Press release
Vacation Rental Market Size Forecasted To Achieve $123.4 Billion By 2029 With Steady Growth
Vacation Rental
What Is the Vacation Rental Market Size and Projected Growth Rate?
The vacation rental market has experienced strong growth in recent years. It will grow from $89.45 billion in 2024 to $95.67 billion in 2025, reflecting a CAGR of 7.0%. Factors contributing to this growth include the expanding tourism sector, changing travel habits, regulatory shifts, high demand during peak seasons, and urbanization.
The vacation rental market is projected to reach $123.4 billion by 2029 at a CAGR of 6.6%, due to the increasing use of effective promotional strategies, the rise of remote work, and growing disposable incomes. Major trends include the adoption of smart locks, longer-term rentals, personalized guest experiences, and enhanced safety measures.
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What Are the Major Segments in the Vacation Rental Market?
The vacation rental market covered in this report is segmented -
1) By Accommodation Type: Home, Resort Or Condominium, Apartments, Hometown, Villas
2) By Price Point: Economic, Mid Range, Luxury
3) By Booking Mode: Online, Offline, Other Booking Modes
4) By End User Generation: Generation Zoomer, Millennials, Generation X, Boomers
Subsegments:
1) By Home: Single-Family Homes, Luxury Homes, Beach Houses, Country Homes, Eco-Friendly Homes
2) By Resort Or Condominium: Resort Villas, Condo Units in Resorts, Timeshare Properties, All-Inclusive Resort Rentals
3) By Apartments: Studio Apartments, 1-Bedroom Apartments, 2-Bedroom Apartments, Luxury Apartments, Penthouse Apartments
4) By Hometown: Local Guesthouses, Traditional Hometown Inns, Bed And Breakfasts (B And Bs), Historic Homes, Boutique Hotels
5) By Villas: Luxury Villas, Poolside Villas, Beachfront Villas, Private Villas With Staff, Eco-Friendly Villas
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What Are The Driving Vacation Rental Market Evolution?
The growth in the travel and tourism sectors is expected to fuel the expansion of the vacation rental market. The travel and tourism industry covers all aspects of travel, from transportation to the experience of services abroad. The expansion is due to improved transportation infrastructure, global trade liberalization, and a growing preference for experiential travel. Vacation rentals contribute to this sector by providing diverse and personalized accommodation options. In 2023, the World Travel and Tourism Council reported that the travel and tourism sector contributed around 9.1% to global GDP, with expectations for continued growth. Hence, the expanding travel and tourism sectors are propelling the vacation rental market.
Which Firms Dominate The Vacation Rental Market Segments?
Major companies operating in the vacation rental market are 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
What Vacation Rental Market Trends Are Gaining Traction Across Different Segments?
Companies in the vacation rental market are innovating with premium vacation rental homes to attract high-end travelers and improve guest experiences. OYO Rooms launched the Belvilla brand in June 2024, in partnership with Sojo Stays, offering luxury vacation homes in prime UK cities to cater to upscale travelers.
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Which Is The Largest Region In The Vacation Rental Market?
Europe was the largest region in the vacation rental market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the vacation rental market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Vacation Rental Market?
2. What is the CAGR expected in the Vacation Rental Market?
3. What Are the Key Innovations Transforming the Vacation Rental Industry?
4. Which Region Is Leading the Vacation Rental Market?
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