Analysis Tracks Local Trends in Global Market for Short-Term Home, Apartment and Room Rentals
New York, NY (March 7, 2016) – The rapidly growing, $100 billion market for vacation rentals from the likes of Airbnb, HomeAway, VRBO, and others has officially started to shed the last vestiges of its mom-and-pop roots. According to the AllTheRooms.com Vacation Rental Index for March 2017, an increasing number of vacation rentals around the world are now available with “instant booking” options, meaning that, like a traditional hotel, renters can select a property and book a stay instantly, without submitting to a screening process.
“Beyond the baseline stats on which cities are growing fastest and which have the most expensive rental rates, our data is revealing some very interesting insights into the maturation of the vacation rental market,” said Joseph DiTomaso, AllTheRooms.com Co-founder and CEO of AllTheRooms.com. “The trend we’re seeing toward increased availability of instant booking is a big deal. It means that hosts are starting to run their rental operations like real businesses as opposed to mom-and-pop with an extra room to fill. That has implications for the entire travel industry.”
Specific data points charting the current trajectory of the vacation rental marketplace were as follows:
– “Instant Bookings” Increase Across the Board: Bookings for this type of property, which do not require the renter to wait for host approval before finalizing a rental, were up for all cities in the U.S. and globally:
– For the Global Index, instant bookings were up 39.6% in Austin; 27.3% in Mexico City; 24.6% in Sao Paolo, Brazil; 20.6% in London; and 20.5 in Toronto
– For the U.S. Index, they were up 39.6% in Austin; 25.8% in New Orleans; 25.4% in Atlanta; 24.6% in Las Vegas; and 23.4% in Phoenix
– Median Price Per Night Approaches $200 Mark in San Francisco: San Francisco has the highest median rate at $193.03, the highest of all major destinations surveyed, and up 0.6% from the previous month
– Houston Continues to Bask in Lady Gaga’s Glow: The city’s median rental rate was up 10.6% to $111.58 in March, by far the biggest movement index-wide.
– New York Regulation Still Having Little Impact: New York’s median rental rate was unchanged at $150, and the number of whole home rentals was down only 0.6% from the previous month, indications that the new law designed to curb short-term rentals aren’t impacting the market in any significant way
The Vacation Rental Index tracks accommodations volume, price, and booking trends in the top 50 cities around the world and the top 25 cities in the U.S. Updated monthly, the index identifies the world hottest vacation rental markets, along with trends in accommodation count and type, median rate, and availability based on live data from leading vacation rental websites, such as Airbnb, VRBO, HomeAway, and hundreds of others worldwide. AllTheRooms.com is the world’s largest accommodations search engine.
Based on data collected through March 3, 2017, Paris remains the world’s top vacation rental market based on a combination of total property county and average rental rate. It is followed by London, Rio de Janeiro, New York City, and Rome. Among U.S. cities, Los Angeles came in second place, followed by Austin, Houston, and San Francisco.
The AllTheRooms.com Vacation Rental Index tracks accommodations volume and price trends in the top 50 cities around the world. Updated monthly, the index identifies the world hottest vacation rental markets, along with trends in accommodation count and type, median rate, and availability based on live data from leading vacation rental websites, such as Airbnb, Priceline, Expedia, Tripadvisor, VRBO, HomeAway, and hundreds of others worldwide.
AllTheRooms.com is the world’s largest accommodations search engine. Unique among travel websites for its ability to instantly search every single available accommodation—from a traditional hotel room listed on Expedia to a couch for rent on Craigslist—AllTheRooms.com is able to aggregate data from sites like Airbnb, Priceline, Expedia, Tripadvisor, VRBO, HomeAway, and dozens of others to identify total vacation rental availability worldwide. By virtue of its ability to probe into every corner of the vacation accommodation marketplace, AllTheRooms.com is also the largest aggregator of accommodations industry data. For more information on AllTheRooms.com, please click here. For more information on AllTheRooms.com travel industry data and analyses, click here.
Roderick Public Relations