An aerosol generating system includes a first housing, a second housing, and a third housing. The first housing defines a first passage and includes a liquid storage portion configured to contain an aerosol generating substrate. The second housing defines a second passage configured to be fluidly coupled to the first passage. The first passage and the second passage define an aerosol flow path. The second housing includes a heating element configured to heat the aerosol generating substrate. The third housing defines an inner chamber and an outlet. The inner chamber of the third housing is configured to receive at least the first housing. The third housing defines an air flow path between the third housing and at least the first housing. The air flow path is fluidly coupled to the outlet.