Short Term Vacation Rentals

Short Term Vacation Rentals

Global Short Term Vacation Rentals Market to Reach US$172.0 Billion by 2030

The global market for Short Term Vacation Rentals estimated at US$112.7 Billion in the year 2023, is expected to reach US$172.0 Billion by 2030, growing at a CAGR of 6.2% over the analysis period 2023-2030. Home Accommodation, one of the segments analyzed in the report, is expected to record a 6.5% CAGR and reach US$74.1 Billion by the end of the analysis period. Growth in the Resort / Condominium Accommodation segment is estimated at 7.2% CAGR over the analysis period.

The U.S. Market is Estimated at US$30.7 Billion While China is Forecast to Grow at 10.0% CAGR

The Short Term Vacation Rentals market in the U.S. is estimated at US$30.7 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$37.0 Billion by the year 2030 trailing a CAGR of 10.0% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 2.6% and 6.3% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.9% CAGR.

Short Term Vacation Rentals - Key Trends and Drivers

Short-term vacation rentals refer to the renting out of privately owned residences, such as apartments, houses, or cottages, for short periods—typically less than 30 days. This market segment has expanded rapidly, facilitated by online platforms like Airbnb, VRBO, and Booking.com, which connect property owners with travelers seeking temporary accommodations. These platforms provide a wide array of options that cater to diverse consumer needs, from budget-friendly rooms to luxury homes, offering more personalized and unique lodging experiences compared to traditional hotels. This model not only benefits travelers with more flexibility and convenience but also enables property owners to generate additional income.

The rise of the short-term vacation rental market has been significantly shaped by advancements in digital technology and shifts in consumer travel preferences. Online platforms have leveraged technology to simplify the booking process, making it as easy as a few clicks to reserve a space anywhere in the world. This convenience is backed by robust systems for user reviews, secure payment methods, and customer service support, enhancing trust and reliability among users. Additionally, changing travel habits, particularly the increase in demand for authentic and local travel experiences, have propelled the popularity of short-term rentals. Travelers are increasingly looking for accommodations that offer a sense of place and a personal touch, which these rentals often provide. Moreover, the flexibility of renting a private home for a short period has also become more appealing in the context of rising remote work trends, where people blend work and leisure travel.

The growth in the short-term vacation rental market is driven by several factors, including technological innovations, regulatory changes, and evolving consumer behaviors. Enhanced digital platforms that offer greater user-friendliness and integrated services like virtual tours and automated check-ins are making short-term rentals more accessible and appealing. On the regulatory front, cities and countries are increasingly recognizing the economic benefits of this market, leading to adjusted zoning laws and tax regulations that facilitate the growth of vacation rentals. Additionally, consumer behavior has shifted towards valuing more space, privacy, and amenities during travel—qualities that short-term rentals typically offer. These factors, coupled with the growing trend of "staycations" and increased interest in domestic travel due to global travel uncertainties, are further boosting the market. As a result, the short-term vacation rental industry is not just surviving but thriving, adapting rapidly to meet the changing needs of modern travelers.

Select Competitors (Total 61 Featured) -

• Agoda Company Pte. Ltd.
• Airbnb Inc.
• atraveo GmbH
• Boutique Vacation Rentals
• Casiola WorldWide LLC
• Evolve Vacation Rental
• Expedia Group
• Holidu
• HomeToGo
• Novasol
• onefinestay
• Roamhome Pvt. Ltd.

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