Vacation rental refers to the places that provide accommodation to the guest in their residences or apartments. It is also known as a short-term rental or act of offering lodging. People temporarily use their unused property as vacation homes which help in earning a livelihood. Vacation rental has become one of the profitable business and is growing day by day. It is found to be better than hotels, which gives the feeling of staying in your own home on vacations.
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COVID-19 Scenario Analysis:
- COVID-19 has drastically impacted the vacation rental houses.
- The restriction on the airlines, and travel has impacted the livelihood of rental owners.
- People cannot get refunds on cancellation of booking.
- A large number of the cancellation requests is impacting the financial position of the vacation rental.
- The lack of demand and less cash inflow has affected the jobs.
Top Impacting Factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis
The rise in the popularity, better services provided, affordable, and rise in internet users can be the factors that drive the growth of the global vacation rental market. Apart from that, better experience and privacy factors can also contribute to the growth of the global market. However, the service quality and government interference can be the factors that hamper the growth of the global vacation rental market. Contrarily, an increase in disposable income and internet penetration can be an opportunity for the global market. With the growing rental market, owners are focusing on making their property advanced with the new technology like Bluetooth smart locks, smart fire alarm, burglar alarms, and other devices. Some customer prefer to have a personal interaction with the owner of the vacation homes that make the customer more comfortable and improve the experiences.
The global vacation rental market trends are as follows:
- The vacation rental industry is focusing on advertising through social media platforms. The industry is investing in online apps, SEO services, videography, and photographs to attract the attention of the customers and help properties to stand out.
- The rental and the companies are also focusing on improving their services to give a better stay experience to the customer. Many companies have started taking feedback from customers to identify the improvement sectors.
- The rental owners are using advanced software to identify online booking by the online portal. It makes work easy and increases efficiency. With this software, the owner can track the booking, services, and can communicate with the guests regarding the stay.
Key Benefits of the Report:
- This study presents the analytical depiction of the global vacation rental industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global vacation rental market share.
- The current market is quantitatively analyzed to highlight the global vacation rental market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed global vacation rental market analysis based on competitive intensity and how the competition will take shape in coming years.
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Questions Answered in the Vacation Rental Market Research Report:
- What are the leading market players active in the vacation rental market?
- What the current trends will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What future projections would help in taking further strategic steps?
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