Who's Buying STRs Right Now? AirDNA's First Investor Survey Has Answers.

"Airbnb bust." headlines make for great clickbait. But they're not telling the whole story.

AirDNA just released its first-ever Short-Term Rental Investor Survey, polling 652 participants during Q4 2025. And the data paints a surprisingly different picture of who's buying, who's selling, and why.

Short-term rentals have evolved from the side hustle everyone wanted to try to something bigger: a maturing wealth-building strategy attracting serious investors.

Here's what the data actually says, according to AirDNA's investor survey report.

Quick Context: Who Did AirDNA Survey?

Before we dive in, let's look at who we're hearing from.

Of the 652 total survey respondents:

• 429 currently own or operate at least one STR
• 222 don't own yet, but most are actively considering their first investment.

For this breakdown, we'll mostly focus on current short-term retal hosts.

Among current owners:

• ~45% operate 1–4 properties
• The most common experience level is 3–5 years (just over 30%)
• ~10% operate 5+ units and have been in the game 6+ years

That mix matters. It lets us compare newer entrants against scaled operators—and see how both groups are tackling growth in today's economy.

Finding #1: The Big Split – Amateurs Pause, Pros Pounce

When you look at the data across all investors, it's split. Some are buying. Some are sitting tight. Some are unsure.

But slice the data by portfolio size, and a crystal-clear pattern emerges: the more properties someone already owns, the more likely they are to buy property this year.

Investors with 5+ properties are the most likely to acquire more.

And this year, first-timers are hitting the brakes.

Meanwhile, professionals with systems, data, and experience are prepared—and ready to keep scaling.

Finding #2: What's Holding STR Investors Back (and It's Not What You Think)

AirDNA asked current investors what's stopping them from buying more.

The top answers:

• Property prices – Over 40%
• Demand uncertainty or oversaturated markets – ~37%
• Rising operating costs – ~36%
• High interest rates – ~28%
• STR regulations – ~24%

These factors shift dramatically by experience level.

✔️ Less experienced investors struggle mostly with property prices as their primary barrier.

✔️ Larger, more experienced operators are more focused on demand uncertainty, regulations, and rising operational costs eating into margins.

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Finding #3: Despite challenges, Airbnb hosts aren't running and selling properties

Hosting in this economy has its hurdles. But hosts aren't selling and throwing in the towel. And that's across all experience levels.

Over 60% of hosts said they were highly unlikely to sell any properties in the next year.

And those considering a sale? They're doing it as part of a strategic move or for personal reasons—not panic.

The only mass exodus happening is to direct booking systems.

Finding #4: Where Investors Are Buying (and How It Changes with Experience)

Seeing where other hosts are finding profitable STR markets can tell you a ton about what's working right now.

According to AirDNA, investors are mainly targeting:

• Coastal/beach destinations – ~24%
• Outdoor destinations (mountains, ski, national parks) – ~30%
• Urban and city centers – ~17%

New investors gravitate toward urban markets—they feel safer, easier to finance, and more familiar.

Experienced investors chase outdoor, coastal, and mountain destinations where they can command pricing power and durable travel demand.

It's the evolution from buying what's convenient to building a destination brand.

Finding #5: The Biggest Factors Driving Real Estate Success

It's not all economic doom. AirDNA also asked active investors which factors they believe will boost their investments.

Based on 931 responses (investors could select multiple), here's what they're betting on this year:

Higher travel demand - ~55%

Lower or more stable interest rates - ~43%

Short-term rental tax beneifts - ~36%

Lower inflation and operating costs ~26%

The surprise? Tax strategy ranked third.

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Finding #6: What's Keeping First-Timers on the Sidelines

Among the 222 prospective investors surveyed:

• Interest in STR investing remains high
• The primary motivations are income and cash flow
• The top barriers are property prices, mortgage interest rates, and unpredictable regulations

Most aspiring hosts plan to buy within 1–3 years, with a smaller group targeting the next 6–12 months.

Host Camp's Take: What This Means for You

If you're a new investor:

Don't let fear drive your investments.

"Comfortable" urban markets don't guarantee confidence—they can be equally risky. Let data give you confidence instead. Analyze markets with AirDNA, study competitors, and underwrite for worst-case scenarios. That's how you find the right properties—and run from the money pits.

Find markets with high demand, strong travel attractions, and event-driven tourism. Then give yourself permission to start as small as you need to.

Understand the systems and operations before you invest, so you know exactly what it takes to run an STR successfully.

Need a jumpstart? Enroll in our beginner-friendly Airbnb for Dummies Masterclass in our free community.

If you're scaling up:

Want to do what the pros with big portfolios are doing? Shift your focus toward experience-driven destinations. Build a destination brand that stands on its own—that's how you protect yourself and build a real business.

Fine-tune your Airbnb's design and guest experience to compete with top performers. Then master automating your Airbnb and streamlining operations before you scale. That makes growth easier and more sustainable.

No matter how experienced you are, Airbnb is not a solo sport. Connect with other driven hosts to swap strategies and learn what's working

👉  Read AirDNA's full survey report here for a deep breakdown of all their findings.

👉  Ready to analyze markets like the pros? Use our AirDNA promo code for 10% off.

👉  Experienced investor looking to level up? Book a free strategy call with our team of experts.

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