Vacation rental homes are typically privately owned vacation properties, with the exception of farms and co-located properties. Clients rent the property for a specified amount of time, sometimes for a month, however, most vacation rentals are rented for a week or more. Vacation rentals can be either fully-furnished or partially-furnished. Regardless of whether consumers plan to rent the property out for a month or a year, there are many factors to consider when choosing a vacation rental.
A vacation rental property must provide basic living accommodations, such as a bed, kitchen, and bathroom. It must also be used for personal purposes for at least 14 days. This is different than a short-term rental, which is typically less than a month long. It is also important to know that vacation homes can be rented for shorter periods of time.
The growth of global vacation rental market is spurred by various factors, including improved infrastructure. The number of millennials has also contributed to the industry's development. Moreover, social media and internet platforms are helping promote tourist destinations and hotels. Furthermore, the growing economy of sharing economy and the influence of the millennial generation are some other factors fostering the growth of the vacation rental market.
The increase in demand for vacation rentals has created opportunities for entrepreneurs in this field. Moreover, newer trends like short-term rentals and home-sharing platforms are also gaining popularity and benefiting the vacation rental market. However, factors such as political conflicts and terrorism, and declined disposable income among consumers are likely to obstruct growth of the global vacation rental market over the forecast period.
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