Globally, the short-term rental supply listed on major Online Travel Agencies grew 33% from 2017 to 2018 to reach a total of 7.1Mn properties.
Countries like France, Italy and Croatia have more short-term rental supply than hotel supply. In the United States, almost 1 in every 3 bedrooms available for travelers is in a short-term rental.
Traditional houses and villas still account for a large part of the total global short-term rental supply, but contrary to most expectations, short-term rentals are predominantly apartments.
Most short-term rentals are actually one-bedroom properties, an inventory very similar to a very competitive hotel, offering a sofa bed in addition to the main bed, a kitchen and other competitive amenities.
Global trends in length of stay show a decrease in the average length of stay, from 7 nights in 2015 to 3 nights in 2018.
This phenomenon is due to two main factors:
In 2015, a typical short-term rental was booked 3 months in advance on average. In 2018, the average booking window has declined by two-thirds, to an average of 28 days. A booking pattern very similar to a hotel booking pattern.
In most destinations, the largest part of the total supply is managed by professionals managing multiple properties and delivering a professional experience to their guests.
Short-term rentals represent a massive proportion of the hospitality industry worldwide. Due to the high fragmentation of the market, it is often hard to understand its size. This is why Transparent develops insight on market conditions, such as supply growth, demand patterns, pricing changes, and property manager activities.
Published by pierrebecerril via SeeTransparent.com.