About the Study
Short-term rentals have become a structural component of tourism accommodation worldwide. This CET study examines how this market operates, how selected international destinations regulate it, and how Costa Rica compares in terms of scale, geography, market structure, performance and interaction with traditional accommodation and housing.
The research combines public data from AirDNA, AirROI and Inside Airbnb with official statistics from Costa Rica’s Tourism Board (ICT), the National Institute of Statistics and Census (INEC), the Central Bank of Costa Rica (BCCR), and international evidence from the OECD and academic literature.
The analysis is descriptive and comparative. Its purpose is to provide evidence that supports informed discussion and better public and private decision-making regarding tourism accommodation in Costa Rica.
Key Findings
The Costa Rican short-term rental market has reached significant scale in both tourism accommodation and territorial presence. These indicators summarize some of the study’s main findings.
48,985
Active listings
813.5
USD million
Estimated annual revenue
USD 204
Average daily rate (ADR)
43.7%
Average occupancy
83.3%
Entire-home listings
9.4
Listings per 1,000 inhabitants
Source: CET calculations based on AirDNA data, 12 months ending in June 2026.
What This Study Examines
The study is organized around three analytical dimensions that correspond to its three main chapters.
1
Global Market Structure
Examines how short-term rental platforms operate, including their value chain, network effects, market concentration, professional management and the economic logic behind the model.
2
International Regulatory Treatment
Compares how ten selected destinations regulate short-term rentals through registration or licensing, operating restrictions, specific accommodation taxes and platform-based compliance mechanisms.
3
The Costa Rican Market
Characterizes the size, geography, structure, performance and seasonality of short-term rentals in Costa Rica, and examines their relationship with traditional accommodation, housing and real-estate development.
Global Market Comparison
CET compared Costa Rica with ten international destinations selected to represent Latin American peers, coastal and island tourism markets, and highly regulated urban markets.
Costa Rica records 9.4 short-term rental listings per 1,000 inhabitants, above all major cities in the sample and close to Barcelona’s 9.0.
Destination | Listings per 1,000 inhabitants | |
|---|---|---|
Crete | 43.8 | |
Hawaii | 26.7 | |
Málaga | 16 | |
Mayorca | 15.3 | |
Costa Rica | 9.4 | |
Barcelona | 9 | |
Belize | 8.6 | |
Rio de Janeiro | 7.2 | |
Cape Town | 5.7 | |
New York City | 3.6 | |
Mexico City | 3.4 |
Source: CET calculations based on Inside Airbnb (2026), AirDNA (2026) and population statistics from official national sources.
How Short-Term Rentals Are Regulated
The international comparison identifies four broad regulatory approaches, ranging from permissive frameworks to policies designed to reduce or eliminate existing short-term rental supply.
01
Permissive
Belize, Rio de Janeiro, Cape Town and Costa Rica No limits on the number of nights rented and no prohibited zones. Registration, licensing or taxes may apply, but the amount of rental activity is not capped.
02
Intensity Caps
Mexico City, Honolulu and Crete rules limit how short-term rentals operate without necessarily reducing the existing inventory. Examples include annual night caps, minimum stays and mandatory operating standards.
03
Containment
Mallorca and Málaga Policies seek to stop further growth by freezing or restricting new licenses in saturated areas or certain types of residential buildings.
04
Reduction or Elimination
New York City, Barcelona and Maui regulation is designed to reduce existing supply through measures such as host-presence requirements, limits on guests or the phase-out of existing licenses or vacation-rental uses.
Source: CET comparative review of official regulatory sources, verified to July 2026.
Regulatory Comparison by Destination
The regulatory frameworks differ not only in their level of restriction, but also in the instruments used. The table below summarizes registration or licensing requirements, the main operating restriction and the specific accommodation tax applied in each destination.
Destino | Registro / Licencia | Restrición Principal | Impuesto específico al alojamiento |
|---|---|---|---|
Belize | Mandatory BTB license | No quantitative restrictions | 9% of the accommodation rate |
Mexico City | Host Registry | Maximum 50% of nights per year | 5% lodging tax for platform-based accommodation |
Rio de Janeiro | No municipal registry | Condominium approval requirement under evolving case law | None |
Hawaii / Honolulu | County registration | Minimum 90-day stay outside resort areas | Approx. 18.7% combined |
Mallorca | ETV license + national registry | No new places in multi-family buildings | €2 per person/night in high season |
Crete | AMA registration | Mandatory minimum standards; no night cap | €8 per night in high season |
Málaga | VUT registry + national registry | Prohibited in 43 neighborhoods; citywide moratorium | None |
Cape Town | No registry yet; regulation under development | Max. 30-day stays and 5 guests in residential areas | No specific STR tax; commercial property treatment may apply |
Barcelona | HUT license, frozen since 2014 | All licenses scheduled to expire in November 2028 | €9.50 per person/night |
New York City | Mandatory registration under Local Law 18 | Host must be present; max. 2 guests for stays under 30 days | Approx. 14.75% + US$1.50/day |
Costa Rica | Registration under Law 9742 | No national night caps or zoning restrictions | No specific STR accommodation tax |
Source: CET comparative review of official regulatory sources, verified to July 2026. Some regulatory situations remain under legal or administrative development.
