases in real income are boosting traveler confidence, setting the stage for steady demand improvements through 2025 and 2026. The Easter holiday shift that supported 2024’s performance will reverse in 2025, creating some variability in year-over-year growth comparisons.
随着前景趋于稳定，我们预计未来增长将呈现更为渐进的态势。实际收入的持续增长正提振游客信心，为 2025 年至 2026 年需求稳步改善奠定基础。支撑 2024 年表现的复活节假期调整将在 2025 年逆转，这将导致同比增速对比出现一定波动。

Market-Specific Trends in Demand and Occupancy Recovery
市场特定需求与入住率恢复趋势

Looking at locations, the demand recovery that surged in early 2024 is expected to stabilize in 2025:
从地区分布来看，2024 年初出现的强劲需求复苏预计将在 2025 年趋于稳定：

• Small City/Rural markets, which have experienced significant growth, are likely to reach their peak by late 2024 or early 2025.
  小型城市/农村市场，由于近年来发展迅速，预计将在 2024 年底或 2025 年初达到峰值。
• Mid-Size City demand is also expected to plateau around the same time as Small City/Rural markets.
  中型城市的需求也预计将在同一时间左右达到峰值，与小型城市/农村市场同步。
• Urban demand is projected to increase, assuming no major regulatory events disrupt the market.
  预计城市需求将持续增长，前提是市场未受到重大监管事件的干扰。
• Destination/Resort locations are typically the first to benefit from favorable economic conditions, and we expect to see growth acceleration beginning in 2026.
  目的地/度假胜地通常是最先受益于有利经济条件的地区，我们预计从 2026 年开始将出现增长加速。

Slowing supply growth combined with improving demand is paving the way for a gradual recovery in occupancy rates, edging closer to pre-pandemic averages of around 56%. Progress is expected to be steady but measured, as supply and demand growth remain tightly aligned in a more stable market. Fiscal stimulus, even amid persistently high interest rates, is anticipated to provide a small but meaningful lift to occupancy levels in the latter half of 2026.
供应增长放缓与需求改善相结合，正为入住率的逐步回升铺平道路，使其逐步接近疫情前约 56%的平均水平。预计进展将稳步推进但步伐谨慎，因为在更稳定的市场环境下，供应与需求增长仍保持紧密同步。即便在利率持续高位的情况下，财政刺激措施仍有望在 2026 年下半年为入住率带来小幅但有意义的提振。

While the U.S. overall is expected to experience more stable occupancy levels, individual markets will vary significantly. 
尽管美国整体预计将保持较为稳定的入住率水平，但各地区市场将呈现显著差异。

Large urban markets generally exhibit a close balance between supply and demand growth. However, markets like Atlanta and San Jose/ Palo Alto, California are likely to see occupancy increases in 2025. In these markets, demand is likely to grow faster than hosts can add new listings or increase the availability of existing ones, tightening the market and boosting occupancy rates.
大型城市市场通常呈现供需增长基本平衡的态势。然而，亚特兰大及加利福尼亚州的圣何塞/帕洛阿尔托等市场在 2025 年可能出现入住率上升。在这些市场中，需求增长速度可能快于房东新增房源或提升现有房源供应能力，导致市场趋紧并推动入住率提升。

Conversely, destination/resort markets are expected to experience greater fluctuations as they recover from challenges such as low snow seasons, wildfires, and hurricanes.
相反，目的地/度假市场预计在从低雪季、野火和飓风等挑战中恢复的过程中，将面临更大的波动。

Regulation in San Francisco has long been a part of the STR landscape there, and listings have fallen for much of 2024 as a result. Poor performance for supply growth is helpful to the hosts that remain, however. Less competition has made it easier for STR operators to increase prices. 
旧金山的监管措施长期以来一直是该地区短期租赁市场（STR）的重要组成部分，2024 年大部分时间里，房源数量持续下降。然而，供应增长乏力对仍留在市场上的房东有利。竞争减少使短期租赁运营商更容易提高价格。

Perhaps due to the low supply growth in San Francisco, this market is expected to have robust RevPAR gains in 2025 as prices and occupancy continue increasing. Neighboring San Jose/ Palo Alto should also see some benefit as demand spills over into that area.
由于旧金山地区供应增长缓慢，预计该市场在 2025 年将实现强劲的每间可售房收入（RevPAR）增长，因为价格和入住率将继续上升。邻近的圣何塞/帕洛阿尔托地区也应从中受益，因为需求将溢出至该地区。

