Vacation Rentals: Traveler Trends
In an industry in which the demand for travel is constantly changing, it is important to understand the demographic of the traveler today and specifically the type of traveler who chooses to stay in seasonal vacation rentals.
Who are they?
The largest majority of guests who book seasonal vacation rentals are younger people between the ages of 18 and 34 and who generally have a higher salary.
Millennials (ages 18–34) comprise 25% of the population, but represent over 40% of all travelers. This age group is also more likely to take a longer vacation than older generations and spend an equivalent amount as older travelers.
For American travelers, those with higher incomes are more likely to stay in a private home than in a hotel because they are seeking a more unique and authentic experience.
In 2016, 52% of rentals are booked by couples or friends, 38% by families or large groups, and 10% by solo travelers.
When do they book?
59% of travelers begin researching their next trip between one and three months before departure.
Younger travelers tend to start their planning later.
What do they look for in a property?
The top vacation rental amenities or features that would motivate travelers to book are:
· Stunning view
· Private pool
· Washer / dryer
· Pet-friendly home