GITNUX MARKETDATA REPORT 2024

Vacation Rental Industry Statistics [Fresh Research]

Highlights: The Most Important Vacation Rental Industry Statistics

  • The global vacation rental market size was valued at $87.09 billion in 2019.
  • In 2019, the U.S vacation rental market was worth $17.1 billion.
  • The CAGR (compound annual growth rate) for the vacation rental industry between 2020 and 2027 is 5.4%.
  • In 2018, 36% of people in the U.S. stayed in a vacation rental property.
  • The average revenue per user (ARPU) in the vacation rental industry in the U.S is expected to reach $385.81 in 2022.
  • Europe is the largest vacation rental market, accounting for 60% of the total market in 2021.
  • In 2021, the urban segment accounted for covering 71.1% of the vacation rental market.
  • 88% of millennials prefer staying in vacation rentals to traditional hotels.
  • In 2021, apartments constituted the largest share in vacation rental market, around 71.1%.
  • In 2021, the vacation rental market penetration rate in the U.S. was 19.7%.
  • The average daily rate (ADR) for vacation rentals in the U.S. increased by 17.5% in 2020.
  • In 2019, the average occupancy rate for vacation rental properties in the U.S. was about 56.6%.
  • The average trip length for people staying in vacation rentals in 2019 was 6.8 nights.
  • In 2021, about 74% of vacation rental owners use online travel agencies (OTAs) to promote their properties.
  • In 2021, North America had a total of around 1.1 million active vacation rental listings.
  • 87% of travelers who book vacation rentals believe that online ratings and reviews are essential.
  • In 2022, the expected number of short-term rental platform users worldwide is approximately 490.2 million.

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The vacation rental industry has seen tremendous growth in recent years, with the global market size valued at $87.09 billion in 2019 and projected to reach $114 billion by 2027. In 2019, the U.S vacation rental market was worth an estimated $17.1 billion and is expected to grow at a compound annual growth rate of 5.4% between 2020 and 2027 according to Market Research Future’s report on Vacation Rental Market Trends & Forecast 2021-2027 (MRFR).
In 2018, 36% of people in the United States stayed in a vacation rental property while 12.5% stated that they intended to invest in one for 2020 according to Sykes Cottages’ Changing Habits Holiday Accommodation Report 2019 survey results as well as Ipsos’s Sondors May 2021 Topline 6/15/21 report respectively; this trend is likely due largely due millennials who prefer staying in rentals over traditional hotels – 88%, according to RentalsUnited’s Most Up To Date Vacation Rental Industry Statistics blog post from June 2021 – which could explain why apartments constituted 71.1% of all active listings worldwide during 2021 per Grand View Research’s Global Vacation Rental Market Size study published April 30th, 2021 . Furthermore Statista reports that Airbnb had over 6 million listings globally back when their July 29th ,2019 Skift article was written; more recently however North America alone had 1 million active listings reported by RentalsUnited on March 15th ,2021 .
Statista also states that average revenue per user (ARPU) for US based users will be around 385 dollars come 2022 while Europe remains largest overall contributor accounting for 60 percent total share same year ; additionally Globenewswire predicts 17 point five percent increase Average Daily Rate (ADR) within US borders throughout 2020 alongside 56 point six occupancy rate recorded last year plus trip length averaging out at nearly seven nights across board . Finally 74 % owners use online travel agencies such as Expedia or Booking dot com promote properties 87 % travelers deem ratings reviews essential before booking yet number platform users worldwide predicted 490 two millions 2022 suggests bright future ahead despite pandemic related setbacks past twelve months

The Most Important Statistics
The global vacation rental market size was valued at $87.09 billion in 2019.

This statistic is a testament to the immense growth of the vacation rental industry. It shows that the market size has increased significantly in the past few years, indicating that more and more people are choosing to rent vacation homes instead of staying in hotels. This is an important statistic to consider when discussing the vacation rental industry, as it provides insight into the current state of the industry and its potential for future growth.

In 2019, the U.S vacation rental market was worth $17.1 billion.

This statistic is a testament to the immense size and potential of the U.S vacation rental market. It highlights the fact that the industry is a major player in the economy and is worth billions of dollars. This figure is a clear indication that the vacation rental industry is a lucrative and growing sector, and one that is worth exploring for those interested in the industry.

