Published Date : Feb 27, 2017
Albany, NY, Feb 27, 2017: The new report added to MarketResearchReports.biz analyzes the current scenario and growth prospects of the global vacation rental market. The report offers an overview of the market landscape and key vendors and discusses the chief drivers and restraints of the market growth. The report, titled ‘Global Vacation Rental Market 2017-2021’, projects the market to grow at a CAGR of 7.07% during the period 2017-2021.
A vacation rental is primarily a night’s stay, which is slowly being converted to a week- or month-long vacation. Holiday lettings, tourist rentals, bed and breakfast, homestays, and gîtes are commonly referred to vacation rentals. The main attraction of a vacation rental is that its offers a true travel experience and provide the opportunity to take in the local flair and culture. In the recent past, a large section of the population has taken up travelling to explore and experience different cultures and customs of the world. People are looking for a short vacation to get away from the mundane life and vacation rentals provide short and hassle-free trips to travelers across the globe.
There are various factors driving the global market for vacation rentals. They include value in terms of space and privacy and exorbitantly high hotel prices. In addition, benefits such as improved dining options, tailored entertainment, and extra space are fuelling the growth of the market. Many home owners are converting their second residences into vacation homes as an addition source of income and this aspect is also supplementing market growth. On the contrary, as the vacation rental market is still in its nascent stage, it lacks proper regulations. Another drawback is the delayed conversion of leads to transactions.
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Based on management, the global vacation rental market is led by the owner-managed segment. This segment is growing as majority of owners manage the property themselves and prefer listing their properties as and when required. Personal interaction is another reason behind the growth of the owner-managed segment.
Geographically, the global vacation rental market can be classified into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Among these, Europe is a key contributor in the market in terms of share and it is expected to grow steadily in the forecast period as well. The chief factor driving the demand for vacation rentals in the region is increase in tourism. The tourism industry here has grown manifold, which has invariably increased the demand for hotel rooms and vacation rental services.
The prominent players in the global vacation rental market include Airbnb, TripAdvisor, OnlineVacationRentals.com, Villas International, HomeAway, Wyndham Worldwide, Priceline.com, Wimdu, World Travel Holdings, At Home Abroad, Rentalo, and Roomorama.
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