Soaring Demand Set to Propel Short-Term Vacation Rental Market to $183.27 Billion by 2029

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What Is the Expected CAGR for the Short-Term Vacation Rental Market Through 2025?
In recent years, the market size of short-term vacation rentals has seen robust growth. It is predicted to expand from $120.77 billion in 2024 to $131.04 billion in 2025, with a compound annual growth rate (CAGR) of 8.5%. The substantial growth during the historic period is linked to factors such as the surge in travel demand, the rise of remote work, an increase in disposable incomes, and the preference for escapes from urban life to more tranquil or picturesque locations.

What's the Projected Size of the Global Short-Term Vacation Rental Market by 2029?
The market for short-term holiday rentals is forecasted to experience robust expansion in the coming years, escalating to a value of $183.27 billion in 2029, with a Compound Annual Growth Rate (CAGR) of 8.7%. The projected growth during this time frame can be linked to the ongoing rise of remote working, the escalating demand for environmentally-friendly and sustainable holiday rentals, enhanced personalization in recommendations and targeted marketing, an increasing inclination towards unique and immersive travel experiences, and the proliferation of worldwide travel networks. Key trends for this forecasted period encompass the integration of smart home technology, the employment of Artificial Intelligence and data analytics for providing personalized recommendations and tailor-made travel experiences, the increasing popularity of remote work and digital nomadism, the adoption of virtual reality and augmented reality, and the growth of specialized rentals that cater to distinct interests.

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Top Growth Drivers in the Short-Term Vacation Rental Industry: What's Accelerating the Market?
The growth of the short-term vacation rental market is likely to be fueled by the growing number of travelers. The surge in the number of travelers is linked to a rise in disposable income and an increasing interest in experiencing variety and uniqueness. Short-term vacation rentals offer a more personal and cost-effective lodging option, providing visitors with localized experiences and amenities similar to those in their homes. For example, data from the Office for National Statistics, a UK-based statistical agency, shows an increase in foreign visitors in May 2024, with 38.0 million trips compared to 31.2 million in 2023. These tourists spent £31.1 billion, reflecting an increase of $5.91 billion (£4.6 billion) from the preceding year. On the other hand, UK inhabitants undertook 86.2 million foreign trips, a significant increase from 71.0 million in 2022, and expended a total of $93.07 billion (£72.4 billion), marking a surge of $17.87 billion (£13.9 billion) from the previous year. As such, the upward trend in travel numbers is projected to bolster the expansion of the short-term vacation rental market.

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What Trends Will Shape the Short-Term Vacation Rental Market Through 2029 and Beyond?
Key companies in the short-term rental market are advancing their property management capabilities to boost operational effectiveness and heighten guest experiences. These property management systems include advanced software and mechanisms that automate and simplify rental property operations, such as bookings, maintenance, and tenant communication. For example, In January 2024, Guesty, a property management software company from Israel, introduced Guesty Lite. This system offers a streamlined approach to property management for those managing between 1-3 properties, incorporating Guesty's premier technologies and features without any undue complication. It increases listing visibility on vital booking platforms, automates routine tasks, and offers a scalable solution to augment revenue and guest satisfaction. Ultimately, it serves as a comprehensive solution enabling hosts to consistently deliver remarkable guest experiences.

What Are the Main Segments 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 Top Companies are Driving Growth in the Short-Term Vacation Rental Market?
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

Which Regions Will Dominate the Short-Term Vacation Rental Market Through 2029?
North America was the largest region in the short-term vacation rental market in 2024. 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.

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