Vacation Rental Market Size & Share to Surpass $99.6

WASHINGTON, Feb. 09, 2023 (GLOBE NEWSWIRE) -- The Global Vacation Rental Market is valued at USD 73.9 Billion in 2021 and is projected to reach a value of USD 99.6 Billion by 2028 at a CAGR (Compound Annual Growth Rate) of 5.1% over the forecast period 2022-2028.

Market Overview

The vacation rental market is anticipated to perform well due to several key factors, including a rising knowledge among travelers about the availability of vacation rental services and the comforts and low rates associated with holiday rentals.

We forecast that the Resort/Condominium category in vacation rental market to grow over the forecast period 2022-2028. Majority of travelers prefer resort for their travel. Because these are easily available and offer wide advantages like easy accessibility, cost effectiveness and other benefits.

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What is Vacation Rental Service?

A vacation rental is a type of accommodation that is rented out for the purpose of short-term stays, typically for a period of less than a month. Vacation rentals can come in various forms, such as apartments, villas, cabins, cottages, and even entire homes. They are an alternative to traditional hotels and offer travelers the space and amenities of a private home, as well as more flexibility and privacy. Many vacation rental properties are listed online and can be booked directly by travelers.

Vacation Rental Market Sample Report Includes:

Market Overview: A summary of the current state of the vacation rental market, including the size and growth of the industry, key trends, and vacation rental industry segmentation.
Market Segmentation: Analysis of the vacation rental market based on various criteria such as type of property, location, and target audience.
Competitor Analysis: An overview of major players in the vacation rental market, including a comparison of their market share, strengths and weaknesses, and business strategies.
Regional Analysis: An examination of the vacation rental market in various regions and countries, including a discussion of market size, growth rate, and regulatory environment.
Market Forecast: A projection of future market trends, including expected growth rate, demand for vacation rentals, and changes in the competitive landscape.
Market Opportunities: Identification of growth opportunities in the vacation rental market, including the potential for new markets, emerging technologies, and unmet customer needs.
Market Challenges: Analysis of the challenges faced by the vacation rental market, including competition, regulatory restrictions, and economic factors.

This information is often accompanied by data and charts that help to visualize the key findings and trends in the market. The sample market report can serve as a useful resource for investors, industry stakeholders, and market researchers looking to gain insight into the vacation rental industry.

Top Players in the Global Vacation Rental Market

9FLATS.com PTE LTD
Booking Holdings Inc.
Airbnb Inc.
Expedia Group Inc.
MakeMyTrip Pvt. Ltd.
Hotelplan Holding AG
Novasol AS
TripAdvisor Inc.
Oravel Stays Pvt. Ltd.
Wyndham Destinations Inc.

For Additional Information on Vacation Rental Market Players and Detail List, Download a Report PDF Brochure

Vacation Rental Market Dynamics

The vacation rental market is driven by a variety of factors that are constantly changing and influencing the industry. Some of the key market dynamics that have an impact on the vacation rental industry include:

Tourism Trends: The growth and popularity of tourism, particularly in popular destinations, drives demand for vacation rentals. This includes the rise of adventure tourism, eco-tourism, and other niche travel markets.

Economic Factors: The state of the economy, including factors such as consumer confidence, disposable income, and exchange rates, can impact demand for vacation rentals.

Technological Innovations: The rapid pace of technological innovation is transforming the vacation rental market, with advances in online booking platforms, mobile apps, and smart home technology making it easier for travelers to find and book properties.

Competition: The vacation rental market is highly competitive, with a large number of players operating at the local, regional, and global levels. This competition can impact pricing, marketing strategies, and the overall growth of the industry.

Regulatory Environment: Government regulations and policies can have a significant impact on the vacation rental market, particularly in regards to taxes, zoning, and licensing requirements.

Consumer Trends: Changes in consumer behavior and preferences, such as a growing demand for sustainable and eco-friendly travel, can impact the vacation rental market and drive innovation in the industry.

These market dynamics can create both opportunities and challenges for players in the vacation rental market, and it is important for businesses to stay up-to-date on the latest trends and developments in order to remain competitive.

Vacation Rental Market Challenges

Regulation: Vacation rentals are subject to a wide range of regulations at the local, regional, and national levels, and navigating these regulations can be complex and time-consuming. Some cities and countries have imposed restrictions on vacation rentals, which can limit the growth of the industry.

Competition: The vacation rental market is highly competitive, with many players offering similar properties and services. This can make it difficult for individual rental properties to stand out and attract travelers.

