Vacation Rental Market Size , Share , Trends , Analysis and Forecasts To 2021
Market Research analysts forecast the global vacation rental market to grow at a CAGR of 7.07 % during the period 2017-2021 .
The following companies as the key players in the global vacation rental market : Airbnb , HomeAway , TripAdvisor , Wimdu , 9flats , Wyndham Worldwide , and World Travel Holdings
Other Prominent Vendors in the market are : At Home Abroad , OnlineVacationRentals . com , priceline . com , Rentalo , Roomorama , and Villas International
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Commenting on the report , an analyst from Reports team said : Instant bookings are a new norm in the market - a result of the developing need for instant gratification among consumers worldwide . Online vacation rental sites are upgrading their technology to enable customers to book properties in real time , without having to wait for confirmation . This value addition will improve the convenience of booking a vacation rental and improve customer satisfaction . Instant bookings have become a key differentiator among major vacation rental players . One of the major reasons for the major vacation rental player , Airbnb , to introduce instant bookings was the effort to combat discrimination while booking on its online platform . Instant bookings made it more difficult for the hosts to discriminate the guests based on gender identity , race , sex , disability , sexual orientation , religion , national origin , or age . This policy was in direct response to issues and incidents of discrimination that were reported on the online platform .
According to the report , vacation rentals offer saving opportunities in terms of rent and cheaper food as most vacation rentals are equipped with a full kitchen . The average cost of a vacation rental is $ 1,500 / week or $ 200 / night for a 3BHK . In addition , they also provide more value in terms of space and privacy . Also , certain vacation rental businesses allow customers to leverage their business relationships with shops , activity providers , restaurants , and tour companies and benefit from the upgrades and coupons . The fact that hotel room rates are rising ( in the US , hotel room tariffs recorded a growth of 5 % in 2014 , over 2013 ) has pushed the adoption of vacation rentals further , particularly among affluent travelers .
Further , the report states that the global vacation rental market is largely fragmented . It deals with diverse customers set across different geographies and thus , has to cater to various seasons and preferences . In addition , as the suppliers of vacation rentals are also equally diverse , there is a possibility of a high level of inconsistency in quality and service . The discrepancy in pictures and the actual vacation rental home , disregard for basic standards of living , and inefficient services are common complaints among vacation