U.S. Private Accommodation Market to Reach $36.6B by 2018
- February 2017
- Douglas Quinby
Sweeping changes have transformed traditional vacation rentals into one of online travel's hottest and best-funded segments. A new Phocuswright report, A Market Transformed: Private Accommodation in the U.S., offers a detailed look at how this dynamic segment has evolved and where it's headed.
Amid the rise of HomeAway and Airbnb, rental growth has surged in the past few years. Those gains will slow in 2017 and 2018, when the total private accommodations market will reach US$36.6 billion.
"The segment's shift online, the expansion of the concept to include private homes in urban markets, the entrance of OTAs, and numerous innovative startups have all contributed to powering a period of tremendous growth," says Phocuswright's vice president, research, Douglas Quinby. "Against a backdrop of strong performance for the U.S. travel industry, the private accommodation segment has grown much faster than travel overall."
In 2016, private accommodation grew 11%, nearly twice as fast as the total U.S. travel market. While growth is expected to slow, the segment will continue to outpace the overall market through 2017.
Phocuswright's A Market Transformed: Private Accommodation in the U.S. provides in-depth analysis of the U.S. private accommodation marketplace, including:
- Market sizing and distribution channel analysis with projections through 2018, including rental revenue, rental traveler population, total trip volume and supply
- Extensive analysis across key rental segments: urban and non-urban, retal-by-owner and professionally managed
- The competitive impact on hotels, including the rental market overlap, traveler perceptions of rentals vs. hotels, and why and when they choose rentals vs. hotels
- A close look at the U.S. rental traveler based on an expanded survey of more than 1,200 U.S. rental travelers: what they want, how they choose, shop and book, which rental sites they use, and much more
- Homeowner and host insights based on a survey of more than 800 rental homeowners and hosts, including who they are, why they rent and what they want
- Comprehensive analysis of the property management landscape, including market sizing and population analysis, use of technology, distribution trends, and key challenges faced
Get a detailed look at how this dynamic segment has evolves and where it's headed in the years to come with Phocuswright's A Market Transformed: Private Accommodation in the U.S.