Vacation Rentals to Become a $100 Billion Industry This Year

Statista expects global vacation rental revenue to increase by 6% year-over-year and hit $100.2 billion in 2024, more than camping and cruises revenue combined. Nearly one-third of that value, or $34 billion, will come from Europe, the largest vacation rental market. Asia and North America, particularly the United States, follow with $28.5 billion and $24 billion, respectively.

While the European market generates the highest revenue in this segment of the tourism market, Asia is expected to see the fastest growth due to rising tourism and increasing internet penetration. Statista expects Asian vacation rental revenue to jump by 25% and hit $25.9 billion by 2029. The US market is forecasted to grow by 21% and hit a $29 billion value, and Europe follows with a 17% growth and around $40 billion in revenue in this period. Overall, the global vacation rental revenue is expected to jump by 25% and hit $125.6 billion in the next five years.

vacation-rentals-by-2029-66a42c33b3f9c" style="text-align: left;">Over One Billion People to Use Vacation Rentals by 2029

With travelers increasingly seeking more affordable, unique, and personalized experiences compared to traditional hotels, the number of users in the vacation rentals segment will also climb to record highs.

According to Statista, over 857 million people will pay for vacation rentals in 2024, 47 million more than last year and 100 million more than in 2017. The strong upward trend will continue in the next five years, with roughly 150 million new users in the market. Overall, more than one billion people will use vacation rentals in 2029.