Vacation Rental Market Explodes in Popularity

Expedia Inc. and Priceline Group Inc. have joined Airbandb Inc. by boosting their inventory of home rental options that can be booked similarly to a hotel or bed and breakfast with just a few clicks. According to data from travel industry research group, Phocus-wright, the U.S. home-rental market is about 20% the size of the hotel market based on revenue but it has been growing faster than hotels since 2015. Revenue in the home-rental market, homes or rooms rented out on a short-term basis – grew 11% in 2016 and is projected to grow 8% this year to more than$34 million. The U.S. hotel industry grew 5% last year to $151 billion and is projected to do the same this year. Airbandb remains the dominate online player with 15% of global room nights in private accommodations in 2016, compared with Expedia’s 12% and 9% for Priceline according to Susquehanna International Group. www.nclakecottage.com