Europe Vacation Rental Market 2030: Trends in Family-Friendly Accommodations

Posted on 2024-12-24 by researchinsights in Industrial // 0 Comments

Europe Vacation Rental Market Trends

The Europe vacation rental market size was estimated at USD 30.70 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 3.0% from 2024 to 2030. The millennial generation’s growing spending on travel, holidays, and lodging is propelling the market’s expansion. Since vacation rental homes are more economical, provide more comfort and privacy than hotels, and are suitable for families with children and pets, they are preferred by travelers over hotels.

The Europe vacation rental market accounted for 34.4% share of the global vacation rental market revenue in 2023. Due to lockdowns and travel restrictions, the vacation rental business only began to shrink following the COVID-19 epidemic, which saw a sharp increase in recent years. Prior to the pandemic, there was an increase in travel and a growing desire among consumers to have more luxurious and homelike holidays, which fueled the expansion of the vacation rental sector. To discover the perfect destination based on their tastes, people were making lengthier vacation reservations, spending more money, and flying farther.

Gather more insights about the market drivers, restrains and growth of the Europe Vacation Rental Market

Thanks to increased transport connectivity and the quick uptake of high-speed internet, travelers can now reach even the most isolated locations in Europe. Over the course of the projection period, the want to discover new, intriguing, and exotic places throughout the region will be fueled by this, propelling the vacation rental market. The biggest markets in the area include those in Germany, France, the UK, Italy, and Spain. The largest concentration of vacation rentals in the area may be found in cities like London, Paris, Rome, Moscow, Madrid, Saint Petersburg, Barcelona, Lisbon, Milano, and Batumi. According to STR, there were 54% fewer new reservations in Europe in 2020 compared to 2019.

The number of reservations for vacation rentals has increased significantly in the UK, France, Germany, Netherlands, and Italy. Companies like Airbnb and Vrbo have modified their cancellation and refund policies in response to the massive number of cancellations that occurred during the COVID-19 outbreak. For example, starting on March 30, 2020, Airbnb will offer guests a choice between a regular host refund and travel credit for cancellations. Instead of receiving 0% of the total reservation cost, the host might receive 25% of the cancellation price by choosing the travel credit option. These rules will support the hosts’ survival and entice guests to make additional reservations.

Renters who want high-rise accommodations with shared outdoor spaces can choose a rental condo; those who value privacy would be better off renting a private residence. Those seeking a peaceful beach getaway with a view of the ocean can reserve a house with a private beach and a pool. Those looking for adventure can choose a house near the ski-in and ski-out areas. There are vacation rentals available in both urban and rural areas. Compared to a hotel room or suite, a vacation rental offers greater solitude. It is not necessary; however guests are welcome to enjoy the dining spaces, hot tubs, laundry rooms, and pools. Renting a home can provide guests with their own bedroom, bathroom, and seating area.

Furthermore, guests can also unwind at a personal, dedicated space. Vacation homes are ideal for families because parents would consider it safer to have their children close by.

The comforts and amenities of home are available in vacation rental properties. Moreover, a lot of hotels are owned by big businesses that employ a lot of people, therefore they charge for almost everything. The majority of vacation rentals include everything a visitor might possibly require at no extra charge. Cookware, utensils, and dishes are available in the kitchen and eating spaces. Additionally, the rental may include books, DVDs, and board games for the guests.

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