According to TechSci Research report, “Global Short-term Vacation Rental Market – Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”, the Global Short-term Vacation Rental Market stood at USD 110.2 Billion in 2023 and is anticipated to grow with a CAGR of 8.4% in the forecast period, 2025-2029. The short-term vacation rental market has undergone a remarkable transformation in recent years, fueled by a convergence of technological advancements, shifting consumer preferences, and the broader changes in the travel and hospitality industry.
The short-term vacation rental market has experienced exponential growth over the past decade, driven by the increasing popularity of online booking platforms, changing consumer preferences, and the rise of the sharing economy. The short-term vacation rental market refers to the renting of residential properties, typically for a short duration, to travelers seeking accommodation for leisure or business purposes. Unlike traditional hotels, short-term rentals encompass a variety of properties, including apartments, homes, villas, and unique lodging options like treehouses or houseboats.
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The integration of advanced technologies, such as artificial intelligence, machine learning, and smart home features, has enhanced the overall guest experience and operational efficiency for property owners. Modern travelers increasingly seek unique, personalized, and immersive experiences, moving away from traditional hotel accommodations. Short-term vacation rentals offer a diverse range of options, aligning with the demand for authenticity and local experiences.
The market is witnessing the integration of advanced technologies, including artificial intelligence, machine learning, smart home features, and contactless processes, enhancing the overall guest experience and operational efficiency. A growing trend towards sustainability has seen property owners adopting eco-friendly practices, appealing to environmentally conscious travelers and contributing to a more responsible travel industry.
The future outlook for the short-term vacation rental market is influenced by ongoing trends and emerging factors. As technology continues to evolve, the market is likely to see further innovations in user experience, property management, and sustainability practices. The industry’s response to ongoing challenges, such as regulatory uncertainties and housing affordability concerns, will shape its resilience and sustainability.
The market’s future success also hinges on its ability to address the evolving needs of travelers. With the rise of remote work and the blurring of lines between business and leisure travel, short-term rentals have an opportunity to position themselves as versatile options catering to diverse travel preferences. The emphasis on sustainability and responsible tourism is expected to grow, with property owners increasingly adopting eco-friendly practices to attract environmentally conscious guests.
Collaborations and partnerships within the industry and with external travel and experience platforms are likely to continue, providing travelers with more comprehensive and integrated travel experiences. As the market matures, regulatory frameworks are expected to evolve, offering more clarity and consistency across different jurisdictions.
In conclusion, the short-term vacation rental market has emerged as a transformative force in the travel industry, providing a flexible and diverse range of accommodation options for travelers worldwide. Its growth trajectory, driven by technological advancements, changing consumer preferences, and innovative business models, reflects the dynamic nature of the travel and hospitality landscape. While the market faces challenges and uncertainties, its resilience, adaptability, and commitment to meeting the evolving needs of travelers position it for continued success in the years to come.
The global Short-term Vacation Rental market is segmented into accommodation type, booking mode, location and region.
Based on accommodation type, the global industry has been further categorized into homes, apartments, resorts/condominiums, and others. The home accommodation type segment dominated the global industry in 2023 and accounted for the maximum share of the overall revenue.
Based on region, North America dominated the global industry in 2023 and accounted for the maximum share of the overall revenue. The region will continue to lead the industry throughout the forecast period. An increasing number of travelers, especially millennials, have been looking to change the way they explore new places & gain unique experiences, and glamping has emerged as a popular trend.
Major companies operating in global Short-term Vacation Rental market are:
- 9flats.com PTE Ltd.
- Airbnb, Inc.
- Booking Holdings Inc.
- Expedia Group, Inc.
- Hotelplan Management AG
- MakeMyTrip Pvt. Ltd.
- NOVASOL A/S
- Oravel Stays Private Limited
- Tripadvisor, Inc.
- Wyndham Destinations, Inc.
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“The short-term vacation rental market has experienced exponential growth, propelled by technological advancements, changing travel preferences, and the rise of the sharing economy. Key drivers include the integration of advanced technologies, globalization, and economic considerations. As consumers seek unique and personalized travel experiences, the market’s versatility, flexibility, and adaptability continue to fuel its expansion, establishing short-term rentals as a significant and resilient segment within the global travel industry.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.
“Short-term Vacation Rental Market Size Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Accommodation Type (Home, Apartments, Resort/Condominium, Others), By Booking Mode (Online, Offline), By Location (Urban, Rural, Beach, Mountain, Others), By Region, By Competition, 2019-2029, has evaluated the future growth potential of global Short-term Vacation Rental market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global Short-term Vacation Rental market.
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