Vacation Rental Market Size Worth $123.69 Billion by 2032 | CAGR: 4.90%

The global vacation rental market size is expected to reach USD 123.69 billion by 2032, according to a new study by Polaris Market Research. The report “Vacation Rental Market Share, Size, Trends, Industry Analysis Report, By Booking Mode (Online, Offline), By Accommodation Type (Home, Apartments, Resort/Condominium, Others), By Region, And Segment Forecasts, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Travelers are increasingly favoring vacation rental properties and homes over hotels due to several attractive features. These properties offer affordable options that are kid and pet-friendly, ensuring a higher level of comfort and privacy for guests. Additionally, vacation rental properties provide a diverse range of high-quality and cost-effective accommodation choices across various destinations, which is a significant driver behind the market's growth.

As reported by the Turnkey blog in 2019, the industry is experiencing substantial growth, with an estimated rate of approximately 10% during the ongoing decade. This growth is primarily influenced by the evolving preferences of travelers who increasingly prefer staying in a home environment rather than traditional hotel accommodations. The combination of cost-effectiveness, convenience, and the availability of attractive amenities has contributed to the increasing popularity of vacation rental properties and homes as the preferred choice for many modern travelers.

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Based on the findings from TurnKey Vacation Rentals' 2019 Consumer Travel Survey, a significant shift in traveler preferences is evident. In 2019, 64% of travelers expressed a strong preference for staying in vacation rentals rather than hotels, representing a notable increase of 10%, compared 2028 results. Furthermore, the travel industry is witnessing an evolving trend known as transformational travel, where travelers seek wellness trips to restore balance and transform their mind, spirit, and body. This emerging trend is expected to be a key driver of market growth over the forecast period, as more travelers prioritize experiences that promote personal well-being and transformation during their vacations.

Companies in the market are collaborating with the Google. For instance, in February 2023, recently announced an exciting partnership with Google. Through this collaboration, Whimstay's extensive portfolio of 150,000 vacation rental properties will be seamlessly integrated into Google's travel search function. This integration will offer millions of potential guests the convenience of browsing and booking exclusive stays at discounted rates of up to 60% off, directly through Whimstay's user-friendly mobile app or website.

Vacation Rental Market Report Highlights

• Home accommodation held the largest share, owing to the preference of stay homes among travelers, access to amenities, and appropriate safety features
• Online channels segment will grow at the fastest rate, due to rising penetration of smartphones across regions, rental service providers, and online service providers
• Europe dominated the market, due to presence of high-net-worth individuals with desire to travel abroad
• APAC witnessed the highest growth rate; this is primarily due to presence of young population in the South Asian nations seeking luxury travel across exotic locations
• The global key market players include 9flats.com, Airbnb, Booking Holdings, Expedia Group, Hotelplan Holding, MakeMyTrip, TripAdvisor, & Wyndham Destinations

Polaris Market Research has segmented the vacation rental market report based on accommodation type, booking mode, and region:

Vacation Rental, Accommodation Type Outlook (Revenue - USD Billion, 2023 - 2032)

• Home
• Apartments
• Resort/Condominium
• Others

Vacation Rental, Booking Mode Outlook (Revenue - USD Billion, 2023 - 2032)

• Online
• Offline

Vacation Rental, Regional Outlook (Revenue - USD Billion, 2023 - 2032)

• North America

• U.S.
• Canada

• Europe

• Germany
• UK
• France
• Italy
• Spain
• Russia
• Netherlands

• Asia Pacific

• China
• India
• Japan
• South Korea
• Indonesia
• Malaysia

• Latin America

• Argentina
• Brazil
• Mexico

• Middle East & Africa

• UAE
• Saudi Arabia
• Israel
• South Africa

Vacation Rental Market Report Scope