The global vacation rentals market is projected at USD 74.0 billion in 2022 and is projected to reach USD 119.0 billion by 2032, at a CAGR of 5.0% from 2022 to 2032.
Vacation rentals are an alternative to hotels, and denotes a fully furnished house, apartment or professionally managed resort condominium given on a temporary basis to tourists. The term is mainly used in the U.S, but is a popular travel option in Europe and Canada too. It is becoming increasingly popular across the globe.
Town home, villa, single family style home or cottage are the types of accommodation that fall under the category of vacation rentals. Privately owned vacation rentals are available from economic budget studio apartments to expensive and lavish private villas with all luxurious amenities like private beaches, boats, chefs and cooking units to cater to the needs of travellers. Spain, Italy, Greece, France, Turkey and Germany are some of the countries where vacation rentals is becoming popular in the form of villa holidays.
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Vacation Rentals: Benefits
One of the most important benefits of vacation rentals is they are budget friendly. The travellers have to shell out relatively less money from their pocket for vacation rentals than hotels. As the vacation rentals are specious, the entire family or a group of friends can accommodate in a single living room, unlike hotels where large group of travellers have to pay hefty amount for a small room.
Another benefit of vacation rentals is they are convenient, comfortable and cosy. Vacation rentals offer all the comforts which travellers can get at their home. With nice specious living rooms and multiple bedrooms travellers can also cook in vacation rentals. In short it is like a home away home. Vacation rentals are less crowded.
As travellers chose to stay in villas or condominiums it is but obvious that they are not crowded like hotels, which gives privacy to the travellers. A stay in vacation rentals is a lifetime memory as the entire family or a group of friends can stay together and spend quality time with each other.
Vacation Rentals: Drivers and Restraints
Due to increasing per capita income, large number of people prefer to spend on travelling rather than buying luxurious commodities like cars, gold and expensive clothes. However, their interests do not end by going on a vacation and staying in a luxurious hotel.
Travellers want to experience something different and comfortable at the same time which is impelling them to choose vacation rentals. This particular factor is driving the growth of the global vacation rentals sector. Just like other luxurious hotels, vacation rentals are now also providing luxurious accommodation with all amenities like private beaches, boats, chef, spa, yoga etc.
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This is encouraging travellers to opt for vacation rentals thereby creating robust development in this sector. Earlier, vacation rentals were mostly found in the U.S; however using their own terms like holiday homes and gites respectively, UK and France have also forayed into the vacation rentals sector.
Italy, Germany, Spain, Turkey and Greece are among other countries that have also adopted this concept, which is significantly boosting the global sector for vacation rentals. However, many beach vacation rentals are secluded and there is always an issue of safety associated with it, and this factor is hampering the growth of the vacation rentals sector.
Vacation Rentals: Outlook
The concept of vacation rentals started as a hobby but later considering its popularity it turned into a full-fledged business model. Many countries across the globe have started offering vacation rentals to tourists from all over the world. With multiple benefits the vacation rentals sector is poised to grow in the near future.
Companies Offering Vacation Rental Services
HomeAway, Airbnb.com, Booking.com, FlipKey.com, Holiday Lettings, Only-apartments.com, Housetrip.com, Roomorama.com are some of the global companies which provide vacation rental facilities to travellers.
This comprehensive report equips readers with lucid information and analysis on the sector. Future Market Insights’ experienced travel and tourism analysts bring to you accurate and unbiased information to help you make crucial decisions with confidence.
The report offers a 360° view – bringing to the fore key drivers, restraints, opportunities, and challenges prevailing in the sector. To offer readers actionable insights, detailed information on historical trends, current scenario, and future projections is provided in the report.
The report specifically focusses on the leading companies operating in this sector, highlighting their key developmental strategies. A holistic analysis of the leading players is highlighted to help decision makers understand the overall competitive landscape.
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Global Vacation Rentals Market by Category
By Accommodation Types, Global Vacation Rentals Market is segmented as:
- Home
- Apartments
- Resorts / Condominium
- Others
By Booking Channel, Global Vacation Rentals Market is segmented as:
- Online
- Offline
By Price Range, Global Vacation Rentals Market is segmented as:
- Economical
- Mid-Range
- Luxury
By Booking Channel, Global Vacation Rentals Market is segmented as:
- Online Booking
- In-Person Booking
- Phone Booking
By Tourist Type, Global Vacation Rentals Market is segmented as:
- Domestic
- International
By Age Group, Global Vacation Rentals Market is segmented as:
- 15-25 Years
- 26-35 Years
- 36-45 Years
- 46-55 Years
- 66-75 years
By Region, Global Vacation Rentals Market is segmented as:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- MEA
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