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Global Vacation Rental Market 2015-2019

Press Release   •   Jan 30, 2017 15:46 IST

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Technavio’s market research analyst believes that the global vacation rental market will reach $169.7 billion by 2019. The key regions where global vacation rental adoption is highest are Europe and North America, wherein the awareness of the concept of a vacation rental is widespread.

The entry of new technologically oriented start-ups and higher interest in vacation rentals among travelers is one of the reasons for market growth. Travelers are more inclined to using business intelligence software and data mining tools to harness their data to improve their decision-making. Also, price optimization by utilizing revenue management software is gaining popularity in the market.

What is vacation rental and why is it important?

A vacation rental is an alternative lodging option that involves the short-term rental of myriad properties, such as apartments, farm stays, private homes, cabins, beach houses, villas, cottages, or chalets, to travelers and tourists. These dwelling units are offered on a nightly, weekly, or a monthly basis, although the dominant practice in the market is renting it out weekly. They are also commonly referred to as holiday lettings, tourist rentals, bed and breakfast, homestay, and gites.

The vacation rental business is becoming more complex and necessitates the micro-management of processes to improve competitiveness. Spotting this opportunity, several companies that provide tailored services have entered the market. This market trend will continue, and will become even more important in the next five years. It can increase the rental income for hosts and provide a stress-free travel experience for renters, improving the overall environment of the market.

Geographical segmentation of global vacation rental market

Europe

North America

APAC

Latin America

MEA

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