OUR INDUSTRY
The Vacation & Short-Term Rental Industry
The travel and tourism industry contributed $2.3 trillion to the U.S. economy in 2022 –2.97% of GDP. Vacation rentals are expected to grow at a rapid 22.2%% from 2024 to 2029. The number of travelers using vacation rentals is expected to increase 12.33% from 2024 to 2029 representing 7.9 million users. (Statista)
Travelers stayed 207 million nights in vacation rentals in 2023 according to Airdna. The robust vacation rental statistics relfects “the shifting preferences of travelers, who increasingly favor the unique and personalized experiences offered by short-term rentals over traditional lodging options.” Airdna, 2023 Short-Term Rental Statistics You Need to Know, January 28, 2024.
Travelers stayed 207 million nights in vacation rentals in 2023 according to Airdna. The robust vacation rental statistics relfects “the shifting preferences of travelers, who increasingly favor the unique and personalized experiences offered by short-term rentals over traditional lodging options.” Airdna, 2023 Short-Term Rental Statistics You Need to Know, January 28, 2024.
RECENT GUEST, VISITOR &
RENTER STATISTICS:
- Average nightly rates in popular vacation destinations range from $150 per night for a single rental to $978 per night for a family-sized rental.
- 70-80% of all travel is booked online. (Statista)
- 53% of pet owners who travel take their pet with them (Vrbo).
- 85% of travelers take trips within 250 miles of their home (Vrbo).
- 64% of travelers with children say access to cooking their own meals is a major reason they choose a vacation rental. (Vrbo)
- 42% of travelers take more than one trip a year and stay in vacation rentals.
- 60% of travelers prefer to spend their vacations near water. (US Travel Association)
- 38% of travelers prefer to be on the coast.
- 28% prefer mountainous vacations.
- 70% of travelers seek out recommendations on social media when planning a trip.
- The top amenity cited by 60% vacation rental travelers for booking a vacation rental is the kitchen.
- Average nightly rates in popular vacation destinations range from $150 per night for a single rental to $978 per night for a family-sized rental.
- 70-80% of all travel is booked online. (Statista)
- 53% of pet owners who travel take their pet with them (Vrbo).
- 85% of travelers take trips within 250 miles of their home (Vrbo).
- 64% of travelers with children say access to cooking their own meals is a major reason they choose a vacation rental. (Vrbo)
- 42% of travelers take more than one trip a year and stay in vacation rentals.
- 60% of travelers prefer to spend their vacations near water. (US Travel Association)
- 38% of travelers prefer to be on the coast.
- 28% prefer mountainous vacations.
- 70% of travelers seek out recommendations on social media when planning a trip.
- The top amenity cited by 60% vacation rental travelers for booking a vacation rental is the kitchen.
what can
we expect?
A look into the trends
in the STR industry
- 65% of Gen Z travelers have stayed in a vacation rental like a home or condo.
- 68% of millennial travelers have rented a vacation rental from an online marketplace like Airbnb or HomeAway (Hipmunk).
- 40% of Gen-X travelers have rented a vacation rental from an online marketplace like Airbnb or HomeAway (Hipmunk).
- 24% of Baby Boomers have rented a vacation rental from an online marketplace like Airbnb or HomeAway (Hipmunk).
- 62% of travelers with children have booked on Vrbo in the past 3 years and it continues to grow.
what can
we expect?
A look into the trends
in the STR industry
- 65% of Gen Z travelers have stayed in a vacation rental like a home or condo.
- 68% of millennial travelers have rented a vacation rental from an online marketplace like Airbnb or HomeAway (Hipmunk).
- 40% of Gen-X travelers have rented a vacation rental from an online marketplace like Airbnb or HomeAway (Hipmunk).
- 24% of Baby Boomers have rented a vacation rental from an online marketplace like Airbnb or HomeAway (Hipmunk).
- 62% of travelers with children have booked on Vrbo in the past 3 years and it continues to grow.