Seasonality: Demand for vacation rentals can be seasonal, with peak periods of travel driving up prices and creating competition for available properties. Off-season periods can be slower, making it more difficult to generate revenue.

Quality Control: Maintaining the quality of rental properties can be a challenge, particularly if they are managed remotely or by owners who do not live on-site. Ensuring that properties are well-maintained and up-to-date can be a major challenge for vacation rental businesses.

Marketing and Advertising: Attracting travelers to a specific vacation rental property can be a challenge, particularly in a crowded and competitive market. Marketing and advertising strategies need to be effective in order to generate bookings.

Technology: The use of technology in the vacation rental market is constantly evolving, and businesses need to keep up-to-date with the latest developments in order to remain competitive. This includes the use of online booking platforms, mobile apps, and other digital marketing tools.

Despite these challenges, the vacation rental market continues to grow and expand, offering a range of opportunities for businesses and travelers alike. By staying informed about the latest trends and developments, businesses can successfully navigate the challenges and capitalize on the opportunities in the industry.

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Vacation Rental Market Future Trends

Increased Demand for Sustainable and Eco-Friendly Properties: As consumers become more environmentally conscious, there is a growing demand for sustainable and eco-friendly vacation rental properties. This includes properties that use renewable energy, minimize waste, and promote environmentally-friendly practices.

Growth of Experiential Travel: The rise of experiential travel is leading to a demand for unique and personalized vacation rental experiences. This includes properties that offer unique features and amenities, such as treehouses, yurts, and other unusual accommodations.

Expansion of Luxury Vacation Rentals: The luxury vacation rental market is growing, as more travelers are looking for high-end properties that offer the ultimate in comfort and luxury. This includes properties with private pools, hot tubs, and other premium amenities.

Growth of Technology in the Vacation Rental Industry: Technology will continue to play a significant role in the vacation rental market, with advances in online booking platforms, mobile apps, and other digital tools making it easier for travelers to find and book properties.

Expansion of the Short-Term Rental Market: The short-term rental market is expanding, with a growing number of travelers opting for vacation rentals over traditional hotels. This trend is being driven by the desire for more space, privacy, and flexibility, as well as the availability of high-quality, affordable properties.

Greater Focus on Health and Safety: In the wake of the COVID-19 pandemic, health and safety will become a top priority for the vacation rental industry. This includes increased cleaning and sanitization practices, as well as the availability of health and safety amenities, such as touchless check-in and other contactless technologies.

These trends will continue to shape the future of the vacation rental market, and it is important for businesses to stay up-to-date on the latest developments in order to remain competitive and capitalize on the opportunities in the industry.

Browse Market Data Tables and Figures spread through 143 Pages and in-depth TOC on Vacation Rental Market Forecast Report (2022-2028).

Vacation Rental Market Segmentation

By Accommodation Type

Home
Apartments
Resort/Condominium
Others

By Booking Mode

Online
Offline

Future of Vacation Rental Market by Vantage Market Research

The future of the vacation rental market looks bright, with growth and expansion expected to continue in the coming years. As the global economy continues to recover, travel demand is expected to increase, which will drive growth in the vacation rental market. The sharing economy, which includes platforms like Airbnb and VRBO, will continue to grow, providing a wider range of properties for travelers to choose from and increasing competition in the market.

With the rise of remote work, travelers will have more flexibility to travel and stay in vacation rentals, leading to increased demand for these properties. As travelers look for new and unique destinations, new vacation rental markets will emerge in less traditional locations, offering travelers a wider range of options for their vacations. The growing concern for the environment and the desire for sustainable travel experiences will lead to a greater demand for eco-friendly vacation rental properties.

Technology will continue to play a major role in the vacation rental market, with advancements in online booking platforms, mobile apps, and other digital tools making it easier for travelers to find and book properties. Despite the challenges posed by the COVID-19 pandemic, the future of the vacation rental market remains positive, with growth and expansion expected in the coming years. By staying informed about the latest trends and developments, businesses can capitalize on the opportunities in the industry and position themselves for success in the future.

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Top 3 Companies in Vacation Rental Market Profiles

1. 9flats.com PTE is a Singapore-based online platform for short-term and holiday rentals. The company operates as a peer-to-peer vacation rental platform, connecting travelers with local hosts who have homes, apartments, or rooms to rent. The platform offers a range of properties in cities around the world, providing travelers with an alternative to traditional hotels and giving hosts the opportunity to earn money from their unused space. 9flats.com was founded in 2010 and is headquartered in Singapore. The company's mission is to provide travelers with unique and affordable accommodation options that offer a more authentic and localized experience than traditional hotels.

