VRMA Administrator
The U.S. luxury vacation rental segment will see both average daily rates and length of stay double by December 2023 compared to January 2022, from $492 to $854, estimates short-term rental data provider KeyData. The average length of stay during the same period is projected to grow from an average 6.66 nights to 12.43 nights. The global luxury sector in vacation rentals is expected to be valued at $82 billion by 2031, registering a growth of 13.1 percent this decade. “We see both supply and demand are increasing in the luxury segment,” said Marcus Rader, co-founder and CEO of Hostaway. The median nightly rate for luxury rentals went up from $1473 to $1537 in 2022, as per Hostaway’s data, which predominantly covers the U.S. market. And so did occupancy rates and length of stay, which rose by 4 percent and 8 percent, respectively.
Skift (03/10/23) Srividya Kalyanaraman
