Hey there everyone, welcome to the BookingTeam "What you need to know in the vacation rental industry" blog post! See below for everything to keep you up to date with the vacation rental industry. Enjoy!
Why the Vacation Rental Industry Is Blowing Up Right Now
The $100 billion industry vacation rental sector could be going into over-drive as it attracts growing interest from investors, major hospitality brands and travelers seeking alternate accommodation.
In the pre-Internet era, vacation rentals were a largely mom-and-pop industry. Businesses advertised via classifieds or real estate agents; some mailed catalogs to mailing lists acquired from local visitors bureaus. Change came by the decade: A Colorado couple looking for a better way to rent their ski condo launched booking site VRBO in 1996. HomeAway acquired the business in 2006, becoming the dominant listings hub. Then last year, Expedia swallowed up HomeAway, paying $3.9 billion.
Read more: https://skift.com/2016/05/25/why-the-vacation-rental-industry-is-blowing-up-right-now/
Vacation Rental Market Growth: Eye-Watering Projections
The vacation rental market is enjoying a boom. Myriad factors (Web 2.0, advances in technology, the rise of the sharing economy) have created a climate in which the market can flourish, and a consumer base which confers value on the unique, the bespoke and the individual shows signs of eschewing the more traditional hotel for the independence offered by the self-catering vacation rental.
Funding in the Vacation Rental Sector Slows
Startups in the vacation rental sector raised $639 million in disclosed funding in 2017, down from $1.85 billion in 2016.
With the size and opportunity of the market and the fragmentation of the industry, angel investors and venture capitalists (VCs) have been searching for attractive opportunities with innovative companies in the vacation rental sector. In the United States alone, the percentage of people over 18 who have stayed in a vacation rental has quadrupled from 8 percent to 32 percent since 2012. The United States is now estimated to have approximately 1.4 million vacation rental properties, whereas Europe has 4.3 million.
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