Here’s how the story began, from a hunting lodge to 85 billion dollar industry. The 400 year journey of vacation rental industry was astonishing. Find the infographic on the vacation rental industry history as you scroll down.
It was shocking to seek out that the dawn of the vacation rentals began a thumping 400 years before, with not-so-humble launch at one among France’s multi storied homes. The voyage wasn’t that all easy. Assume life in 1800s when passing a query took weeks on horse-driven carriage to know about the availability of a condo. Even after the acknowledgment of vacancy, it again took weeks for the guests to respond back. The scene has changed drastically in the 21st century. It has reached state were a user selects his destination, and period of stay to get his available list of homes. Subsequently, he browse the property photos, looks into amenities, chat with the homeowner, pay online, book the home all within comfort of your home at your leisure.
Here’s how the story began,
1600 – King Louis XIII builds a hunting lodge, which turns into the first vacation home in 1624.
1700 – The Apostolic Palace of Castel Gandolfo is constructed, serving for centuries as a vacation home for the pope.
1800 – Europeans continue to stay in vacation rentals. Letters were exchanged to find availability.
1850 – Communication becomes quicker with the invention of the telegraphy.
1950 – Vacation rentals make their way across the Atlantic to the U.S.
1995 – Vacation Rentals by Owner (VRBO), came into existence with just one property, a Breckenridge condo.
2000 – Renters start using local websites, classifieds and real estate agents.
2003 – Couchsurfing founded.
2005 – HomeAway becomes the first mammoth vacation rental site with 60000 listings.
2008 – Airbnb founded.
2013 – Sharing Economy boom. 14% of travelers book a private home, condo, or apartment rental – 6% increase.
2014 – The popularity of the “sharing economy” becomes undeniable, hotels begin to copycat the model.
2015 – The vacation rental industry is now worth $85 billion. HomeAway has more rooms than the 4th largest hotel in the world. Uber and Gogobot supports.
2020 & beyond – Rental search will become more personalized experience, Smart homes will flourish, Stays become customized to personal preferences like Preferred temperature, favorite playlist etc.
Vafion is a leader in vacation rental technology and has been focusing on providing API integrations services for leading vacation rental companies and hotels across the globe. We also provide technology consulting and software development of Lead Management Systems, Dynamic Pricing Softwares, Guest Profile Management Tools, Reservation Management System, Revenue Management System, Yield management Software etc. We have been providing Business Intelligence solutions and technology consulting exclusively to the Hospitality Industry particularly to the vacation rentals for the past four years.
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