The paper builds the cycles of transactions and prices in the short term rental market from 2015 to 2021 for 46 European and Asian cities to understand how short-term tenants move across the cities. Having the cycles at the city level, the paper builds a panel and estimates a supply-demand model for the short-term rental market and analyses the endogenous relationship and ripple effect among cities using the VECM framework. Results suggest the existence of links between cities, both in short-term rental contracts and prices, supporting the hypothesis that short-term rental market visitors choose cities clustered in networks and that those networks compete with each other as alternative destinations. The evidence suggests that, through the technological platforms and individually, a particular city network is chosen as an alternative to others, revealing tastes changes and inducing segmentation in rental price growth and investment.