The Costa Rican Market
Costa Rica’s short-term rental market is large, geographically concentrated and predominantly oriented toward coastal and nature-based destinations. The study estimates 48,985 active listings across 243 markets, generating approximately USD 813.5 million in annual revenue over the twelve months ending in June 2026.
Market Size and Performance
The national market records an average daily rate of USD 204, average occupancy of 43.7% and average annual revenue of USD 16,606 per listing. The estimated scale of the market places Costa Rica among the most intensive short-term rental markets in the international comparison.
48,985 active listings
USD 813.5 million estimated annual revenue
USD 204 ADR
43.7% average occupancy
USD 16,606 annual revenue per listing
Structure of Supply
The market is dominated by entire homes and professionally managed listings. In the AirROI sample used in the study, 83.3% of listings are entire homes and 66.4% are managed by hosts with more than one listing. The typical property has 2.3 bedrooms, although property size varies significantly by destination.
-
83.3% entire-home listings
-
66.4% multi-listing management
-
2.3 average bedrooms
Geographic Concentration
Short-term rental activity is concentrated mainly in coastal and nature-based destinations rather than in the metropolitan area. The Greater San José Metropolitan Area accounts for about 8.2% of national inventory, while the main coastal and nature destinations concentrate more than half of the country’s listings.
Jacó
Cahuita / Southern Caribbean
Tamarindo
Cóbano / Santa Teresa–Montezuma
Sardinal / Playas del Coco
Bahía Ballena / Uvita
Quepos / Manuel Antonio
Cabo Velas / Flamingo–Conchal
Nosara
La Fortuna
Market Dynamics
The market shows signs of maturation. Across the 213 markets with year-over-year data, inventory remained nearly stable at −0.2%, while revenue per listing increased by 8.7%. Growth is therefore being driven more by price and occupancy than by additional supply.
-
−0.2% year-over-year inventory change
-
+8.7% revenue per listing
Source: CET analysis based on AirDNA and AirROI data, twelve months ending in June 2026.
Main Destinations in Costa Rica
Costa Rica’s short-term rental market is highly concentrated in a relatively small number of tourism destinations. Coastal areas account for most of the largest markets, while the Greater San José Metropolitan Area has a different profile, characterized by smaller units, lower rates and shorter stays.
Destino | Listados Activos | ADR (USD) | Ocupación Promedio | Ingreso Anual por Listado (USD) |
|---|---|---|---|---|
Greater San José Metropolitan Area | 4025 | 61 | 50% | 7200 |
Jacó | 3786 | 306 | 40% | 23371 |
Cahuita / Southern Caribbean | 3779 | 126 | 46% | 13400 |
Tamarindo | 3598 | 336 | 47% | 28640 |
Cóbano / Santa Teresa–Montezuma | 2860 | 274 | 50% | 21300 |
Sardinal / Playas del Coco | 2537 | 214 | 48% | 16500 |
Bahía Ballena / Uvita | 2184 | 217 | 46% | 17500 |
Quepos / Manuel Antonio | 1902 | 259 | 47% | 25806 |
Cabo Velas / Flamingo–Conchal | 1678 | 346 | 48% | 28800 |
Nosara | 1537 | 384 | 53% | 26100 |
La Fortuna | 1397 | 151 | 44% | 14900 |
Urban market: Greater San José has the largest metropolitan concentration, but with much lower rates and annual revenue per listing than coastal destinations.
High-value coastal markets: Tamarindo, Cabo Velas and Nosara combine high ADRs with relatively strong occupancy and high annual revenue per listing.
Nature and mid-price destinations: La Fortuna, Cahuita and Bahía Ballena operate with lower rates but maintain significant inventory and consistent occupancy.
Source: CET analysis based on AirDNA data, twelve months ending in June 2026. Destination names correspond to AirDNA market definitions.
Short-Term Rentals vs. Traditional Accommodation
Costa Rica’s accommodation capacity has expanded significantly even though international arrivals have not returned to their 2019 level. This has intensified competition for the same pool of visitors across both traditional accommodation and short-term rentals.
Traditional accommodation grew
Between 2019 and 2025, the traditional accommodation supply estimated by the Costa Rican Tourism Board increased from 50,264 to 56,950 rooms, a rise of 13.3%. The number of establishments increased from 2,890 to 3,095.
