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Vacation Rental Market Trends

Report ID: GMI10125
Published Date: Jul 2024
Report Format: PDF

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Global Vacation Rental Market Trends

The global vacation rental industry has been witnessing significant technological advancements. 3D virtual tours enable tourists to visually explore a home before booking, delivering a more immersive and realistic experience than static photographs. This builds trust and enhances the chances of booking. User-friendly smartphone applications make it easier to look for, compare, and book vacation rentals while on the road. This addresses the rising trend of mobile-first browsing and booking habits. Integrating smart home technologies such as keyless entry, smart thermostats, and voice-activated assistants makes the visitor experience easier and more hassle-free.

Furthermore, software technologies automate operations such as scheduling cleaning services, monitoring guest interactions, and delivering automated messages, saving important time for property owners and managers. This enables them to expand their business and handle more properties.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of vacation rental was reached USD 99.6 billion in 2023 and is anticipated to register over 3% CAGR between 2024 and 2032, driven by growth of online booking platforms and rising disposable incomes.

The short-term segment in the vacation rental market is expected to reach USD 65 billion by 2032, due to increased popularity of shorter trips, flexible housing, and affordability for groups and families.

Europe vacation rental market held 32% revenue share in 2023 owing to the rich history, cultural sites, scenic beauty, and excellent transportation networks.

Airbnb, Booking Holdings Inc., Expedia, OYO Vacation Homes, RedAwning, Sonder, Stayz, TripAdvisor, TurnKey Vacation Rentals, and Vacasa.