At Home around the World
Your definitive guide to the vacation rental industry
At Home around the World
Your definitive guide to the vacation rental industry
Total global revenues from the local host industry will reach US$169 billion by the end of 2018, according to travel industry experts Skift. Local host rentals, also known as vacation rentals, or holiday homes have positively transformed the global travel industry, becoming a standard travel accommodation choice for many travelers. In fact, Skift has also estimated the total U.S. local host market to be valued at US$30 billion, and total supply of listings in Europe and North America to range between 2 to 3.5 million properties.
Whether you’re a traveler or guest who’s figuring out how to find the best place to stay, a host who needs information about how to run your local host rental business, a neighbor who is worried about strangers staying next door, or a regulator who needs to understand the industry and set up rules that work for all the stakeholders, At Home Around the World, and this Vacation Rental Handbook site, are your must-have resource to navigate this booming industry.
Local Host Rentals: The New Frontier
Local host rentals:
The New Frontier
The sharing economy is transforming not only basic business actions like buying and selling, but also the ways in which humans interact. This is especially true in travel . PwC identified peer- to -peer accommodation (local host rentals) as one of the five key sectors driving the global growth of the sharing economy, which is expected to grow 30 percent annually until at least 2025. This growth rate is 10 times higher than that of traditional rental economy.
By 2025, the sharing economy will grow to equal the size of traditional rental economy
In fact, Statista has estimated total short-term accommodation users at 130.8 million in 2018, and projected growth to 173.9 million by 2022.
Source: Data from Statista, “Vacation Rentals” (2017)
Continued investments in the industry
A quick scan of recent investments in local host rentals and related services across the globe reinforces the growth trends described above. Skift’s 2017 global report – a review of the investment landscape since 2014 – has indicated that the local host rental sector had attracted more than US$2 billion in investments by 2015.
Notes: All data provided in the figure were correct as of October 2018.
Download here the introduction – At Home around the World – Intro
What the future holds
Local host rentals have expanded faster than most could have imagined – and they will continue to proliferate and in more destinations. With this growth, we can also look toward a future where more businesses will join the ecosystem, as part of the sharing and gig economies to improve the service of the local host rental experience.
Download here chapter 5 – What the Future Holds
Download here chapter 5 –
What the Future Holds
A look into the future; expanding the gig and sharing economy ecosystem
To get to this brighter, more varied and creative future, we need to keep an open mind and be prepared to welcome and guide the innovations happening around us today.
The Authors
Robert Rosenstein
Co-founder and Chairman, Agoda Company Pte. Ltd.
Robert Rosenstein is the co-founder and chairman of online travel giant Agoda Company Pte. Ltd., one of Asia's first homegrown unicorns. He was behind the conception and launch of Agoda in 2005, and served as both president and CEO for more than a decade.
Rosenstein also serves as strategic advisor to the CEO of Booking Holdings Inc. (formerly known as Priceline Group), the world’s largest travel company by market value, and sits on the company’s global management board. Rosenstein focuses on Asia-Pacific investment and operating strategies for Booking Holdings, which acquired Agoda in 2007, and owns KAYAK, Priceline.com, Rentalcars.com, Booking.com, Rocketmiles, and OpenTable.
Rosenstein was elected to the Web in Travel (WIT) Hall of Fame in 2017, and has been honored as one of the industry's biggest influencers. He speaks and writes regularly on the topic of entrepreneurial leadership culture at large enterprises.
Rosenstein has spent nearly two decades living and traveling in the Asia-Pacific region. He holds a B.A. from Hamilton College.
Peter L. Allen
Managing Director, Agoda Outside
Peter L. Allen leads Agoda Outside, Agoda’s outreach and public affairs department. Allen’s career has spanned academia and business, focusing on building organizations, developing people, and increasing knowledge in both business and academic fields, including travel and tourism.
Allen holds degrees from Haverford College, the Université de Poitiers, the University of Chicago (Ph.D.), and the Wharton School (M.B.A.). He has taught at Princeton University, Pomona College, the University of Chicago, and Nanyang Business School (Singapore). He has lectured at many universities and business schools and published widely. He has worked at McKinsey & Company as a consultant and member of the strategy practice, and at Google, where he founded and led Google’s first central learning and development program. He has received numerous fellowships and awards and has also served as advisor and board member to academic and nonprofit organizations.
As the managing director of Agoda Outside, Allen works extensively on travel and tourism issues across Asia, and has worked with senior government and tourism officials in Taiwan, Korea, Singapore, Vietnam, and Thailand. He is an advisor to the World Travel & Tourism Council (WTTC) and co-chair of the government and regional affairs committee of the American Chamber of Commerce of Singapore. His publications include books from the University of Pennsylvania Press and the University of Chicago Press; articles in numerous publications, including the McKinsey Quarterly; and position papers and white papers published by the Asian Trade Centre and other organizations.
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