In Mountain/Lake markets, local conditions will determine which markets see increased supply and demand. Short-term rental (STR) performance in Coachella, California is expected to recover after supply and demand took a hit from wildfire smoke in 2024. Gatlinburg/Pigeon Forge, Tennessee, which thrived as a STR market in 2024, will continue to grow next year.
在山地/湖区市场，当地条件将决定哪些市场供需会增加。加利福尼亚州科切拉的短期租赁（STR）表现预计将在 2024 年因野火烟雾导致供需受挫后恢复。田纳西州盖特林堡/鸽子峡谷，作为 2024 年蓬勃发展的短期租赁市场，明年将继续增长。

ADR and RRI Shift Toward Equilibrium
替代性纠纷解决（ADR）与责任重返（RRI）向均衡状态转变

Amid the inflation and recession fears of 2023, thrift became the dominant strategy for new short-term rental listings. The AirDNA Repeat Rent Index (RRI), which tracks changes to nightly rates for existing rentals, revealed that prices for existing listings saw minimal changes throughout the year. 
在 2023 年通胀和经济衰退的担忧下，节俭成为新短期租赁房源的主要策略。AirDNA 重复租赁指数（RRI）追踪现有租赁房源的夜间房价变动，数据显示，全年现有房源的房价几乎没有变化。

Average daily rate (ADR) growth hovered between -2% and -4%, indicating that new listings were priced significantly below current market rates. This discrepancy occurred due to two primary factors: the addition of smaller, more affordable properties and operators pricing their listings below market rates to attract bookings.
平均每日房价（ADR）增长率徘徊在-2%至-4%之间，表明新上市房源的定价显著低于当前市场水平。这一差异主要由两个因素造成：一是新增了更多小型、价格更为亲民的房源，二是运营商为吸引预订而将房源定价低于市场水平。

It’s essential to revisit the concept of mix shift to understand this dynamic. Mix shift occurs when the types of properties entering or leaving the market—such as larger homes or budget-friendly listings—alter the overall average nightly rate (ADR). In 2023, the influx of lower-priced or smaller properties pulled ADR growth down, even though prices for existing properties, as tracked by the RRI, stayed steady.
要理解这一动态，重新审视“市场结构调整”的概念至关重要。市场结构调整指的是进入或退出市场的房产类型（如大户型住宅或经济型房源）发生变化，从而影响整体平均夜间房价（ADR）。2023 年，低价或小型房产的涌入拉低了 ADR 增长，尽管根据 RRI 跟踪的数据，现有房产的价格保持稳定。

Fortunately for operators, these conditions reversed in 2024. Existing listings consistently increased their ADRs throughout most of the year. ADR growth outpaced the growth in the AirDNA Repeat Rent Index (RRI), which suggests that new listings entering the market were larger or more expensive than the current market averages.
幸运的是，对于运营商而言，这种情况在 2024 年发生了逆转。现有房源的平均每日房费（ADR）在全年大部分时间内持续增长。ADR 的增长速度超过了 AirDNA 重复租金指数（RRI）的增长速度，这表明新进入市场的房源规模更大或价格更高，高于当前市场平均水平。

With occupancy rates stabilizing, AirDNA anticipates that operators will maintain pricing power for the next two years. By 2026, ADR and RRI growth are expected to converge as new listings begin to match or slightly exceed the prices of existing listings. This trend aligns with a market where supply and demand are in equilibrium.
随着入住率趋于稳定，AirDNA 预计运营商将在未来两年内保持定价能力。到 2026 年，平均每日房价（ADR）和收入增长率（RRI）的增长预计将趋于一致，因为新房源的定价开始与现有房源持平或略高于现有房源。这一趋势与供需平衡的市场状况相一致。

Dynamic Market Forces Set the Stage for 2025 RevPAR Gains
动态市场力量为 2025 年 RevPAR 增长奠定基础

Current trends in the size of new listings will impact how ADRs change across different types of markets in 2025. 
新上市股票规模的当前趋势将影响 2025 年不同类型市场中美国存托凭证（ADRs）的变化。

Urban and Mid-Size Cities have experienced significant growth in larger short-term rental listings. This trend is partly due to regulations. Policies that restrict short-term rentals in densely populated areas or encourage medium-term stays push the market toward larger homes. 
城市和中等规模城市在短期租赁房源方面出现了显著增长。这一趋势部分归因于政策因素。在人口密集地区限制短期租赁或鼓励中长期住宿的政策，促使市场向更大户型的住宅倾斜。

Average daily rate (ADR) growth in these areas is expected to exceed the growth of the AirDNA Repeat Rent Index (RRI), which tracks price changes for existing rentals. This happens because much of the ADR growth stems from higher-priced, larger listings entering the market—a phenomenon known as mix shift.
这些地区的平均每日房价（ADR）增长率预计将超过 AirDNA 重复租金指数（RRI）的增长率，后者追踪现有租赁价格的变化。这是因为 ADR 增长的大部分源于更高价、更大面积的房源进入市场——这一现象被称为“结构转变”。

