Vacation Rental Market Size, Share, Growth Analysis, By Accommodation Type(Home, Apartments, Resort/Condominium, Others), By Booking Mode(Offline, Online), By Region - Industry Forecast 2024-2031

Global Vacation Rental Market size was valued at USD 74.64 billion in 2022 and is poised to grow from USD 82.63 billion in 2023 to USD 119 billion by 2031, growing at a CAGR of 5.3% in the forecast period (2024-2031).

Global vacation rental market is growing rapidly. This is due in part to the increasing popularity of short-term vacation rentals, which are becoming a more viable option for people who want to take a break from their busy lives but don’t have the time or money to travel long distances. Additionally, there is a growing interest in vacation rentals as a way to reduce environmental impact.

A recent study by TripAdvisor, one of the leading players in the global vacation rental market, found that Americans are increasingly looking for eco-friendly vacation rentals. Nearly half of respondents (46%) said that they would prefer to stay in a property that uses less water and energy, and 43% said that they would choose an environmentally friendly rental if it was available.

 This growth is attributable to increased demand for international travel, as well as continuing expansions in emerging markets. In 2021, the global tourism market reached $5.7 trillion. The number of tourists visiting different destinations each year has been on the rise for several years now across the global vacation rental market. The WTTC report found that the number of tourists visiting Europe grew by 7%, while Asia-Pacific accounted for 43% of all tourism growth during this same period. As of 2019, more than 426 million international tourist arrivals were recorded across the globe.

There are a variety of reasons behind this growth in tourism. A strong currency and low airfare prices have helped drive demand in many destinations around the world, particularly in emerging markets such as China and India. Additionally, many people are looking for new and exotic travel experiences that can’t be found at home.

Despite these positive trends in the global vacation rental market, there are also some challenges facing the tourism sector. Many countries are experiencing a shortage of accommodation options, which is impacting both domestic and international travelers. In addition, climate change is causing sea levels to rise, which could impact coastal communities around the world.

US Vacation Rental Market is poised to grow at a sustainable CAGR for the next forcast year.