Global Vacation Rental Market Projected to Grow at 6.5% CAGR, Reaching $122.08 Billion by 2029

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What Will the Vacation Rental Industry Market Size Be by 2025?
In recent years, there has been significant growth in the size of the vacation rental market. The size of the market is anticipated to increase from $89.45 billion in 2024 to $94.83 billion in 2025, showing a compound annual growth rate (CAGR) of 6.0%. The surge witnessed in the historical period could be associated with factors such as the booming tourism industry, rising travel tendencies, alterations in regulatory measures and local policies, heightened demand during prime travel seasons, and the advancement of urbanization.

What's the Long-Term Growth Forecast for the Vacation Rental Market Size Through 2029?
The holiday home rental market is poised for considerable expansion in the coming years, with predictions of growth to $122.08 billion by 2029, with a compound annual growth rate (CAGR) of 6.5%. This anticipated growth within the forecasted period can be linked to the successful implementation of effective marketing strategies, the escalating trend of remote jobs, increased disposable income, and a heightened focus on celebrity sponsorship. Key trends during the forecasted period include online platform integration and tech innovations such as smart locks. There will also be a shift towards extended rentals, tailored experiences for guests through personalised amenities and contactless check-in procedures, as well as enhanced safety protocols.

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What Are the Key Growth Drivers Fueling the Vacation Rental Market Expansion?
The expansion in the travel and tourism industries is predicted to fuel the progression of the vacation rental market in the future. Every aspect of the travel and tourism industries, from the modes of transportation that bring travelers to their preferred destinations to a wide spectrum of services and experiences that make traveling unforgettable and enjoyable, is comprehensive and multifaceted. The expansion of the travel and tourism industries can be attributed to advancements in transportation infrastructure, increasing globalization, trade liberalization, a growing inclination towards experiential travel, and an increasing fascination in health and wellness tourism. The vacation rentals attribute to the travel and tourism industries by offering varied accommodation choices, stimulating local economies, enabling extended stays, and augmenting traveler experiences with more customized and adaptable lodging options. For example, the World Travel and Tourism Council, a UK-based forum dedicated to the travel and tourism industry, reported in April 2024 that in 2023, travel and tourism contributed to about 9.1% of the worldwide gross domestic product (GDP), amounting to more than $9.9 trillion. The sector is predicted to continue growing, with projections of its GDP contribution hitting $11.1 trillion by 2024. Hence, the swift expansion in the travel and tourism industry fuels the growth of the vacation rental market.

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What Are the Key Trends Driving Vacation Rental Market Growth?
Key players in the vacation rental sector are focusing on business expansion via innovative solutions such as premium vacation rental residences to draw in high-end travelers, elevate guest experiences, and distinguish themselves in a competitive marketplace. Premium holiday rental homes are top-tier luxury properties providing exceptional facilities, superior comfort, and unique experiences, targeting travelers looking for high-end accommodation and tailored services during their stay. For example, in June 2024, Indian hospitality firm OYO Rooms partnered with UK-based apartment rental network Sojo Stays to introduce the Belvilla premium vacation rental brand, providing a bespoke collection of Belvilla by Oyo holiday homes in prime spots across several major UK cities. Short-term and longer bookings for these Belvilla properties can be made through the Belvilla platforms and other reservation sites. The UK launch of Belvilla by Oyo underscores the company's efforts to broaden its geographical reach and leverage the increasing demand for top-tier vacation rental experiences.

How Is the Vacation Rental Market Segmented?
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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Which Companies Are Leading the Charge in Vacation Rental Market Innovation?
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

Which Regions Are Leading the Global Vacation Rental Market in Revenue?
Europe was the largest region in the vacation rental market in 2024. 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.

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