As the travel industry continues to evolve, vacation rental properties have become increasingly popular. With more travelers looking for alternative accommodation options, it’s no surprise that the global vacation rental market is expected to grow at a CAGR of 3.4% from 2021 to 2028. In 2020 alone, there were approximately 2.9 million vacation rentals listed in the U.S., generating nearly $177 billion in revenue and 56.4 million bookings forecasted by 2023 – with an average daily rate of around $217 per night.
This blog post will explore some interesting statistics about the current state of Vacation Rentals across America and beyond; including information on top states for booking vacations rentals, how COVID-19 has impacted cleaning measures taken by hosts as well as online booking platforms used by travelers when searching for their ideal property or destination – plus much more. So let’s dive into these fascinating facts and figures.
Vacation Rental Statistics Overview
By 2020, about 32% of U.S. adults had stayed in a vacation rental property.
This statistic is a testament to the growing popularity of vacation rental properties. It shows that more and more people are choosing to stay in vacation rentals instead of traditional hotels and resorts. This indicates that vacation rental properties are becoming increasingly attractive to travelers, and that the industry is likely to continue to grow in the coming years.
Florida, California, and Hawaii are the top three states for vacation rental bookings in the U.S.
This statistic is significant in the context of a blog post about Vacation Rental Statistics as it provides insight into the most popular destinations for vacation rental bookings in the United States. It is a useful indicator of the states that are most sought after for vacation rental bookings, and can be used to inform potential vacationers of the best places to book a rental.
87% of vacation rental hosts took additional cleaning measures due to the COVID-19 pandemic in 2020.
This statistic is a testament to the dedication of vacation rental hosts to ensure the safety of their guests during the COVID-19 pandemic. It shows that hosts are taking the necessary steps to ensure that their properties are clean and sanitized, providing peace of mind for travelers. This statistic is an important reminder of the lengths that vacation rental hosts are going to in order to provide a safe and enjoyable experience for their guests.
The global vacation rental market is expected to grow at a CAGR of 3.4% from 2021 to 2028.
This statistic is a valuable insight into the future of the vacation rental market, indicating that it is likely to experience steady growth over the next few years. This is important information for anyone interested in the vacation rental industry, as it provides a glimpse into the potential opportunities and challenges that may arise in the near future.
71% of travelers prefer to book vacation rentals through online booking platforms.
This statistic is a testament to the power of online booking platforms when it comes to vacation rentals. It shows that the majority of travelers are turning to the convenience and ease of online booking platforms to book their vacation rentals. This statistic is a clear indication that the vacation rental industry is rapidly shifting towards digital platforms, and it is important for vacation rental owners to be aware of this trend.
46% of vacation rental managers are investing more in social media advertising in 2021.
This statistic is indicative of the growing importance of social media advertising for vacation rental managers. It shows that a significant portion of the industry is recognizing the potential of social media to reach new customers and increase bookings. This is an important trend to be aware of for anyone in the vacation rental business, as it could be a key factor in their success in 2021.
90.6% of vacation rental properties are listed on at least two platforms in the U.S.
This statistic is a testament to the importance of vacation rental properties in the U.S. It shows that the majority of vacation rental properties are listed on multiple platforms, indicating that they are in high demand and that people are actively seeking out these properties. This is an important statistic to consider when discussing the current state of the vacation rental industry.
Approximately 36% of vacation rental properties are managed by private owners.
This statistic is significant in understanding the vacation rental market, as it reveals that a large portion of properties are managed by private owners. This indicates that the vacation rental industry is largely driven by individuals, rather than large companies or organizations. This is important to consider when discussing the overall landscape of the vacation rental industry, as it provides insight into the types of people who are involved in the market.
The average length of stay for a vacation rental worldwide increased by 58% from 3.9 to 6.2 nights during the COVID-19 pandemic.
This statistic is a telling indication of how the COVID-19 pandemic has impacted the vacation rental industry. It shows that people are spending more time in vacation rentals, likely due to the restrictions on travel and the need to stay in one place for longer periods of time. This statistic is a powerful reminder of how the pandemic has changed the way people travel and the way the vacation rental industry operates.
63% of family travelers prefer to stay in vacation rentals rather than hotels.
This statistic is a powerful indicator of the growing popularity of vacation rentals over hotels. It shows that more and more families are choosing to stay in vacation rentals, which could be due to the increased comfort, convenience, and affordability that they offer. This statistic is an important piece of information for anyone interested in learning more about the vacation rental industry and its impact on the travel industry.
About 70% of vacation rental managers use channel managers to distribute their listings across various websites.
This statistic is a telling indication of the importance of channel managers in the vacation rental industry. It shows that the majority of vacation rental managers recognize the value of channel managers in helping them to reach a wider audience and maximize their bookings. This statistic is a powerful reminder of the need for vacation rental managers to stay up-to-date with the latest technology and tools to ensure their success.
67% of Americans say vacation rental properties will be their choice of accommodation for post-pandemic travel.
This statistic is a powerful indicator of the potential for vacation rental properties to be a popular choice for post-pandemic travel. It suggests that a large majority of Americans are likely to opt for this type of accommodation when they are ready to travel again, indicating a strong demand for vacation rental properties. This is an important piece of information for anyone interested in the vacation rental industry, as it provides insight into the potential for growth in the sector.
The statistics presented in this blog post demonstrate the immense potential of vacation rentals as a viable accommodation option for travelers. From Florida, California and Hawaii being the top three states for bookings to an average daily rate of $217, it is clear that vacation rental properties are becoming increasingly popular among U.S adults. Furthermore, with more than two-thirds of Americans planning on taking vacations after the pandemic ends and private owners managing 36% of all listings, there is no doubt that this industry will continue to grow at a rapid pace in 2021 and beyond.
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