2. Airbnb, Inc. is an American online marketplace that connects people who need a place to stay with people who have a spare room or entire property to rent. It was founded in 2008 and has since grown to become one of the largest vacation rental platforms in the world, with over 7 million properties listed in more than 220 countries and regions.

Airbnb offers a variety of accommodation options, including private rooms, entire apartments, and unique properties like treehouses and castles. The platform also provides a range of services to both guests and hosts, such as the ability to easily book and manage reservations, access to customer support, and a secure payment system.

In addition to traditional vacation rentals, Airbnb has also expanded into other areas, such as experiences and events, allowing travelers to book unique experiences with local hosts. The company has become a popular alternative to traditional hotels and has disrupted the travel industry by offering travelers more affordable and unique accommodation options.

Overall, Airbnb has had a significant impact on the travel industry and has transformed the way people travel and think about accommodation. The company continues to grow and evolve, and it is expected to remain a major player in the vacation rental market in the future.

3. Booking Holdings Inc. is an American online travel company that operates a number of well-known travel websites, including Booking.com, Priceline.com, and Kayak. The company was formerly known as The Priceline Group Inc. and was renamed in 2018.

Booking Holdings provides a range of travel services, including flight and hotel bookings, rental car reservations, and vacation rentals. The company's vacation rental offerings include a wide range of properties, including apartments, villas, and cottages, and are available in popular destinations around the world.

The company's websites are among the most popular travel websites globally, and they offer a user-friendly and intuitive platform that makes it easy for travelers to search and book properties. In addition to its vacation rental offerings, Booking Holdings provides a number of other travel-related services, including flight and hotel bookings, rental car reservations, and travel insurance.

Overall, Booking Holdings is a leading player in the travel industry, and its vacation rental offerings are a significant part of its overall business. The company is known for its innovative approach to travel and for providing travelers with a wide range of affordable and convenient travel options.

Vacation Rental Market Recent Development

December 2021: Booking Holdings Inc. acquired Getaroom from Court Square Capital Partners for US$1.2 billion. Through this acquisition, the brand aims to add value to its pipeline.
October 2020: TripAdvisor has launched two new technology solutions for hotels, Spotlight and Reputation Pro. Both aim to improve their hospitality business and make data-driven decisions to increase traveler confidence, attract new customers and increase profitability.

Vacation Rental Market Regional Analysis

The vacation rental market can be analyzed regionally to understand the market trends and demand patterns in different parts of the world.

North America: North America is one of the largest and most mature vacation rental markets in the world, with a well-established infrastructure and a high demand for travel. The United States and Canada are major contributors to the growth of the vacation rental market in the region.

Europe: Europe is a well-developed vacation rental market, with a large number of properties available for rent in popular tourist destinations. The region is known for its rich history, cultural heritage, and diverse landscapes, which make it a popular destination for travelers.

Asia-Pacific: The Asia-Pacific region is a rapidly growing vacation rental market, driven by the increasing number of tourists visiting the region and the growth of the middle class in countries like China and India.

Latin America: The vacation rental market in Latin America is still in its early stages of development, but it is growing rapidly, driven by the region's natural beauty, rich culture, and diverse landscapes.

Middle East and Africa: The vacation rental market in the Middle East and Africa is relatively small, but it is growing rapidly, driven by the growth of the tourism industry in the region and the increasing number of travelers visiting the area.

Each region has its own unique drivers and challenges, and understanding these regional trends is essential for businesses operating in the vacation rental market. By analyzing the market on a regional basis, businesses can identify new opportunities, target specific market segments, and adapt their strategies to best meet the needs of the market.

Scope of the Report:

Report Attributes	Details
Market Size in 2021	USD 73.9 Billion
Revenue Forecast by 2028	USD 99.6 Billion
CAGR	5.1% from 2022 to 2028
Base Year	2021
Forecast Year	2022 to 2028
Key Players	9FLATS.com PTE LTD, Airbnb Inc., MakeMyTrip Pvt. Ltd., Booking Holdings Inc., Expedia Group Inc., Novasol AS, Hotelplan Holding AG, Oravel Stays Pvt. Ltd., TripAdvisor Inc.
Customization Options	Customized purchase options are available to meet any research needs. Explore customized purchase options

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