Vacation Rental Market Growing Rapidly
On Cape Cod, the vacation rental market has been strong for decades, but continues to see an increase in inventory each year. This trend can be seen far beyond New England. Here’s an excerpt from one industry specialist from Parakeet home automation:
“Everyone in the vacation rental world is aware that the industry is growing quickly. With massive travel companies like Priceline and TripAdvisor getting into the mix, and tons of startups popping up on the periphery to help VR managers run their rentals, business is booming. As more travelers become aware of the option of renting vacation homes thanks to the success of companies like Airbnb and HomeAway, it seems that rentals will continue to grow well into the future.
A recent study estimated that the industry will grow at a rate of 7.59% every year until 2019, putting the market value at $169.7 billion by 2019, just three years away. Much of the growth is coming from North America and Europe, particularly in Europe, which held the largest market share in 2014 and continues to do so.
Another factor is increased awareness of the option of renting a vacation home. According to an internal study at Airbnb, 47% of people surveyed weren’t even aware that vacation rentals existed. As the popularity of affordable travel accommodations grow, awareness of the option will grow as well through word-of-mouth and marketing, which is a great sign for the industry at large.”