Fort Collins, Colorado, Feb. 28, 2024 (GLOBE NEWSWIRE) -- The Short Term Tental Market was valued at USD 110.6 Billion in 2023 and is anticipated to grow at a CAGR of 13.6% to reach USD 348.1 Billion by 2032.
short term rental services refer to letting out apartments or houses for a shorter period, less than thirty days. However, the period considered for the short term rental depends on the jurisdiction in which the property is located and can differ from a week to a maximum of six months.
The increasing demand mainly backs the growing demand for the short term rental market for at-home stays by tourists and business professionals. It has been observed since the pandemic that the demand for properties like Airbnbs and Vrbo is growing tremendously as tourists prefer staying at these places as they are priced lower than the hotels. Also, it allows them to connect with locals and understand the local culture well. Also, during the pandemic, tourists and work professionals preferred staying at separate apartments or homes as it ensured the least commuting to crowded places, thus ensuring their safety. This trend has continued and grown more post-pandemic.
Homeowners who own apartments at tourist destinations and metro cities have expressed their preference for short term rental services as it not only helps them earn side gigs but reduces the task of looking for tenants for long-term renting. This helps them save on their time, efforts, and possible legal or social issues while letting out property for an extended period.
Request Sample Report:
Segmentation Overview:
The global short term rental market has been segmented into accommodation type, booking mode, and region. Based on accommodation type, the short term rental market is segmented into homes, apartments, resort/condominiums, and others. Homes hold a significant share in the accommodation type segment due to the growing number of family and group outings globally. Based on booking mode, the short term rental market is segmented as online and offline. Online booking holds a significant share in the booking mode segment of the short term rental market.
Buy This Research Report:
Short Term Rental Market Report Highlights:
- The global short term rental market growth is anticipated at a CAGR of 13.6% by 2032.
- The concept of short term rental has grown in the past few years based on the significant growth of travel and tourism industry.
- The short term rental market segmentation includes accommodation type, booking mode, and region.
- North America holds a significant share of the short term rental market, with the United States dominating this region.
- Some prominent players in the short term rental market report include Airbnb, Expedia Group Inc., Booking Holdings Inc., Tripadvisor Inc., Hotelplan Group, MakeMy Trip Pvt. Ltd., Novasol, Belvilla B.V., Interhome AG, Vrbo.
Industry Trends and Insights:
- In 2024, Airbnb added new features to its City Portal which was launched in 2020. The new features promotes local tourism and enforces short term rental laws.
- According to RubyHome, a luxury brokerage company based in the United States, around 1.3 million vacation rentals are in the country, and around 60 million people had opted for holiday rentals in 2022.
Looking Exclusively For Region/Country Specific Report?
OR
Ask For Discount
Short Term Rental Market Segmentation:
By Accommodation Type: Home, apartments, resorts/condominium, others
By Booking Mode: Online, offline
By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
About DataHorizzon Research:
DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
Contact:
Mail: sales@datahorizzonresearch.com
Ph: +1-970-672-0390
Website: https://datahorizzonresearch.com/
Follow Us: LinkedIn
Recent Publications
Household Refrigerators Market
Bio-Identical Hormone Replacement Market
Smart Fragrance Diffuser Market
