Short-term Rental Market Share, Growth, Trends and Forecast 2022-2030

 The global short-term rental market is poised for remarkable growth, with a projected Compound Annual Growth Rate (CAGR) of 20% from 2023 to 2030. The market valuation is anticipated to reach a staggering $15 billion by the end of 2030, according to the latest market analysis.

Rising Demand for Vacation Homes Drives Market Expansion

The short-term rental market is witnessing substantial expansion, primarily driven by consumers' growing preference for vacation rental homes. Modern travelers, particularly millennials and Gen Z, are seeking authentic and unique experiences, which vacation rental properties like cottages, villas, treehouses, and yurts are uniquely positioned to offer. These accommodations provide more space, privacy, and home-like amenities compared to traditional hotel rooms, making them increasingly attractive to families and groups of travelers.

User-friendly online booking platforms, such as Airbnb, Vrbo, and Booking.com, have simplified the process of finding and booking vacation rentals worldwide. This has instilled confidence in travelers and made the booking process more accessible with detailed property listings, reviews, and secure payment options.

Transformational Travel Spurs Market Growth

The market for short-term rentals is set to surge as a result of the burgeoning trend in wellness vacations aimed at rejuvenating the mind, body, and soul. Transformational travel, which emphasizes immersive and local experiences, has gained popularity. Short-term rentals, often located in residential areas, allow travelers to immerse themselves in the local culture, fostering deeper connections and understanding.

Travelers are increasingly designing custom itineraries based on their interests and passions, and short-term rentals provide the flexibility to accommodate these unique travel experiences. The preference for shorter getaways and weekends has also contributed to the growing demand for vacation rental properties, as they offer a break from the ordinary and an opportunity to explore new destinations.

Key Market Segments and Regional Growth Opportunities

  • Home Segment Dominates: Home accommodations are expected to dominate the global market during the forecast period, offering a wide range of options from small cottages to luxurious single-family residences. These accommodations provide greater privacy, space, and amenities compared to apartments.


  • Online Booking on the Rise: The online booking mode segment is poised for rapid growth, driven by technology-driven advancements that enhance efficiency, traveler experience, and competitive advantage. Baby boomers and Generation X, the main consumer base, are increasingly opting for online booking methods.


  • North America Leads: North America is expected to maintain its dominance in the short-term rental market due to the preference for vacation rental properties over traditional hotels. The United States, known for its diverse travel destinations, is a significant contributor to the market's growth.


  • Asia Pacific Shows Fastest Growth: The Asia Pacific region is poised to showcase the fastest growth in the short-term rental market. The emergence of vacation rental management businesses and property management services has made it easier for property owners to manage and market their homes as short-term rentals.

Competitive Landscape

Leading players in the short-term rental market include 9flats.com PTE Ltd., NOVASOL A/S, Airbnb, Inc., Booking Holdings, Inc., Hotelplan Management AG, Expedia Group, Inc., MakeMyTrip Pvt. Ltd., Oravel Stays Pvt. Ltd., Wyndham Destinations, Inc., and TripAdvisor, Inc.

Global Short-term Rental Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2030 - (By Accommodation Type Coverage, By Booking Mode Coverage, By Geographic Coverage and Leading Companies):
https://www.fairfieldmarketresearch.com/report/short-term-rental-market

Our Related Blog:

Short-term Rental Market:

https://www.linkedin.com/pulse/short-term-rental-market-soars-20-cagr-set-reach-15-billion-rajawat-9ybdf

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