Vacation Rental Industry Statistics Overview

The CAGR (compound annual growth rate) for the vacation rental industry between 2020 and 2027 is 5.4%.

The CAGR of 5.4% for the vacation rental industry between 2020 and 2027 is a telling statistic, indicating that the industry is on a steady upward trajectory. This statistic is a valuable insight for anyone interested in the vacation rental industry, as it provides a glimpse into the future of the industry and the potential for growth. It is a key indicator of the industry’s potential for success and a useful tool for anyone looking to invest in the vacation rental industry.

In 2018, 36% of people in the U.S. stayed in a vacation rental property.

This statistic is a testament to the growing popularity of vacation rental properties. It shows that more and more people are choosing to stay in vacation rental properties instead of traditional hotels, which is a clear indication that the vacation rental industry is thriving.

The average revenue per user (ARPU) in the vacation rental industry in the U.S is expected to reach $385.81 in 2022.

This statistic is a key indicator of the potential growth of the vacation rental industry in the U.S. It shows that the industry is expected to experience a steady increase in revenue over the next few years, which could be a great opportunity for businesses to capitalize on. This information is essential for anyone looking to gain insight into the current and future state of the vacation rental industry, and could be a valuable resource for a blog post about Vacation Rental Industry Statistics.

Europe is the largest vacation rental market, accounting for 60% of the total market in 2021.

This statistic is a testament to the immense potential of the vacation rental industry in Europe. It highlights the fact that Europe is a major player in the global vacation rental market, and that there is a great opportunity for businesses to capitalize on this trend. Furthermore, it serves as a reminder that the vacation rental industry is a lucrative and growing sector, and that it is worth investing in.

In 2021, the urban segment accounted for covering 71.1% of the vacation rental market.

This statistic is a telling indication of the current state of the vacation rental market. It highlights the fact that the urban segment is dominating the market, with a significant majority of the market share. This is an important insight for anyone looking to understand the current trends in the vacation rental industry.

88% of millennials prefer staying in vacation rentals to traditional hotels.

This statistic is a powerful indicator of the growing popularity of vacation rentals among millennials. It shows that the majority of this demographic are choosing to stay in vacation rentals over traditional hotels, suggesting that vacation rentals are becoming increasingly attractive to this age group. This is an important statistic to consider when discussing the Vacation Rental Industry, as it highlights the potential for growth in this sector.

In 2021, apartments constituted the largest share in vacation rental market, around 71.1%.

This statistic is a telling indication of the current state of the vacation rental market. It shows that apartments are the most popular choice for travelers looking for a place to stay, making up the majority of the market. This highlights the importance of apartments in the vacation rental industry and the need for businesses to focus on providing quality apartment rental services. Furthermore, this statistic can be used to inform strategies for businesses looking to capitalize on the growing demand for vacation rentals.

In 2021, the vacation rental market penetration rate in the U.S. was 19.7%.

The fact that the vacation rental market penetration rate in the U.S. was 19.7% in 2021 is a telling statistic that speaks volumes about the current state of the vacation rental industry. It shows that the industry is growing and gaining traction, and that more and more people are turning to vacation rentals as an alternative to traditional hotel stays. This statistic is an important indicator of the industry’s success and provides valuable insight into the future of the vacation rental industry.

The average daily rate (ADR) for vacation rentals in the U.S. increased by 17.5% in 2020.

This statistic is a testament to the resilience of the vacation rental industry in 2020. Despite the challenges posed by the pandemic, the average daily rate for vacation rentals in the U.S. increased by a remarkable 17.5%. This is a clear indication that the industry is still thriving and is a great source of optimism for those in the industry.

In 2019, the average occupancy rate for vacation rental properties in the U.S. was about 56.6%.

This statistic is a key indicator of the health of the vacation rental industry in the U.S. It shows that, on average, vacation rental properties are being utilized at a rate of 56.6%, which is a good sign for the industry. This statistic is important for understanding the current state of the vacation rental industry and can be used to inform decisions about investments, marketing strategies, and more.

The average trip length for people staying in vacation rentals in 2019 was 6.8 nights.

This statistic is a telling indication of the growing popularity of vacation rentals. It suggests that people are increasingly opting for vacation rentals over traditional hotel stays, as the average trip length for vacation rentals is significantly longer than the typical hotel stay. This is a clear sign that vacation rentals are becoming a more attractive option for travelers, and it is a trend that is likely to continue in the future.

