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The vacation rental market continues evolving. Here's what the data shows for 2024.
Key Trends
1. Mid-Term Stays Are Growing 28-day+ bookings increased 42% year-over-year. Remote work isn't going away.
2. Experience Over Accommodation Properties with unique features outperform generic rentals by 3x on revenue per square foot.
3. Supply Exceeds Demand in Many Markets Major cities have 15-30% more listings than 2022. Differentiation is now mandatory.
4. Quality Polarization Top 20% of listings capture 60% of bookings. The middle is getting squeezed.
5. Direct Booking Growth Hosts with direct booking channels see 12-18% higher margins.
What This Means for Hosts
- Generic properties need to find an angle
- Mid-term pricing strategies are worth developing
- Brand building and repeat guests matter more
- Photo and copy quality separate winners from losers
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