Short-term rentals expanded much faster
Short-term rental inventory increased from an estimated 22,500 listings in 2019 to 48,985 by June 2026, more than doubling over the period.
Demand did not keep pace
International arrivals fell from 3.14 million in 2019 to 2.94 million in 2025, a decline of 6.2%. As a result, the combined accommodation supply increased much faster than visitor demand.
The number of international tourists per available accommodation unit fell from approximately 43 in 2019 to 28 in 2025–2026.
Each hotel room and each short-term rental listing is therefore competing for a smaller flow of visitors than in 2019.
Source: CET calculations based on ICT (2026), AirDNA (2026) and Investing Costa Rica (2024).
Housing and Real-Estate Implications
Short-term rentals and real-estate development are closely connected in Costa Rica’s main tourism destinations. However, the relationship with local housing varies by location and type of property.
1
Pressure on local housing in tourism areas
In destinations with limited housing supply and strong tourism demand, short-term rentals can contribute to higher land values and residential rents, increasing pressure on the workforce that supports tourism activity.
2
Not all vacation inventory is interchangeable with residential housing
A significant share of coastal villas and condominiums was developed specifically for tourism use. Restricting this inventory would not necessarily return those units to the long-term residential market.
3
Investment performance depends on demand
The profitability of tourism-oriented real estate depends on maintaining sufficient accommodation demand. With international arrivals below 2019 levels and a much larger combined accommodation supply, expected returns face increasing competitive pressure.
Understanding the difference between housing converted to short-term rental use and properties developed specifically for tourism is essential for sound public policy.
Source: CET analysis based on AirDNA, AirROI, ICT and the academic literature reviewed in the study.
Conclusions
Five conclusions summarize the main findings of the study and help frame the implications of short-term rentals for tourism policy, accommodation markets and territorial development in Costa Rica.
01
A professionalized accommodation market
Short-term rentals are no longer primarily an occasional exchange between individuals. Across the markets examined, most listings are entire homes managed by hosts or operators with multiple properties, supported by global digital platforms and professional management systems.
02
Regulation is converging toward registration and platform accountability
Internationally, the clearest regulatory trend is toward universal registration and greater responsibility for digital platforms in verifying listings, processing compliant reservations and, in many cases, collecting accommodation taxes.
03
Costa Rica has a large, high-value and predominantly coastal market
With nearly 49,000 active listings, Costa Rica has a short-term rental market of significant scale relative to its population. Its structure resembles consolidated vacation destinations, with a strong predominance of entire homes and multi-listing management.
04
Demand is becoming the main constraint
Accommodation capacity has expanded much faster than international arrivals. The resulting dilution of demand means that both traditional accommodation and short-term rentals are competing for a smaller flow of visitors per available unit than in 2019.
05
Housing effects require a differentiated approach
The international evidence shows that short-term rentals can increase pressure on housing in tourism areas with limited supply. At the same time, part of Costa Rica’s coastal inventory consists of vacation properties developed specifically for tourism and would not necessarily return to the residential market if short-term rentals were restricted.
Effective policy requires distinguishing between urban housing converted to tourism use, vacation properties developed specifically for visitors, and the different realities of coastal, rural and metropolitan destinations.
Source: Center for Tourism Studies (CET), Short-Term Rentals in Costa Rica, 2026.
Methodology and Sources
The study combines multiple public data sources to characterize the short-term rental market, compare international regulatory approaches and assess the Costa Rican case against official tourism and housing statistics.
Inside Airbnb
Open datasets for the ten international destinations, based on June 2026 data. The platform covers Airbnb listings only.
AirDNA
Data for 243 Costa Rican markets, consolidating listings from Airbnb, Vrbo and Booking.com, with metrics for the twelve months ending in June 2026.
AirROI
Aggregate data for 100 Costa Rican markets and microdata for 2,046 individual properties in eight major destinations, including monthly occupancy and rate series.
Official Costa Rican Sources
International arrivals and traditional accommodation supply from the Costa Rican Tourism Board (ICT); housing estimates from INEC; and tourism satellite account data from the Central Bank of Costa Rica (BCCR).
Regulatory and Academic Sources
Official legal and regulatory sources for each destination, OECD Tourism Trends and Policies 2026, and peer-reviewed academic literature on hotel competition, housing markets and regulatory effects.
Market figures from AirDNA, AirROI and Inside Airbnb are third-party estimates based on publicly available platform data. Their methodologies differ and are only partially comparable. The study therefore uses official statistics and cross-checks to assess the plausibility and order of magnitude of the estimates.
The analysis is descriptive and comparative. It does not constitute legal, tax, financial or investment advice.
Full methodological details and references are available in the downloadable study.
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