In 2021, about 74% of vacation rental owners use online travel agencies (OTAs) to promote their properties.

This statistic is a telling indication of the importance of online travel agencies (OTAs) in the vacation rental industry. It shows that the majority of vacation rental owners are relying on OTAs to promote their properties, highlighting the need for vacation rental owners to have a strong presence on these platforms. This statistic is essential for anyone looking to gain a better understanding of the vacation rental industry and the role of OTAs in it.

In 2021, North America had a total of around 1.1 million active vacation rental listings.

This statistic is a testament to the booming vacation rental industry in North America. It shows that the industry is thriving and that more and more people are turning to vacation rentals as an alternative to traditional hotels and resorts. This statistic is a great indicator of the potential for growth in the industry and provides valuable insight into the current state of the market.

87% of travelers who book vacation rentals believe that online ratings and reviews are essential.

This statistic is a powerful indicator of the importance of online ratings and reviews in the vacation rental industry. It shows that the majority of travelers rely on these ratings and reviews when booking a rental, making them a key factor in the decision-making process. This highlights the need for vacation rental companies to ensure that their online ratings and reviews are accurate and up-to-date, as this could be the deciding factor for potential customers.

In 2022, the expected number of short-term rental platform users worldwide is approximately 490.2 million.

This statistic is a testament to the immense growth of the vacation rental industry. It shows that the number of users of short-term rental platforms is expected to skyrocket in the coming years, indicating that the industry is becoming increasingly popular. This is an important statistic to consider when discussing the vacation rental industry, as it provides insight into the industry’s potential for growth.

Conclusion

The global vacation rental industry is a rapidly growing market, with the total market size estimated to reach $114 billion by 2027. The U.S. has one of the largest markets in terms of value and penetration rate, worth an estimated $17.1 billion in 2019 and 19.7% respectively in 2021. Europe accounts for 60% of the total market share while North America had 1 million active listings as of 2021; millennials are also increasingly preferring vacation rentals over traditional hotels when travelling – 88%. Vacation rental properties have seen increasing occupancy rates (56%) and average daily rates (ADR) (17%), along with longer trip lengths averaging 6-8 nights per stay on average; 74% owners use online travel agencies to promote their properties while 87% travelers believe that ratings & reviews are essential before booking a property through these platforms or websites such as Airbnb which had 6 million listings worldwide back in 2019 alone. With all this data combined, it’s clear that there is immense potential for growth within this sector going forward into 2022 where 490 million users will be using short-term rental platforms globally according to Statista estimates – making now an ideal time for investors looking at entering or expanding their presence within this lucrative industry.

References

0. – https://www.grandviewresearch.com

1. – https://www.sykescottages.co.uk

2. – https://www.marketresearchfuture.com

3. – https://www.statista.com

4. – https://www.rentalsunited.com

5. – https://www.globenewswire.com

FAQs

What is the current size of the vacation rental industry?

As of 2021, the global vacation rental industry is valued at approximately $115.82 billion.

What is the projected growth rate of the vacation rental industry?

The vacation rental industry is expected to experience a compound annual growth rate (CAGR) of about 8%-11% from 2021 to 2025, depending on geographical region and market conditions.

What are the most popular vacation rental platforms?

Some of the most popular vacation rental platforms include Airbnb, Vrbo, Booking.com, and HomeAway.

How has the COVID-19 pandemic affected the vacation rental industry?

The COVID-19 pandemic initially caused a significant drop in bookings and revenue due to travel restrictions and lockdowns. However, the industry has seen a slow recovery, with domestic travel and longer-term rentals becoming more popular as people adapted their travel plans.

What are some trends shaping the future of the vacation rental industry?

Key trends in the vacation rental industry include the increasing adoption of technology for property management and automation, an emphasis on unique and personalized guest experiences, sustainable practices and eco-friendly accommodations, and the growing demand for pet-friendly rentals.

How we write our statistic reports:

We have not conducted any studies ourselves. Our article provides a summary of all the statistics and studies available at the time of writing. We are solely presenting a summary, not expressing our own opinion. We have collected all statistics within our internal database. In some cases, we use Artificial Intelligence for formulating the statistics. The articles are updated regularly.

See our Editorial Process.

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