Vacation Rental Software Statistics 2024

In the dynamic world of vacation rentals, understanding the statistical landscape for 2024 is paramount for anyone involved in the industry. Vacation rental software plays a crucial role in the optimization and success of rental properties, offering insights into market trends, customer preferences, and operational efficiencies. The statistics surrounding vacation rental software not only illuminate the current state of the market but also paint a vivid picture of future possibilities. They serve as a flashlight, guiding stakeholders through an often complex and competitive business terrain.

Key stakeholders such as property managers, investors, tech developers, and marketers can immensely benefit from this data. Property managers can leverage these insights to optimize their operations and enhance guest experiences. Investors can identify burgeoning markets and profitable investment opportunities. Tech developers can tailor their software to meet emerging needs, while marketers can craft data-driven strategies to attract more leads and retain customers. In essence, the ripple effects of these statistics reverberate throughout the vacation rental ecosystem, influencing decisions at every level.

Having a granular understanding of vacation rental software statistics can significantly sharpen decision-making and strategic planning. By tapping into this treasure trove of information, stakeholders can stay ahead of the curve, anticipate market shifts, and drive sustainable growth. As the industry continues to evolve at a rapid pace, these insights will prove invaluable in navigating the future of vacation rental management.

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Top Vacation Rental Software Statistics 2024

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Industry Trends And Market Growth

• The global vacation rental market is expected to reach $93.27 billion in 2024, expanding at a 3.4% CAGR between 2023 and 2032. ^[19]
• The U.S. vacation rental market is projected to grow at a compound annual growth rate (CAGR) of 4.7% from 2023 to 2030. ^[15]
• The global vacation rental market was valued at approximately $87.09 billion in 2020. ^[10]
• By 2027, the vacation rental market is expected to grow at a CAGR of 3.4%. ^[10]
• The resort/condo segment is set to register a 6.1% CAGR from 2022 to 2030. ^[11]
• The global short-term vacation rental market size was estimated at USD 109.76 billion in 2022 and is expected to grow at a CAGR of 11.2% from 2023 to 2030. ^[5]
• The U.S. vacation rental market size is projected to reach $20.57 billion by 2027. ^[3]
• The U.S. vacation rental industry is projected to generate $19.3 billion in revenue in 2023. ^[2]
• The vacation rental market in North America held a revenue share of about 24% of the global revenue in 2023. ^[14]
• Europe is the largest market for vacation rentals, accounting for 46% of the global market share. ^[10]

Usage And Demographics

• The number of users in the short-term rental industry is expected to be about 62.57 million in the U.S. ^[16]
• Airbnb has over 45 million users each year in the U.S. alone. ^[16]
• Expedia has about 48 million users globally, while its vacation rental daughter company, Vrbo, has 15.9 million annual users. ^[16]
• Booking.com is the most visited online travel platform in the world, with over 565 million visitors worldwide, over 10% of which are in the U.S. ^[16]
• Airbnb has over 2.2 million active listings in the United States. ^[16]
• The average length of stay in a vacation rental is 7 days. ^[10]
• The age group of 25-34 years comprised the largest share of vacation rental renters in 2022, with 30.9% of the market. ^[15]

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Revenue And Pricing

• The global average revenue per vacation rental user (ARPU) is projected at $116.99 in 2024. ^[17]
• The U.S. vacation rental market’s average revenue per user (ARPU) stands at an estimated $315.88 as of 2024. ^[17]
• The average nightly rate for a vacation rental in the United States is $217. ^[10]
• The U.S. average daily rate (ADR) for short-term rentals in 2023 was around $278. ^[12]
• The expected ADR for U.S. vacation rentals is $326 in 2024. ^[17]
• The average cleaning fee for a private or shared room is $47 per stay, while homes with five or more rooms have an average cleaning fee of $303. ^[8]

Booking And Market Penetration

• Online bookings account for 83% of U.S. vacation rental revenues, projected to hit 75% globally by 2027. ^[17]
• In 2021, 49.7% of vacation rental properties worldwide were booked online. ^[10]
• As of 2021, about 71% of vacation rental revenue came through online bookings. ^[10]
• 67% of travelers believe it’s easier and cheaper to book through a brand website rather than a third-party website. ^[2]
• Direct bookings for vacation rentals are expected to rise to 31% of the total in 2022. ^[6]

Regional Insights

• Europe has close to twice as many vacation rental properties as the United States. ^[2]
• The vacation rental market in Europe accounted for a share of around 35% of the global revenue in 2023. ^[14]
• China held the largest revenue share in 2023 in the Asia-Pacific region and is estimated to maintain its lead in the coming years. ^[14]
• Asia-Pacific is anticipated to witness the fastest growth in the vacation rental market, at a CAGR of 3.5% during 2019–2023. ^[13]

Technological Integration And Features

• Hostaway has been awarded the highest possible recognition by Airbnb, Vrbo, and Booking.com in their 2023 partner programs. ^[18]
• Property managers are increasingly utilizing technology, with 74% using channel managers and 73% using property management systems. ^[15]
• AI tools are regularly used by 53% of managers with more than 50 properties. ^[9]
• 85% of vacation rental companies and hoteliers surveyed said that automation was a priority. ^[7]
• 82% of vacation rental property managers plan to implement keyless technology. ^[7]

Challenges And Opportunities

• The biggest issue for vacation rental managers is increased competition for owners and properties, with 81% stating this as their biggest challenge. ^[9]
• 79% of managers surveyed stated that they are anticipating growing their inventory in 2024. ^[9]
• Property managers with 100+ properties currently spend more than $5,000 each year on data providers and management. ^[6]
• 60% of property managers plan to increase their utilization or spending on data for 2022. ^[6]
• The number of short-term rental listings in Q3-Q4 2022 reached a peak of 1.3 million. ^[15]

Regulatory And Compliance

• More than 26 cities, including New York and San Diego, are implementing local regulations on short-term rentals. ^[8]
• According to the National League of Cities, 82% of surveyed cities require hosts to pay taxes directly when hosting short-term guests. ^[19]

Consumer Preferences And Trends

• 73% of vacation rental guests say they are more likely to book a property with positive reviews. ^[10]
• 71% of travelers with children say access to cooking their own meals is a major reason they choose a vacation rental. ^[4]
• 37% of people have considered booking a stay at another destination to work from. ^[11]
• 50% of families now let their kids decide their vacation destination. ^[15]
• 43% of parents are more likely to let their kids skip school for vacation. ^[6]

Financial Insights

• In 2020, the U.S. vacation rental market revenue amounted to approximately $17.5 billion. ^[10]
• The average cleaning costs for 1-bedroom vacation rentals have increased by 25.08% since Q1 2021. ^[3]
• In 2022, cleaning fees for vacation rentals amounted to a total of $8.1 billion. ^[3]
• The projected growth rate of the global home rental market from 2023 to 2033 is 14%. ^[1]

Future Projections

• By 2027, nearly 63 million Americans will be using vacation home rentals, with an average revenue per user of $311. ^[2]
• The number of users in the home-sharing economy is expected to surpass 68.2 million by 2023. ^[3]
• By 2023, Airbnb’s average available listings are projected to reach 1,424,441. ^[3]
• The vacation rental market is anticipated to experience an annual growth rate of 1.49%, resulting in a projected market volume of $20.57 billion. ^[3]

Miscellaneous

• The average millennial spends $2,915 on travel each year and tries to get away at least four times a year. ^[7]
• U.S. vacation rental income comprises about 24% of the average owner’s income. ^[7]
• In the fourth quarter of 2020, Airbnb had 5.6 million active listings and 4 million hosts. ^[11]

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