Vacation rental sites have?proven extremely popular with renters and hosts alike. Travelers have more options open to them when planning trips: they aren’t restricted by hotel availability and price, and some people prefer the more personal experience of staying in a home rather than a large hotel. Homeowners have a way to make some extra money that has low barriers to entry. Vacation home rentals are so popular that the market for them is approaching $200 billion in value, and is expected to surpass that amount over the next few years.
Renting and leasing vacation homes through vacation rental sites such as Airbnb does have its risks, however. The industry is much less regulated than the hotel and tourism industry, meaning that there are fewer measures in place to protect the rights and safety of both owner and guest. Fraud is a real danger that comes along with the convenience and cost savings of vacation home rentals. However, while this may deter some people, millions of travelers every year still opt to rent these homes rather than stay in hotels, and doing due diligence on both the home and the site through which one rents can go a long way to mitigate those risks.
Which vacation rental sites are leading the market in 2020?
There are several vacation rental sites that are currently dominating the global market. These well-known platforms have put policies and resources in place to provide users with a good experience, and this helps them bring in the customers. Here are some of the leading vacation rental platforms in the world.
9flats launched in 2011 and has grown to include 6 million locations around the world. The site offers vacation rentals run by individual owners, providing those owners with a place to list their properties and connect with guests. It also gives guests the option to choose a rental with a host who will show them around their destination.
Airbnb is currently one of the most well-known vacation rental sites in the industry, offering services in multiple countries in 11 different languages. Founded in 2008, the platform connects millions of hosts and guests around the world, and also provides “Experiences” and “Adventures” run by local hosts in many destinations. The company promises various policies and measures to ensure the safety and security of both guests and hosts.
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Founded in 1997, Booking Holdings provides a variety of travel and related services globally through its six brands: Booking.com, KAYAK, Priceline, Agoda, Rentalcars.com and OpenTable. Booking.com is a platform for vacation rental homes and other properties such as resorts and hotels, offering properties in 227 countries and territories. Agoda connects travelers with vacation properties inn the Asian market, boasting over 1 million properties available on its platform.
Expedia has been in business since 1996 and runs numerous travel booking sites in over 70 countries. The group offers over a million properties and made nearly $100 billion in gross bookings as of December 2019. Its sites provide travelers with listings for hotels, vacation rentals, cars, and more.
View the report featured in this article.
Global Vacation Rental Market 2020-2024
Hotelplan was founded in April 1935 in order to attract new travelers to the Swiss hotel industry. The business now operates as a holding company and owns several subsidiaries that provide travel and tourism services such as vacation home rentals, hotel and resort bookings, holidays, and activities?like skiing and biking. Its subsidiaries include Interhome and Interchalet, European companies that specialize in vacation rentals in the region.
Founded in 2000, MakeMyTrip is an Indian platform for travel bookings, created to serve the US-India travel market. It offers accommodation bookings, holiday packages, flights, and other transportation for domestic and international travel.
NOVASOL was established in 1968 as Nordisk Ferie, a company run by one person that offered cabin holidays in Norway. Since then, it has grown into a business that has subsidiaries across Europe, listing 50,000 vacation rentals in 26 countries on the continent.
Operating as OYO Rooms, Oravel Stays owns and operates hotels, homes, and other living and work spaces in over 800 cities in 18 countries around the world. The company launched in India in 2013 and while its business originally focused primarily on budget hotels, it has since expanded to other types of vacation properties, including rentals.
TripAdvisor was established in 2000 and offers a platform for reviews of travel destinations and properties, price comparison, and online booking. The site includes hotels, vacation rental homes, restaurants, and other tourist experiences, featuring over 830 million reviews of 8.6 million venues and services and operating in 49 markets around the world.
Suggested reading: Global Vacation Rental Industry Growth Will See a CAGR of 7% by 2022
Wyndham Destinations is an American company operating several hotel brands and resorts around the world. It also provides vacation ownership, managed rental, and exchange services. The business has a presence in 110 countries and is affiliated with over 4000 exchange properties.
Learn more about the market for vacation rental sites with Technavio’s in-depth research report:
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will accelerate the growth of the vacation rental market during the next five years
- Precise estimation of the global vacation rental market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- The growth of the vacation rental industry across APAC, Europe, MEA, North America, and South America
- A thorough analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of vacation rental?platforms