If you’re an independent vacation rental owner, you may not see yourself as part of an ‘industry’ that needs a market report. You may not even regard your rental property as a true ‘business’ in the sense of its main purpose being to make money for you.But to sustain your vacation rental, even to break even and cover your costs, you’ll need to use some business methods. And you’ll need to accept that we, as owners, are part of the ‘hospitality industry’. Major changes in recent years mean that independent vacation rental owners are now a growing force in this £95billion global industry. This is borne out by the results of the Homes and Rooms Global Vacation Rental Market Report 2014.
Vacation Rental Market Report SummarizedHere are some of the fascinating things we discovered from our vacation rental market report survey:
- Globally, the US and European vacation rental markets are worth an estimated $29.6 billion and $25.8 billion each.
- There are over 10 million vacation rental properties worldwide, with 4.2 million in Europe alone.
- Growth in vacation rentals was slowed after 2008 following the recession, but the vacation rental market is now growing at its fastest rate ever!
- Vacation rentals are going online – around 57,000 properties were ‘taken online’ for the first time across Europe last year.
- The average age of vacation rental homeowners is getting younger. Median age is now just 43 and 55% of owners are under 45.
- In 2013, HomeAway found that, amongst its one million listings, the average vacation rental owner made their home available to guests for 36 weeks of the year.
- Florida emerges as one of the most popular vacation destinations worldwide. Across Flipkey’s vast network, 7 out of 10 top reservation requests were locations in the Sunshine State.