WASHINGTON, July 10, 2023 (GLOBE NEWSWIRE) -- Global Short-term Rental Market is valued at USD 100.8 Billion in 2022 and is projected to reach a value of USD 228.9 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 10.8% over the forecast period 2023-2030.
One of the most significant economic areas is the Short-term Rental business, and consistent expansion is projected going forward. Despite the industry's turmoil, numerous things could affect its development or demise. This study assesses both the current trends and the anticipated future changes to provide a full insight of the sector. Additionally, it provides details on the significant industry players and their expansion strategies.
The report provides a thorough analysis of international producers and suppliers, as well as their current situation and future prospects. It also goes into detail about the global drivers of the demand for Short-term Rental, including rising investment requirements, developing technology, and new laws.
Get Access to Free Sample Research Report with Latest Industry Insights @ https://www.vantagemarketresearch.com/shortterm-rental-market-2178/request-sample
Market Overview
According to Vantage Market Research, some of the key factors anticipated to accelerate the Short-term Rental market growth over the forecast period. One of the main factors that favorably affect the demand for Short-term Rentals is the increasing popularity of online platforms that connect property owners with renters.
The rise of platforms such as Airbnb and TripAdvisor Inc. has dramatically expanded the reach of the Short-term Rental market and made it more accessible to property owners and travelers. These platforms offer property owners an easy way to rent out spare rooms or entire homes while also providing travelers with a broader range of accommodation options. In addition, with the convenience of online booking and payment systems, Short-term Rentals have become a popular alternative to hotels for many travelers. As a result, the global Short-term Rental market is expected to grow in the coming years.
The North American Short-term Rental market is proliferating due to increasing demand from travelers seeking alternative accommodations to traditional hotels. Vacation rental platforms like Airbnb have become popular among tourists, providing them flexibility and personalized experiences. The COVID-19 pandemic has also significantly impacted the market, with travelers seeking rentals that offer privacy, cleanliness, and social distancing. As a result, vacation rental properties have become a more attractive option for remote work, staycations, and extended stays. The market is expected to continue its growth trajectory in the coming years, driven by technological advancements, shifting consumer preferences, and the increasing popularity of short-term stays.
Market Dynamics
Rising Real Estate Prices to Foster Market Growth:
Rising real estate prices have made investing in long-term rentals challenging, leading to an increased demand for Short-term Rentals as they offer a cost-effective solution. This factor is expected to foster global market growth as more people are looking to rent short-term accommodation.
Advancements in Technology to Revolutionize the Market:
The Short-term Rental industry is adopting advanced technologies such as artificial intelligence, virtual reality, and mobile applications to enhance their service offerings. This is revolutionizing the market, providing an enhanced customer experience and making it more convenient for guests to book rental spaces.
Emerging Markets to Offer Lucrative Opportunities:
Developing economies such as India, China, and Brazil are witnessing increased disposable income, urbanization, and tourism, generating demand for Short-term Rental spaces. This presents lucrative opportunities for market players to expand their businesses and tap into these growing markets.
Top Players in the Global Short-term Rental Market
- 9flats.com Pte. Ltd. (Singapore)
- Airbnb Inc. (U.S.)
- Booking Holdings Inc. (U.S.)
- Expedia Group Inc. (U.S.)
- Hotelplan Management AG (Switzerland)
- MakeMyTrip Pvt. Ltd. (India)
- NOVASOL A/S (Denmark)
- Oravel Stays Pvt. Ltd. (India)
- TripAdvisor Inc. (U.S.)
- Wyndham Destinations Inc. (U.S.)
Budget Limitation? Contact us for Special Discount and Pricing
Top Trends in Global Short-term Rental Market
- One trend that Vantage Market Research (VMR) expects to see in the Short-term Rental industry is the increased demand for extended stays. With the ongoing pandemic and travel restrictions, there has been a shift in the type of bookings made by travelers. Many now prefer to book Short-term Rentals for more extended periods, such as weeks or months, rather than just a few days.
- Another trend that VMR predicts will continue in the Short-term Rental industry is the adoption of new technology. Many Short-term Rental operators are adopting new technologies, such as smart locks and keyless entry systems, automated messaging systems, and contactless payments, to improve the guest experience and streamline operations.
Top Report Findings
- Based on the Accommodation Type, the Home-Based Accommodations category controls most of the Short-term Rental market's revenue. The Home-Based Accommodations market refers to properties rented out for a short period while the owner/occupant is away. This segment includes private rooms, shared spaces, and entire homes/apartments listed on platforms such as Airbnb, HomeAway, and VRBO. The growing popularity of this segment is due to its cost-effective nature and personalized experience it offers travelers.
