Vacation Rental Market Size, Share & Trends Analysis Report By Booking Mode (Online, Offline), By Accommodation Type (Home, Resort/Condominium), By Region (Asia Pacific, North America), And Segment Forecasts, 2023 - 2030

Vacation Rental Market Growth & Trends

The global vacation rental market size is projected to reach USD 119.01 billion by 2030 and is expected to grow at a CAGR of 4.7% from 2023 to 2030, according to a new report by Grand View Research, Inc. Owing to the low-cost, kids & pet-friendly accommodation options and a greater level of comfort & privacy provided by these properties, travelers are inclined toward vacation rental properties and homes over hotels. Moreover, these properties offer a variety of high-quality and affordable accommodation options at several destinations, which is likely driving the growth of the market. As per the Turnkey blog in 2019, the industry is growing at approximately a 10% rate in the ongoing decade, largely affected by travelers’ preferences to stay in a home instead of a hotel.

According to the TurnKey Vacation Rentals’ 2019 Consumer Travel Survey, 64% of travelers preferred staying in vacation rentals as opposed to hotels, which is up by 10% from the 2018 Consumer Travel Survey. In addition, the evolving trend of transformational travel surrounding wellness trips to restore balance and transform the mind, spirit, and body is expected to drive market growth over the forecast period. Furthermore, a higher preference for domestic travel compared to international travel is likely to boost the domestic vacation rental business globally. The resort/condominium accommodation type segment is estimated to register the fastest CAGR over the forecast period.

The rising popularity of tourism owing to the increasing number of travelers seeking to unwind while enjoying luxury amenities is expected to drive the growth of the segment. The vacation rental industry in Europe is expected to experience positive growth and a favorable outlook in the coming years. With the increasing popularity of vacation rentals as an alternative to traditional accommodations, the market is witnessing a rise in demand from both domestic and international travelers. Rising travel connectivity, coupled with rapid penetration of high-speed internet, has made even the remotest places in Europe more accessible to travelers. Thus, the rising trend of exploring new, exotic, and exciting locations is fueling market growth.

Vacation Rental Market Report Highlights

• The home accommodation type segment dominated the market in 2022. Higher preference for homes among travelers owing to the availability of ample space, safety features, and access to amenities is pushing the dominance of the segment in the market
• Online booking mode is expected to showcase strong growth in the coming years. With the increasing penetration of the Internet and smartphone devices across regions, vacation rental service providers are witnessing growth in online bookings
• Asia Pacific is expected to witness substantial growth over the forecast period due to the rising expenditure of consumers on travel and accommodation. Moreover, travelers from developing countries, such as India, Philippines, Vietnam, and Australia, are further estimated to support the market growth in the region

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