Updated on August 13, 2024
Vacation rental statistics tell a story about our industry that defies misconceptions. They help us illustrate the short-term rental industry’s dramatic growth and its personalized and community-driven nature.
These numbers show that most hosts have only one property, and corporations aren’t driving the industry. Local communities depend on the STR industry to support the livelihoods of its members through supplemental income for hosts, employment for the greater community, and accelerated economic activity. Vacation rental statistics also suggest that despite negative headlines, STRs generally have a positive reception in their communities.
Understanding guest demographics and preferences also provides valuable insights for hosts, allowing them to tailor their services to meet the demand for unique experiences and more environmentally friendly stays.
They highlight the diverse and community-centric nature of the STR industry, its significant economic impact, and the evolving regulatory landscape. Understanding these factors is essential for operators and advocates to navigate and thrive in this dynamic sector.
STR operator/owner demographics
58% of STR operators are women. – 2022 State of the Short-Term Rental Community Report
On average, owners owned 1.9 STR properties, with over two-thirds owning only one. Nine in 10 owners self-manage their STR(s). – 2024 State of the STR Industry Report
Four in five STR owners use their property personally for some amount of time each year, and one in three STR owners use their property for more than STRs only. – 2024 State of the Short-Term Rental Industry Report
STRs are a supplemental income source for a majority of owners. They rely on hosting for 27% of their income on average. Nearly half of owners (44.1%) earned 41% or more of their income through short-term renting. One in four made no profit or lost money, while 47.8% made up to $24,999 in profit. – 2024 State of the Short-Term Rental Industry Report
The most common reason owners started to rent their homes was that they purchased or built a vacation home (42%), followed by a desire to host guests and travelers, purchasing or building a home for retirement, and covering the costs of improving their property. – 2024 State of the Short-Term Rental Industry Report
Market Size and Economic Impact
Burgeoning by 9.7% from 2019 to 2023, the worldwide short-term rental market is estimated to be $135 billion in 2024. – Future Market Insights Inc.
Vacation rental listings increased by 12.8% in 2023, while occupancy declined by 5.3%. – AirDNA
Online booking dominates the market with 59.4% of the market share. – Future Market Insights Inc.
94.5% of STR operators support locally owned and operated businesses through purchases and referrals. – 2024 State of the Short-Term Rental Industry Report
Most government officials rank tourism as important to their local economies, and government officials rank guest spending as highly important to their jurisdiction, second only to property values. – 2024 State of the Short-Term Rental Industry Report
68% of property managers employed full-time employees, and 72% employed part-time employees. – 2024 State of the Short-Term Rental Industry Report
There are 7.7 million listings on Airbnb, and hosts collectively earned $180 billion as of 2024.
Direct bookings doubled between the last quarter of 2019 and the first quarter of 2022 to 16.8%. – Hostaway
STR Regulations, Taxes, & Insurance
About half of government staff and elected officials indicated their jurisdiction has an existing STR ordinance. Of those with STR regulations, 22.4% expected the ordinance to be modified in the next 24 months. More than half of those without an STR ordinance felt one was needed, and about one in four expected their jurisdiction to enact one in the next 12 months. – 2024 State of the Short-Term Rental Industry Report
The top three STR ordinance provisions that government officials and staff say work well for their jurisdictions are: permit or license requirements and fees, local responsible party requirements, and parking management requirements. The lowest-rated provisions were requiring the host to live onsite and density limits. – 2024 State of the Short-Term Rental Industry Report
48% of government officials have a favorable opinion of STRs compared with 30.1% with an unfavorable opinion, and the rest neutral or unsure. – 2024 State of the Short-Term Rental Industry Report
Two-thirds of government staff reported fewer than 10 verified complaints against short-term rentals in the last 12 months, with one in five reporting zero. – 2024 State of the Short-Term Rental Industry Report
82% of surveyed cities required short-term rental operators to remit taxes directly to the city, while 5% required the listing platform to collect and remit local taxes on the operators’ behalf. – National League of Cities
The insurance industry processes nearly $1 billion yearly in pet liability claims. Even STRs that are not pet-friendly file claims related to pet bites. – Proper Insurance
57% of hosts don’t know what a damage waiver is. – Superhog
77% of hosts don’t collect a damage deposit from guests. – Superhog
Technology and Guest Experiences
74% of STR operators use keyless locks at their properties. Nearly half of STR operators use security cameras and smart thermostats. – SSTRI 2024 State of the Short-Term Rental Industry Report
67% of guests want self-check-in. –Touch Stay 2023 Guest Communication Study
42% of travelers book vacation homes with amenities they either cannot afford to have at home or that they want to try out before they buy themselves. Nearly 30% say they would choose a vacation home with outdoor amenities so they don’t have to leave the property. – Vrbo, part of Expedia Group
Two-thirds of guests receive 1-2 or no communication from their host during their stay. – Touch Stay 2023 Guest Communication Study
More than one-fifth of guests were missing information from their host. – Touch Stay 2023 Guest Communication Study
Less than half of guests felt “well looked after” during their stay. – Touch Stay 2023 Guest Communication Study
69% of guests said communication with their host influenced their likelihood of leaving a positive review. – Touch Stay 2023 Guest Communication Study
53% of business travel coordinators say their companies allow them to book vacation rentals. – Mastercard
Accessibility
92% of consumers think it’s important for travel providers to meet the accessibility needs of all travelers. – Expedia Group Insights Report: Inclusive Travel
1.3 billion people, 16% of the world’s population, live with a disability. – The WHO
People with disabilities spend $95 billion on travel each year. – Expedia Group
Only 1% of travel marketing represents disabled travelers. – Marketing Dive
Only 54% of travelers said they have seen options that are accessible to all abilities when booking a trip, while just 52% said they have seen options that are inclusive of all types of travelers. – Expedia Group Insights Report: Inclusive Travel
7 in 10 consumers would choose a destination, lodging, or transportation option that is more inclusive to all types of travelers, even if it’s more expensive. – Expedia Group Insights Report: Inclusive Travel
Sustainability
90% of consumers are looking for sustainable options when traveling. Half are willing to pay more for sustainable lodging or activities. – Vrbo, part of Expedia Group
46% of global travelers stayed in sustainable accommodation at least once the previous year. – Booking.com Sustainable Travel Report 2022
78% of global travelers plan to stay in a sustainable property at least once a year. – Booking.com Sustainable Travel Report 2022
38% of global travelers actively look for information about the sustainability efforts of a property before booking. – Booking.com Sustainable Travel Report 2022
57% of global travelers would feel better about staying in a particular accommodation if they knew it had a sustainable certification. – Booking.com Sustainable Travel Report 2022
54% of global travelers want to filter their options for those with a sustainable certification. – Booking.com Sustainable Travel Report 2022
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