Short-Term Vacation Rental Market Set to Reach $184.51 Billion by 2029 with 8.8% Yearly Growth

What Is the Estimated Market Size and Growth Rate for the Short-Term Vacation Rental Market?
In recent times, we've witnessed a robust growth in the size of the short-term vacation rental market. Its expansion is set to continue, rising from $120.77 billion in 2024 to $131.65 billion in 2025, pointing to a compound annual growth rate (CAGR) of 9.0%. This growth during the historical period is a result of several factors including increased demand for travel, the surge in remote work scenarios, growth in disposable incomes, and people's inclination towards taking breaks in more rural or picturesque settings away from urban areas.

The market size for short-term vacation rentals is anticipated to witness robust expansion in the coming years, with projections estimating it to reach $184.51 billion in 2029, exhibiting a compound annual growth rate (CAGR) of 8.8%. This surge during the forecasted period is influenced by factors such as the ongoing increase in remote work opportunities, a rising demand for environmentally friendly and sustainable vacation rental alternatives, enhancements in personalized suggestions and focused marketing strategies, a growing inclination for unique and engaging travel experiences, and the widening of international travel networks. The forecast period also anticipates significant trends such as the incorporation of smart home technology, leveraging AIand data analytics for personalized recommendations and bespoke travel experiences, the growing popularity of remote working and digital nomad lifestyle, the incorporation of virtual and augmented reality technologies, and the emergence of specialized rentals that cater to specific preferences.

What Are the Forces Behind the Rapid Growth of the Short-Term Vacation Rental Market?
An upward trend in the number of travelers is forecasted to push the growth of the short-term vacation rental market. This boost in travelers is attributed to a rise in disposable income and an escalating demand for unique and varied experiences. Passengers prefer short-term vacation rentals that provide personalized, cost-effective residences that include the feel of local experiences and the convenience of home comforts. To illustrate, data from the Office for National Statistics, a UK statistics institute, in May 2024 showed a growth in overseas visitors to the UK, with the number of trips rising to 38.0 million from 31.2 million the previous year. The visitors' expenditure was £31.1 billion, showing an increase of $5.91 billion (£4.6 billion) from the year before. On the other hand, international trips made by UK residents rose to 86.2 million from 71.0 million in 2022, spending $93.07 billion (£72.4 billion), which is $17.87 billion (£13.9 billion) more than the preceding year. Thus, the surge in the number of travelers is expected to fuel the growth of the short-term vacation rental market.

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Who Are the Dominant Companies Influencing Short-Term Vacation Rental Market Trends?
Major companies operating in the short-term vacation rental market are Booking Holdings Inc., Expedia Group Inc., Airbnb Inc., Wyndham Destinations Inc., Agoda Company Pte. Ltd., Tripadvisor Inc., Vacasa Inc., Oravel Stays Private Limited, NOVASOL A/S, MakeMyTrip Pvt. Ltd., Hotelplan Management AG, Evolve Vacation Rental Network Inc., Hopper Inc., Holidu GmbH, Vacation Rental Pros Property Management LLC, HomeToGo GmbH, Atraveo GmbH, 9flats.com PTE Ltd., Housewise Services Pvt. Ltd., Homestay Technologies Ltd., Casiola WorldWide LLC, Homely Stays Pte. Ltd., StayBeyond Ltd

How Is the Short-Term Vacation Rental Market Evolving?
Leading businesses in the short-term rental industry are focusing on creating property management systems to boost operational efficacy and better the guest experiences. These property management systems consist of advanced software and mechanisms that aid in the streamlining and automation of rental property tasks, such as booking, upkeep, and interactions with tenants. For instance, Guesty, a property management software company from Israel, introduced Guesty Lite in January 2024. Designed specifically for hosts managing between one to three properties, Guesty Lite presents a simplified property management solution equipped with the company's best features and advanced technology, uncomplicated. It heightens listing visibility on prominent booking channels, carries out daily tasks automatically, and offers a scalable platform to increase both revenue and guest satisfaction. Furthermore, it is a comprehensive solution, enabling hosts to provide outstanding experiences for their guests with ease.

What Are the Different Segmentations in the Short-Term Vacation Rental Market?
The short-term vacation rental market covered in this report is segmented -

1) By Accommodation Type: Home, Apartments, Resorts Or Condominium, Other Accommodation Types
2) By Booking Mode: Online Or Platform-Based, Offline
3) By Management: Managed By Owners, Professionally Managed

Subsegments:
1) By Home: Single-Family Homes, Villas And Private Homes, Luxury Homes, Cottages And Cabins
2) By Apartments: Entire Apartments, Studio Apartments, Shared Apartments, Lofts
3) By Resorts Or Condominiums: Beach Resorts, Ski Resorts, Luxury Condominiums, All-Inclusive Resorts
4) By Other Accommodation Types: Bed And Breakfasts (B&B), Hostels, Farm Stays And Rural Accommodation, Glamping (Glamorous Camping), Boats Or Yachts, Treehouses or Unique Stays

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Which Region Is at the Forefront of the Short-Term Vacation Rental Market?
North America was the largest region in the short-term vacation rental market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the short-term vacation rental market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

What Is Covered In The Short-Term Vacation Rental Global Market Report?

- Market Size Analysis: Analyze the Short-Term Vacation Rental Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Short-Term Vacation Rental Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Short-Term Vacation Rental Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Short-Term Vacation Rental Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.

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