Update: October 8, 2024, at 1:40 p.m. ET
Challenges For Hotels, Gains For Short-Term Rentals – 3 Charts
02.10.2024 - 18:17 / skift.com / Dennis Schaal / Skift Research
Hotels still dominate over short-term rentals when U.S. travelers are deciding where to stay. But several trends show the challenges hotels face — and the growth opportunities for short-term rentals.
Consider the following three charts from Skift Research’s State of Travel 2024 report.
The first shows net promoter scores – a metric that businesses use to gauge loyalty to their brand – for the first quarter of 2024: Vacation rentals beat out hotels, 63 to 51.
The second shows that the preference for vacation rentals among U.S. travelers is on the upswing, admittedly from a low base: 11% of travelers say they used a short-term rental in 2023, up from 7% in 2020. For hotels, usage declined to 56% of travelers in 2023, from 60% in 2021.
Clearly, U.S. travelers as a whole prefer hotels over vacation rentals, but that edge is being diminished.
The third chart shows the value U.S. travelers see in short-term rentals. The top reason is location (16%) because they often offer scenic views that hotels sometimes lack, according the Skift Research U.S. vacation rental survey from April 2024. Some 15% of respondents think vacation rentals are more comfortable than hotels for longer stays, and 14% value the cost advantage — they often are cheaper — versus hotels.
Certainly, there are many use cases where travelers see hotels as better options than short-term rentals, but these charts show that short-term rentals have a massive opportunity to further cut into hotel market share in years to come.
The website maxtravelz.com is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can send a complaint on the news if you find it unreliable.
Top Autors
Popular Topics
travelpulse.com
08.10.2024 / 18:49
The Latest Travel Guidance for Mexico’s Most Popular Tourist Destinations
It's been one month since the U.S. State Department updated its travel advisory for Mexico, one of the few countries broken down by states rather than an all-encompassing advisory.
travelpulse.com
08.10.2024 / 18:49
Travelers File Lawsuit Against US State Department Over Passport Processing Fees
A class action lawsuit has been filed against the U.S. State Department over its controversial $60 fee to expedite passport processing.
travelpulse.com
08.10.2024 / 18:49
Baja California Wines Triumph at 2024 Bacchus International Wine Competition
Baja California has solidified its position as a world-class wine region, securing 32 of the 52 medals awarded to Mexico at the prestigious 2024 Bacchus International Wines and Vermouth Competition. This remarkable achievement underscores the exceptional quality of wines produced in the region.
insider.com
07.10.2024 / 03:29
How my family of 3 spent $2,855 for a single day at Universal Hollywood — and what we'll do differently next time
Last year, I took my family of three from Orlando to Southern California for a trip to Universal Studios Hollywood .
skift.com
06.10.2024 / 01:57
Joby Aviation Raises $500 Million from Toyota for Flying Taxi
Joby Aviation just closed the largest single round of funding for a flying taxi startup in years.
travelandleisure.com
04.10.2024 / 15:17
You Can Score $50 Park Tickets for Kids and Hotel Discounts at Disneyland in 2025
Disneyland Resort just rolled out discounts for kids and hotel stays next year.
insider.com
03.10.2024 / 16:12
We move states every couple of months for my wife's work. We feel at home regardless of where we go.
Three months ago, my wife and I stared into the living room of a new house in a new state. It was day one of living in the Pacific Northwest. In a couple of months, we'll repeat this process in another part of the country, just like we have three times over the last two years, and will continue to do so for the foreseeable future.
thepointsguy.com
01.10.2024 / 20:39
Marriott’s West Coast flagship for W Hotels has a new look
It's a new day at one of the most storied W Hotels properties in the brand network.
skift.com
01.10.2024 / 12:51
What Makes Religious Tourism A Strong Investment for Hotels in India
In this episode of the Skift India Travel Podcast, Asia Editor Peden Doma Bhutia talks to Mehul Sharma, CEO and founder of Signum Hotels and Resorts, about the demand-supply gap in India’s hospitality market. Sharma goes on to talk about the growing demand for religious tourism in India and what makes religious destinations such a strong investment for hospitality companies.
skift.com
30.09.2024 / 22:05
Property Owners File Suits Against Blueground Subsidiary in Brazil
Ami Goldman, a property owner and tech entrepreneur in Brazil, leased his $300,000 apartment to Tabas, a mid- to long-term rental operator in 2021.
skift.com
27.09.2024 / 14:59
Dubai Hotels Sell Out for Coldplay
Coldplay is the latest music juggernaut to cause a tourism frenzy. Mumbai felt the effect this week when tickets went on sale for their January shows, and Abu Dhabi in the UAE was next.