Other locations show more varied preferences for bedroom sizes. Outside of suburban locations, however, all location types had the strongest demand and supply growth in 6+ bedroom listings.
其他地区对卧室面积的偏好更为多样化。然而，在郊区以外的地区，所有类型的地点在 6 间及以上卧室的房源需求和供应增长最为强劲。

The strong growth in larger listings is partly due to the limited supply of these outsized homes in the current market. At the same time, these larger properties are increasingly popular among travelers, especially groups, who have historically had fewer accommodation options. 
大型房产的强劲增长部分归因于当前市场中这类超大户型房产的供应有限。与此同时，这些大型房产正日益受到旅行者的青睐，尤其是团体游客，因为他们历来在住宿选择上较为有限。

In 2025, this trend is expected to continue nationwide. Higher-priced, larger homes entering the market will drive ADR growth in most locations.
到 2025 年，这一趋势预计将在全国范围内持续。高价位、大户型住宅的入市将推动大多数地区平均每日收入（ADR）的增长。

Larger homes offer unique value for travelers, particularly in the lower price tiers. These properties, especially those with six or more bedrooms, have seen significant growth because they provide an economical solution for group vacations. Guests can split costs among multiple people or save money. It's often cheaper to book one Airbnb than it is to book several separate rentals or hotel rooms.
较大的住宅为旅行者提供了独特的价值，尤其是在低价位区间。这类房产，尤其是拥有六间或更多卧室的住宅，近年来需求显著增长，因为它们为团体度假提供了经济实惠的解决方案。客人可以分摊费用或节省开支。通常情况下，预订一间 Airbnb 的费用比预订多个独立出租房或酒店房间更为经济。

The luxury tier tells a different story. Here, affordability is less of a priority, and the largest growth has been in single-bedroom homes. These smaller, high-end properties cater to travelers seeking exclusive, premium experiences in more intimate accommodations.
豪华级市场则呈现出截然不同的景象。在这里，性价比不再是首要考量，单卧室住宅的增长最为显著。这些小型高端房产专为追求独特、高端体验的旅客设计，提供更加私密舒适的住宿环境。

The 2025 short-term rental outlook paints a picture of a market in transition, marked by steady recovery, resilience, and emerging opportunities. After years of turbulence, the industry is finding its balance. 
2025 年短期租赁市场展望描绘了一幅市场转型图景，呈现出稳步复苏、韧性增强及新兴机遇并存的特征。经历多年动荡后，该行业正逐步找到发展平衡点。

Occupancy levels are stabilizing, RevPAR is growing, and the delicate equilibrium between supply and demand is becoming a reality. These shifts reflect broader economic conditions, evolving traveler preferences, and the growing sophistication of STR stakeholders. Hosts are leveraging data, dynamic pricing, and better guest experiences to stay competitive and adapt to market changes.
入住率正在稳定，每间可售房收入（RevPAR）实现增长，供需之间的微妙平衡正逐渐成为现实。这些变化反映了更广泛的经济环境、旅客偏好的演变以及 STR 利益相关者日益提升的成熟度。房东正通过利用数据、动态定价以及提升宾客体验来保持竞争力并适应市场变化。

For operators and investors, this is both a challenge and an opportunity. Rising interest rates may constrain supply growth, but they also create an environment where pricing power remains strong. Urban and resort markets face localized hurdles—from regulations to natural disasters—but they also highlight how resilience and adaptability can drive success. Meanwhile, demand for larger, group-friendly properties and continued recovery in markets like New York and Maui demonstrate how nuanced traveler preferences are reshaping the landscape.
对于运营商和投资者而言，这既是挑战也是机遇。利率上升可能抑制供应增长，但同时也为保持定价能力创造了有利环境。城市和度假市场面临本地化挑战——从监管政策到自然灾害——但这些挑战也凸显了韧性和适应性如何成为成功关键。与此同时，对大型、适合团体游客的物业需求持续增长，以及纽约和毛伊岛等市场复苏势头强劲，进一步表明旅客偏好的细分化正在重塑行业格局。

This report equips you with the data, trends, and insights to navigate these changes with confidence. Whether you’re managing existing listings, considering new investments, or seeking to optimize your portfolio, now is the time to take action. Leverage these insights to position yourself for success in 2025 and beyond. The short-term rental market is evolving—stay ahead by making informed, strategic decisions that capitalize on the opportunities ahead.
本报告为您提供数据、趋势和洞察，助您自信应对这些变化。无论您是管理现有房源、考虑新投资，还是寻求优化投资组合，现在正是采取行动的时机。利用这些洞察，为 2025 年及以后的成功奠定基础。短期租赁市场正在演变——通过做出明智、战略性的决策，把握未来机遇，保持领先地位。