Market Insights Mobility Travel & Tourism

Vacation Rentals - Americas

Americas

The Vacation Rentals market in the Americas is projected to generate a revenue of €26.70bn by 2024.
Moreover, the market is expected to display an annual growth rate (CAGR 2024-2028) of 2.14%, resulting in a projected market volume of €29.06bn by 2028.
By 2028, the number of users in the Vacation Rentals market is expected to amount to 176.80m users.
While the user penetration is expected to drop from 16.7% to 17.0% within the same period.
The average revenue per user (ARPU) is expected to reach €157.40.
Furthermore, it is predicted that 81% of the total revenue in the Vacation Rentals market will be generated through online sales by 2028.
It is noteworthy that, in comparison with other countries, United States is expected to generate the highest revenue in this market, which is €18,070m by 2024.
In the United States, vacation rental demand is shifting from urban areas to secluded destinations due to COVID-19 concerns.

Key regions: Vietnam, United States, United Kingdom, Indonesia, Malaysia

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Analyst Opinion

The Vacation Rentals market in Americas is witnessing a surge in popularity and growth, driven by evolving customer preferences, market trends, and local special circumstances.

Customer preferences: Travelers in the Americas are increasingly seeking unique and personalized accommodation options, moving away from traditional hotels towards vacation rentals. The desire for more space, privacy, and amenities like kitchens and living rooms are key factors driving this shift in consumer behavior.

Trends in the market: In the United States, the Vacation Rentals market is experiencing a boom, with a rise in demand for rural and remote properties as travelers seek secluded getaways. Coastal regions are also popular, attracting tourists looking for beachfront rentals. Additionally, the rise of short-term rental platforms and online booking systems has made it easier for property owners to list their spaces and for travelers to find and book accommodations.

Local special circumstances: In Mexico, the Vacation Rentals market is influenced by the country's diverse geography and rich cultural heritage. Tourists are drawn to popular destinations like Cancun, Playa del Carmen, and Tulum for their beautiful beaches, ancient ruins, and vibrant local markets. The availability of a wide range of vacation rental options, from luxurious villas to cozy apartments, caters to the varying preferences of travelers visiting Mexico.

Underlying macroeconomic factors: Economic stability and growth in countries like Canada and Brazil are contributing to the expansion of the Vacation Rentals market. As disposable incomes rise, more people are able to afford travel and accommodation, leading to an increase in demand for vacation rentals. Additionally, favorable exchange rates in some countries make them attractive destinations for international tourists, further boosting the market for vacation rentals in the Americas.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on bookings, revenues, and sales channels of vacation rentals.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on a specific rationale for each market. As a basis for evaluating markets, we use financial reports, the Global Consumer Survey, third-party studies and reports, data from industry associations (e.g., UNWTO), and price data of major players in respective markets. To estimate the number of users and bookings, we furthermore use data from the Statista Consumer Insigths Global survey. In addition, we use relevant key market indicators and data from country-specific associations, such as country-related GDP, demographic data (e.g., population), tourism spending, consumer spending, internet penetration, and device penetration. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, ARIMA, which allows time series forecasts, accounting for stationarity of data and enabling short-term estimates. Additionally, simple linear regression, Holt-Winters forecast, and exponential trend smoothing methods are applied. A k-means cluster analysis allows for the estimation of similar countries. The main drivers are tourism GDP per capita and respective price indices.

Additional notes:

The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change.