The vacation rental market consists of privately owned properties that are rented out for leisure, recreational or holiday purposes for short periods of time. Vacation rentals offer travelers comfortable accommodations as an alternative to hotels, providing amenities like private pools, kitchens, living spaces and personalized service. The global vacation rental market provides opportunities for homeowners to generate additional income from their spare rooms, homes or vacation properties while allowing travelers greater flexibility and independence. The global vacation rental market is estimated to be valued at US$ 72588.74 Mn in 2023 and is expected to exhibit a CAGR of 5.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Increased domestic and international travel has been a key factor driving growth in the vacation rental market. As disposable incomes rise globally and more people embrace remote work arrangements, both leisure and business travel have accelerated in recent years. More travelers are now opting for whole-home vacation rentals which offer the comfort of a home along with full kitchens, living areas and multiple bedrooms - providing improved value and experience over hotels. The pandemic further boosted demand as travelers preferred isolated, private accommodations over crowded hotels and public areas. Going forward, the popularity of workcations and Bleisure trips which blend business with leisure is expected to provide ongoing momentum to the vacation rental industry.
Segment Analysis
The global vacation rental market is dominated by the managed vacation rental sub-segment. Many home and property owners prefer renting out their vacation homes and properties through managed service providers as they offer property management services including booking and cleaning services, damage protection, and 24/7 customer support to owners and travelers. This eases management efforts and maximizes revenue for homeowners.
Key Takeaways:
The Global Vacation Rental Market Size is expected to witness high growth over the forecast period of 2023 to 2030 supported by increasing popularity of alternative affordable accommodation options among travelers coupled with proliferation of online booking platforms.
Regional analysis:
The North America region currently dominates the global vacation rental market owing to strong presence of leading international rental companies and favorable government regulations supporting shared economy business models in the US and Canada. Europe follows North America in terms of market share and is expected to grow at a significant rate during the forecast period with major contribution from countries like UK, France and Italy where vacation rentals have emerged as a popular cheaper lodging option compared to hotels.
Key players:
Key players operating in the vacation rental market are 9flats.com Pte Ltd., Expedia Group Inc., NOVASOL A/S, Booking Holdings Inc., MakeMyTrip Pvt. Ltd., Wyndham Destinations Inc., Tripadvisor Inc., Airbnb, Hotelplan Management AG, and Oravel Stays Pvt. Ltd. Airbnb dominates the global vacation rental market with largest inventory of posted homes globally followed by Booking and Expedia that also offer vacation rental options listed on their platforms alongside hotels.
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