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Travel Demand Remains Strong to Puerto Rico

Thursday, March 26, 2026 Research

U.S. travelers prioritize leisure and maintain a strong intent to travel in 2026

According to the March 2026 edition of "The State of the American Traveler" by Future Partners, most Americans report that their household finances are holding steady compared to the previous year, and enthusiasm for leisure travel continues to rise, reaching some of the highest levels seen since tracking began.

Excitement about taking trips in the next 12 months remains strong, and the average traveler expects to take about 4.1 trips over the coming year. Despite lingering economic uncertainty, including 40% of travelers believing a recession is possible within six months, travel remains an important part of Americans’ spending intentions. Although opinions are mixed on whether now is a good time to spend on travel, the broader trend shows cautious willingness. Travelers also continue to plan meaningfully for both domestic and international experiences, with nearly half expressing a likelihood to travel abroad in the next year.

Leisure travel continues to be a high-spending priority: 61.5% of Americans say leisure travel will be a high or extremely high priority for their income over the next three months, reaching levels like those from February 2022. This aligns with elevated expected annual leisure travel spending, averaging $6,556, and steady interest in planning multiple trips. These metrics underscore the durability of American travel demand, even amid caution about finances and evolving economic signals.

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SJU Passenger Arrivals Show a Slight Decline Amid Ongoing Operational and Economic Pressures

In February, Aerostar reported 526,000 passenger arrivals at the Luis Muñoz Marin International Airport in San Juan (SJU), bringing the total to 1.1 million passengers to date, but resulting in a -2% decrease compared to the same month last year, or approximately -12,000 fewer passengers. These results continue the downward trend observed this year, with year-to-date growth of -2%. Arrivals from North America (-2%) and the Caribbean (-15%) have decreased, while combined arrivals from Europe, South America, and Central America reached over 61,000 (+16%).

As the Caribbean enters its peak travel season, including the busy Spring Break and Easter periods, U.S. air travel is being impacted by a rare combination of operational and economic pressures. A Department of Homeland Security shutdown has led to severe TSA staffing shortages, with callout rates reaching 50–76% at some major airports, resulting in hours‑long security lines and widespread delays. These bottlenecks not only slow airport processing but also disrupt traveler behavior, causing some passengers to miss their flights. At the same time, geopolitical conflict has pushed jet fuel prices sharply upward, nearly doubling compared to last year, which is increasing operating costs for airlines and driving fare hikes across both domestic and international routes

According to Airline Data, Inc. current load‑factor projections for SJU remain strong over the coming months, with airlines planning to operate 5% more seats from the continental U.S. in Q2 and 16% more in Q3, reflecting continued confidence in demand.

Island-wide Lodging Demand Maintains Steady Growth, Supported by Strong Hotel Performance

According to STR and AirDNA, total lodging demand across the island continues to outperform last year, rising 8% in February and 9% year-to-date. February alone recorded more than 390,000 hotel room nights (+10% year-over-year), while short-term rental demand reached 355,000 nights, up 6%.

Hotel performance was particularly strong, with occupancy climbing to 85%, a 7 percentage-point increase over last February and a new high for the month. In contrast, short-term rental occupancy edged down slightly to 66% (-1 ppt), likely reflecting the impact of increased supply.

The best-performing hotel segment in February was the San Juan upscale and upper mid-class hotels, with a monthly occupancy of 91% (+4%) and average rates of $285 (+8%). Outside of the metro area, regional luxury hotels continue to drive occupancy of 80% (+15%) while adjusting rates to more group and business travel, averaging $537 (-17%).

On a year-to-date basis, total demand has exceeded 1.5 million room nights, including 795,000 from hotels (+10%) and 722,000 from short-term rentals (+8%).

Lodging Revenue Reaches a New Record in February with Sustained Growth Across Hotels and Rentals

February lodging revenues neared an estimated $216 million, a 7% year-over-year increase and setting a new monthly record. Hotels contributed $143.5 million, enjoying a RevPAR of $314 (+6%).

The rental segment showed similar growth in February, generating $73.4 million, a 6% increase from last year, and accounting for 34% of the market's revenue share. By region, rentals in the San Juan area generated $15 million in revenue (-0.9%), while rentals in the East and West regions grew 7% reaching $19 million and $14.5 million, respectively. Rentals in the central mountain area of the Island generated 1.2 million in rental revenue, up 15% year-over-year, enjoying the highest growth by region.

Year-to-date lodging revenues captured by STR and AirDNA reached $435 million, an increase of 8% compared to last year. Hotel revenue has increased by 7% to $286 million, and rental revenue by 9% to $149 million.

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