- Based on the Booking Mode, the Online Booking Mode segment in the global Short-term Rental market is experiencing tremendous growth due to the increasing adoption of digital technologies and changing customer preferences. This segment allows customers to search for and book rentals through online platforms, making the booking process seamless and convenient. It also helps property owners to manage their properties efficiently and have better control over inventory management. Hence, online booking mode has become integral to the Short-term Rental market.
Buy this Premium Research Report with Discount | Immediate Delivery @ https://www.vantagemarketresearch.com/buy-now/shortterm-rental-market-2178/0
Resort/Condominium Category in Short-term Rental Market to Generate Major Revenue
The resort/condominium segment in the global Short-term Rental market has increased recently. It includes properties such as luxury villas, high-end apartments, and beachfront condos rented out to travelers for short periods. This segment has been particularly popular among travelers looking for more space, privacy, and amenities than traditional hotels can offer.
One of the main drivers of growth in this segment has been the rise of online platforms allowing property owners to list and manage their properties for Short-term Rentals easily. Sites like Airbnb and Booking.com have made it easy for individuals and property management companies to market their properties to a worldwide audience and manage bookings, payments, and guest communication.
Another factor driving growth in this segment is changing traveler preferences. More and more travelers are looking for unique and authentic experiences when they travel, and staying in a resort or condominium designed to feel like a home away from home can provide just that. Additionally, many travelers are also looking for more affordable options than what traditional hotels can offer, and Short-term Rental properties can often provide better value for money.
The resort/condominium segment in the global Short-term Rental market also benefits from increased investment from real estate developers and hospitality companies. Several luxury resort developers have started incorporating private residences into their resorts, allowing owners to rent out their properties when not in use. This has created a new revenue stream for developers and property owners alike.
Browse market data Tables and Figures spread through 149 Pages and in-depth TOC on Short-term Rental Market Forecast Report (2023-2030).
Global Short-term Rental Market Segmentation
By Accommodation Type
- Home
- Apartments
- Resort/Condominium
- Other Accommodations
By Booking Mode
- Online
- Offline
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Read Full Report with TOC @ https://www.vantagemarketresearch.com/industry-report/shortterm-rental-market-2178
Scope of the Report:
| Report Attributes | Details |
| Market Size in 2022 | USD 100.8 Billion |
| Revenue Forecast by 2030 | USD 228.9 Billion |
| CAGR | 10.8% from 2023 to 2030 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2030 |
| Key Players | 9flats. com Pte.Ltd., Airbnb Inc., Booking Holdings Inc., Expedia Group Inc., Hotelplan Management AG, MakeMyTrip Pvt. Ltd., NOVASOL A/S, Oravel Stays Pvt. Ltd., TripAdvisor Inc., Wyndham Destinations Inc. |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options https://www.vantagemarketresearch.com/shortterm-rental-market-2178/customization-request |
Browse More Reports from Vantage Library:
- Biodegradable Sanitary Napkins Market - Global Industry Assessment & Forecast:https://www.vantagemarketresearch.com/industry-report/biodegradable-sanitary-napkins-market-2154
- Surface Disinfectant Market - Global Industry Assessment & Forecast: https://www.vantagemarketresearch.com/industry-report/surface-disinfectant-market-1944
- Tissue Paper Market - Global Industry Assessment & Forecast: https://www.vantagemarketresearch.com/industry-report/tissue-paper-market-1803
- Organic Dinnerware Market - Global Industry Assessment & Forecast: https://www.vantagemarketresearch.com/industry-report/organic-dinnerware-market-1734
- Mosquito Repellent Market - Global Industry Assessment & Forecast: https://www.vantagemarketresearch.com/industry-report/mosquito-repellent-market-1709
- Vacation Rental Market - Global Industry Assessment & Forecast: https://www.vantagemarketresearch.com/industry-report/vacation-rental-market-1651
- Baby Monitor Market - Global Industry Assessment & Forecast: https://www.vantagemarketresearch.com/industry-report/baby-monitor-market-1540
- Candle Market - Global Industry Assessment & Forecast: https://www.vantagemarketresearch.com/industry-report/candle-market-1488
About Vantage Market Research:
We, at Vantage Market Research, provide quantified B2B high quality research on more than 20,000 emerging markets, in turn, helping our clients map out constellation of opportunities for their businesses. We, as a competitive intelligence market research and consulting firm provide end to end solutions to our client enterprises to meet their crucial business objectives. Our clientele base spans across 70% of Global Fortune 500 companies.
Follow Us on: LinkedIn | Twitter | Facebook | YouTube
Contact us
Eric Kunz
6218 Georgia Avenue NW Ste 1 - 564
Washington DC 20011-5125
United States Tel: +1 202 380 9727
Email: sales@vantagemarketresearch.com
Website:
https://www.vantagemarketresearch.com/
Latest Vantage Market Research Press Releases
Latest Vantage Market Research Blog
Vantage Market Research All Reports
Blog:
