Latest News- Short Term Vacation Rental Market: Offline is expected to lead the Mode Of Booking segment during 2025-2029

The Short Term Vacation Rental Market is being driven by Growing tourism industry and increasing popularity of short term rental properties

The Short Term Vacation Rental Market is expected to grow at a CAGR of 13.5% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 114.1 billion. The short term vacation rental market is experiencing significant growth due to the implementation of advanced technologies. Dynamic pricing algorithms, centralized management platforms, and AI-driven guest communication tools are transforming the industry. Property owners are investing in smart home devices, such as Bluetooth smart locks, home automation systems, and smart fire alarms, to enhance security and streamline operations. Additionally, businesses are leveraging business intelligence software and data mining tools to gain insights from their data and make informed decisions. Nearly 70% of vacation rental managers have already adopted Wi-Fi/electronic locks, and this trend is expected to continue as technology becomes increasingly essential for catering to technologically advanced customers. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Mode Of Booking
  • Offline
  • Online
• Management
  • Managed by owners
  • Professionally managed
• Type
  • Apartments and condominiums
  • Villas and luxury homes
  • Cottages and cabins
  • Resorts and bungalows
  • Others
• Geography
  • Europe
    • Germany
    • UK
    • France
    • Italy
  • North America
    • Canada
    • US
  • APAC
    • China
    • Japan
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Growing tourism industry and increasing popularity of short term rental properties
• Rising popularity of rural and remote destinations
• User-friendly mobile applications for accessing short term vacation rentals

However, the market also witnesses some limitations, which are as follows:

• Inconsistency in providing quality vacation rental properties
• Fraudulent vacation rental homes
• Stringent regulation on vacation rental homes from various governments

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Market Scope in Short Term Vacation Rental Market Research Report

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Research Analysis Overview

The short-term rental market in travel & tourism is thriving, with budget-friendly accommodations from platforms like Airbnb and Booking becoming increasingly popular for both leisure and work-from-home travelers. Eco-friendly and sustainable amenities are in demand, as are international travel destinations with low airfare prices. Property owners benefit from online booking platforms and property management software, while guests enjoy innovative solutions like virtual tours, Augmented Reality (AR), and aesthetic stays. Millennials prefer spending on services over goods, and emerging markets offer new opportunities. However, beware of fake listings and ensure a positive guest experience. Technological trends continue to shape the real estate industry, with a focus on environmental-friendly rentals and guest satisfaction.

Market Research Overview

The short-term vacation rental market, a segment of the global leisure facilities industry, encompasses budget-friendly accommodations provided by platforms such as Airbnb and Booking. This market is witnessing significant growth due to the increasing disposable income of consumers, enabling them to allocate funds towards leisure and work-from-home travel. Technavio, a leading market research firm, categorizes this market within the broader hotels, restaurants, and leisure industry. The global leisure facilities market size is determined by the combined revenue generated by companies in the casino and gaming, hotels, resorts, and cruise lines, leisure facilities, and restaurants sectors. The growth of this market is driven by the rise in disposable income, allowing for increased spending on recreational activities, including short-term rentals.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/