Vacation Rentals: Key Market Trends
The vacation rental market is booming. With the growing attraction for vacation rentals, the rapid growth of the online marketplace, and the evolving supply of vacation rentals, our market size is said to reach $169.7 Billion in 2019. What are the key market trends defining this growth? Here's an infographic explaining them.
Vacation Rentals: Key Market Trends Infographic Transcript:
1. Increased Professionalism
Hotels are increasing their amenities and technologies to attract guests. Boutique hotels are also becoming popular.
The vacation rental market is now responding by offering more value to their guests: professional tools, standardised products and personnel training.
2. More VR services
Lots of start-ups are creating services targeted for the vacation rental industry.
From check-in /checkout, keyless entries, tax-filling services, specialised insurances, marketing services…The vacation rental business is becoming more complex and necessitates micro- management of processes in order to improve competitiveness.
3. New entrants from related Industries
With Hyatt Hotels investing in OneFineStay, Expedia buying HomeAway and Booking.com launching villas.com, we can only expect that 2016 will be packed with more investment from related industries.
4. Improved Booking Process
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. HomeAway announced that all its listings would be instantly bookable by 2016.
5. Technological Advancement
Technological advancements in the market are taking place on all fronts.
Home automation, Bluetooth smart locks, smart fire alarms for vacation rentals, burglar alarms, and other such devices are being implemented.
Other popular tech services include vacation rental channel management, business intelligence software, data mining tools and price optimization.