WILMINGTON, Delaware., 20 August 2024 /PRNewswire/ — Allied Market Research published a report titled: “Holiday rental market by accommodation (houses, condos, hometown and villas), price range (budget, mid-range and luxury), booking type (online travel agency, direct booking and others), location type (resort, rural area, small town and others) and end-user generation (Generation Z, Millennials, Generation X and Baby Boomers): Global Opportunity Analysis and Industry Forecast, 2024-2033″According to the report, the holiday rental market was 97.8 billion US dollars in 2023 and is expected 279.5 billion US dollars by 2033, with an average annual growth rate of 11.2% from 2024 to 2033.

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Key growth factors

The main drivers for the expansion of the vacation rental market are the increasing demand for special travel experiences, driven by people’s need for flexibility and space, and technological developments that simplify booking processes. In addition, the cost-effectiveness of immersive travel experiences compared to traditional hotel accommodations is contributing to their increasing popularity. In addition, maintaining high quality standards, addressing safety concerns and leveraging multiple opportunities for market expansion and innovation are crucial for sustainable growth.

Report scope and details:

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Segment highlights

Travelers have access to a wide range of options worldwide due to the boom in the vacation rental industry. There are accommodations to suit every taste and budget, from luxurious villas with stunning sea views to charming cabins in tranquil woods. Homeowners use platforms such as Airbnb, VRBO and Booking.com to market their properties and interact with potential guests interested in short-term rentals. These online platforms provide homeowners with an effective way to connect with a variety of travelers looking for accommodation for various purposes, including vacations, business trips or other personal reasons. Demand for vacation rentals shows no signs of slowing down, suggesting continued growth in the sector as travelers increasingly seek privacy, space and immersion in local culture.

Customers who are looking for a mid-range vacation rental and value affordability and quality to avail services. The properties usually offer cozy comfort and modern amenities without the premium price. These properties often offer reliable Wi-Fi, comfortable living areas, and well-equipped kitchens. A strategic location near popular attractions or scenic spots is extremely beneficial for businesses. It attracts the target audience and increases their overall satisfaction. Usually, they range from 100$ To $300 Nightly rates take into account the property’s features, location and seasonal demand. Excellent customer service and personalized touches make the rental stand out in this competitive market and encourage repeat business.

Direct bookings in the vacation rental industry offer numerous benefits for both hosts and guests. Hosts can increase their revenue by avoiding expensive commissions and by foregoing third-party platforms. However, when guests book directly with hosts, they often benefit from personalized experiences and lower rates. Direct bookings foster a direct connection between hosts and visitors, allowing for better planning of local suggestions, special requests, and check-in times. Additionally, hosts build a closer bond with their visitors, leading to greater loyalty and possibly even referrals. In general, direct bookings foster openness, adaptability, and a satisfying experience for everyone involved in the vacation rental industry.

Regional outlook

Several factors are leading to a significant expansion of the holiday rental market in different countries and regions. The popularity of short-term rentals in North America has increased due to the emergence of sites like Airbnb and Vrbo, which attract business and leisure tourists looking for special accommodations. The rich cultural heritage of Europe and the increasing demand for genuine travel experiences are driving the continent’s rapid expansion. The growth in travel and the middle class in Asia-Pacific are driving demand, especially in popular travel destinations such as Thailand, AustraliaAnd JapanThe natural beauty of Latin America and developing tourism infrastructure are driving the region’s economic growth. These developments are accompanied by digital platforms and changing travel habits and demonstrate a global trend towards customized, customizable living alternatives.

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Players: –

• MakeMyTrip Pvt. GmbH
• Airbnb Inc.
• Tripping.com
• TripAdvisor Inc.
• Additional holidays
• Novasol AS
• HomeToGo
• 9flats.com
• Expedia, Inc.
• Vrbo
• Booking.com
• Hotels.com
• HotelsCombined
• Hotwire, Inc.
• Yatra Online Private Limited
• Homestay.com
• traveo GMBH

The report offers a detailed analysis of these key players in the global vacation rental market. These players have adopted different strategies such as new product launch, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report offers valuable insights into the business development, operating segments, product portfolio, and strategic moves of the market players to present the competitive scenario.

Recent development:

• In July 2022Avantio, a provider of vacation rental management services and software, has been acquired by Planet, a global provider of technology and integrated financial services. Through this acquisition, Avantio has expanded its presence in the hotel sector and increased its market share.
• In August 2022Bornholmske Feriehuse is a holiday home rental company that has acquired Oravel Stays Private Limited to expand its presence in EuropeWith over 7,000 properties on its Dream Vacation Rentals platform and over 1,800 holiday homes on its Belvilla platform, Oravel Stays Private Limited wanted to expand its presence in Croatia with this acquisition.

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Source: Allied Market Research