Vacation rentals have taken the hospitality industry by storm in recent years. But since the vacation rental industry is a rapidly growing and evolving marketplace, it can be hard to keep up with the changes. We’re sharing some of the more comprehensive articles on the subject, along with commentary from one of our internal experts.
Recently, Rented.com published an analysis piece on industry changes in the coming year, titled Trends in the Vacation Rental Industry: Q1 2017, A (Speculative) Prediction of the Deals to Come in 2017. It’s a great bit of speculation on potential market movements in the near future, touching on everything from predictable trends to highly unlikely big plays.
Vacasa’s Senior Corporate Development Manager Shaun Greer has his finger on the pulse of the industry day in and day out, and gave us his thoughts on the topic.
“2017 will yield access to more consumer, guest, and industry data, and before the year’s end we’ll likely see more third-party software companies enter the fray, offering solutions to organize, visualize, and make decisions from industry data.
Companies and their owners that quickly adapt to market changes by incorporating new technologies supporting automation, scalability of booking channels, yield optimization, and/or guest/homeowner satisfaction will undoubtedly perform well. Conversely, companies that do not incorporate these technologies in 2017 will see a growing divide between themselves and the competition.
Elsewhere, the industry will continue to see consolidation of existing vacation rental companies. As we have seen from Airbnb’s recent acquisitions (mentioned in the article), larger companies will look for additional opportunities to expand their service offerings to maintain the rapid growth they’re used to.”
No matter what happens in the remainder of 2017, it’s clear that vacation rentals will continue their meteoric ascent unrestricted. If you’re looking to be smart with your investments, there’s never been a better time to enter the vacation rental market. And if you’re an industry veteran, take our advice—make sure your management operation is prepared for technology’s growing role in the industry, or risk losing ground to competitors.