Growth of vacation rentals

September 23, 2019

People that owned a secondary or holiday home, found it difficult to rent out their vacant properties. The past decade saw an overall shift in the vacation rental industry when people were no longer looking for just a serviced stay between the four walls of a hotel room. Vacation rentals came out as alternatives to hotels. This industry bridged the gap between an empty home and management services. With the presence of various game changers in the market, we saw a rapid growth in the demand for vacation rentals. At Lohono Stays by Isprava, we realised this opportunity and started curating the best vacation rental experiences in our luxury villas in Goa and Coonoor.

Let’s talk numbers!

With the slowdown in world economic growth, the Vacation Rental industry has also suffered a certain impact, but still maintained a relatively optimistic growth the past four years, for vacation rental market size to maintain the average annual growth rate of 10.81% from 61 million $ in 2014 to 83 million $ in 2017. Research analysts believe that in the next few years, vacation rental market size will be further expanded, we expect that by 2022, the market size of the vacation rental will reach $ 165 million.

(Report by Reuters Plus)

The vacation rental industry has blown up. The industry is believed to be worth $100 billion, with the U.S. accounting for just over a quarter of that — and research and markets predicts the global vacation rental market will close in on $170 billion by 2019.

(Report by Skift)

Trends in Vacation Rentals

With technology quickly progressing and becoming easily accessible, the vacation rental industry has grown even more competitive. Customers want to book a property, instantly, online. We believe that it is important to be responsive to our customer’s questions or concerns in a timely manner to ensure they are given hassle free service from the word GO. Today, travellers are doing more research to get to every detail. Having realized this, Lohono Stays has made itself available to address the concerns of our customers. Another feature that Lohono’s private villas for rent in Goa and Coonoor has adopted is professional management services and providing consistent high-level guest experiences. Lohono Stays curates and creates personalised services for all our customers. Whether it is a birthday celebration, bachellorette or a family trip. Another important trend we realised was that our guests are deeply involved in collecting information about where they intend to stay, they seek pictures and look at reviews to come to a decision and thus presenting the brand through digital platforms in an authentic and honest manner is critical. Lastly, the tourism industry is flourishing, with holidaying now being seen as a priority. This has given and even greater boost to the Vacation rental sector, allowing it to grow faster than ever.

Our customers are no longer looking for just an accommodation, they seek an experience. Lohono Stays offers a unique, spacious and privacy leveraged experience over the generic services offered by a hotel. Our guests are looking for something unique about their place of stay. An essence, that sets Lohono’s Luxury Villas apart from all others. They also seek more spacious homes. Hotels are not convenient for people traveling with a large number of companions. The guests find it difficult to spend any time together during a hotel stay as the only common areas are lobbies & restaurants. At Lohono Stays’ holiday homes or vacation villa, our guests are provided with a common sitting area or even large open spaces like private lawns or terraces. Lastly, our customers no longer want to be disturbed by the staff of hotels or float in the crowd filled lobbies. They prefer a more private and personalised stay where they are allowed to move at their own pace and convenience.