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Vacation Rental Global Market Forecasted to Reach $115.90 Billion by 2028, Size, Share, Trends, Development Strategies and Segmentation Analysis
Vacation Rental Global Market
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According to The Business Research Company's, The vacation rental market size has grown strongly in recent years. It will grow from $84.06 billion in 2023 to $89.45 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%. The growth in the historic period can be attributed to the rising tourism sector, increasing travel habits, regulatory changes and local policies, high demand during peak travel seasons, and growth in urbanization.
The vacation rental market size is expected to see exponential growth in the next few years. It will grow to $115.90 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. The growth in the forecast period can be attributed to the rising adoption of efficient promotional tactics, the increasing growth of remote work, rising disposable incomes, and the growing concentration on celebrity endorsements. Major trends in the forecast period include integration with online platforms, adoption of technology such as smart locks, a shift towards longer-term rentals, customization of guest experiences through personalized amenities and contactless check-ins, and safety measures.
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Market Drivers and Trends:
The growth in the travel and tourism sectors is expected to propel the growth of the vacation rental market going forward. The travel and tourism sectors are comprehensive and multifaceted, encompassing everything from the transportation methods that carry travelers to their destinations to the wide array of services and experiences that make travel enjoyable and memorable. The growth in the travel and tourism sectors is due to improved transportation infrastructure, globalization, trade liberalization, a rising preference for experiential travel, and a rising interest in health and wellness tourism. Vacation rentals benefit the travel and tourism sectors by providing diverse accommodation options, boosting local economies, supporting longer stays, and enhancing traveler experiences with more personalized and flexible lodging alternatives. For instance, in April 2024, according to the World Travel and Tourism Council, a UK-based forum for the travel and tourism industry, in 2023, travel and tourism accounted for around 9.1% of the global gross domestic product (GDP), totaling over $9.9 trillion. It forecasts continued growth in the sector, with expectations of its GDP contribution reaching $11.1 trillion by 2024. Therefore, the rapid growth in the travel and tourism sectors is driving the growth of the vacation rental market.
Major companies operating in the vacation rental market are focusing on expanding their businesses through innovative solutions such as premium vacation rental homes to attract high-end travelers, enhance guest experiences, and differentiate themselves in a competitive market. Premium vacation rental homes are high-end luxury properties that offer exceptional amenities, superior comfort, and unique experiences, catering to travelers seeking upscale accommodations and personalized services during their stay. For instance, in June 2024, OYO Rooms, an India-based hospitality company, launched the premium vacation rental brand Belvilla in partnership with Sojo Stays, a UK-based apartment rental chain, to offer a curated collection of Belvilla by Oyo vacation homes in prime locations across several major UK cities. Guests can book these Belvilla properties for short-term and longer stays through the Belvilla platforms and other booking sites. The launch of Belvilla by Oyo in the UK represents the company's efforts to diversify its geographic footprint and capitalize on the growing demand for premium vacation rental experiences.
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Major Key Players of the Market:
Airbnb Inc., Wyndham Destinations Inc., Agoda Company Pte. Ltd., TripAdvisor LLC, Vacasa LLC, Trivago GmbH, Priceline LLC, VRBO Inc., NOVASOL A/S, Hotels.com L.P., MakeMyTrip Pvt. Ltd., Pacaso Inc., KAYAK Software Corporation, AvantStay Inc., Hotelplan Management AG, HotelsCombined Pty Ltd, Whitetail Properties Real Estate LLC, Stellar MLS, Elliott Realty Group, 9flats GmbH, Panhandle Getaways Inc., StayMarquis LLC, Coastal Living Group LLC
Vacation Rental Market 2024 Key Insights:
• The vacation rental market size is expected to see exponential growth in the next few years. It will grow to $115.90 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%.
• Travel And Tourism Growth Spurs Demand In Vacation Rental Market
• Premium Vacation Rental To Expand Global Presence And Cater To High-End Travelers
• Europe was the largest region in the vacation rental market in 2023
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