With furnished apartments and homes available for short-term stays, vacation rentals are increasingly the accommodation of choice for travelers.
The short-term vacation rental market grew by 100% in the US in the three years before 2019. [1] Even with the blow of the pandemic, experts believe this growth will continue until 2027,[2] with online bookings already close to pre-COVID levels in markets where restrictions have eased.[3]
It’s easy to see the appeal. Vacation rentals have the variety, affordability and added sense of safety and security today’s traveler wants.
How vacation rentals capture current travel needs
As a travel agent, you can absolutely tap into this growth market. A good place to start is showing the travelers you serve the benefits of a vacation rental. Explain to your traveler community how vacation rentals are changing the face of travel.
- Safety and security
With private facilities and few communal areas, vacation rentals feel safer in the post-pandemic world. This is likely to be an important factor in bookings for some time to come.
- Workation and bleisure trends
Vacation rentals make it easy to work remotely now that many companies have flexible working conditions. Hybrid vacations combine work and play[4] for a more balanced lifestyle.
- Simple staycations
The pandemic has also fueled the popularity of domestic staycations with an appealing ‘home away from home’ feel. With spacious living areas, travelers have more space to sprawl out making vacation rentals perfect for even local stays.
- Boost mental health
A fifth (22%) of families surveyed by Vrbo said a vacation rental would improve their mental health and act as self-care.[5]
- Easy and affordable
Millennials will account for 75% of all travelers by 2025, and they are fueling much of the interest in vacation rentals.[2] Ease and affordability influence their decision to choose this type of accommodation over hotels.[6] With personal kitchens for home-cooked meals, Vacation Rentals mean travelers can avoid the cost (and crowds) of having to eat out for every meal.
- Get away from it all
So many people just want to escape for some peace and quiet. Bookings in 2021 show that the coziness of vacation rentals is in high demand. Bookings for cabins rose 25% year-on-year on Vrbo, and chalets are up 20%.[7]
Use Expedia TAAP to capitalize on the vacation rental trend
For travel agents keen to meet traveler expectations, booking with a provider that offers a broad range of vacation rentals is incredibly useful. Variety is one of the major pulls of booking vacation rentals on Expedia TAAP.
With Expedia TAAP, travel agents can offer travelers a choice of more than one million vacation rentals—spanning across 35 types of accommodation, from house boats to chalets, so there’s a style of property to suit every traveler.
Expedia TAAP also features- powerful search filters that enable agents to narrow property results down by detailed traveler specifications, such as whether the property has a pool or enhanced cleaning.
Final thought
Ease travelers into their first post-pandemic trip away with the security and affordability of a ‘home away from home’ vacation rental. They satisfy both the desire to get back out in the world and that need for ongoing reassurance.
[1] https://www.forbes.com/sites/forbesrealestatecouncil/2019/11/26/the-rise-of-vacation-rentals-short-term-tenants-long-term-profits/
[2] https://www.grandviewresearch.com/industry-analysis/vacation-rental-market
[3] https://www.dw.com/en/vacation-summer-2020-holiday-homes-airbnb-vrbo-beach/a-53869839
[4] https://www.aarp.org/travel/travel-tips/lodging/info-2020/vacation-rental-social-distance-getaways.html
[5]https://assets.ctfassets.net/gxwgulxyxxy1/6v6HfHxae5jJtRUcRF8Ls4/b3074cbe6c8f33b6caeae30fec4f9bfd/Vrbo_US_2021_Trend_Report_FINAL.pdf
[6] https://www.airbnbcitizen.com/wp-content/uploads/2016/08/MillennialReport.pdf
[7]https://assets.ctfassets.net/gxwgulxyxxy1/6v6HfHxae5jJtRUcRF8Ls4/b3074cbe6c8f33b6caeae30fec4f9bfd/Vrbo_US_2021_Trend_Report_FINAL.pdf