Travel in New York, county Summit

The major players in short-term rentals — Airbnb, Expedia/Vrbo and Booking.com — seldom work together as a unit when faced with tough city crackdowns around the world.

Skift, Inc., the most influential media company in global travel, and ShortTermRentalz, a division of the International Hospitality Media portfolio that provides the news and intelligence for the short term rental industry, are announcing a content and media partnership to share fresh ideas and insights at their respective events.

Laurence Tosi, founder and managing partner of investment firm WestCap, views the short-term rental industry as a major winner coming out of the pandemic. But he thinks the boom experienced in recent years is winding down.

Good morning from Skift. It’s Friday, June 2. Here’s what you need to know about the business of travel today.

Homes & Villas by Marriott Bonvoy has grown from 60,000 listings to 115,000 in just a year. But the premium short-term rental offering from the world’s largest hospitality group isn’t focused on being the biggest.

Expedia Group and Vacasa are both moving forward with tech investments to compete with other big players in the short-term rental industry. Executives from both public companies shared details about current projects during Skift’s Short-Term Rental Summit in New York on Wednesday. 

Many renters of vacation homes want the free option to cancel reservations if necessary, while hosts want confirmed, non-refundable bookings. Entering the fray is Booking.com, which encourages hosts to accept a compromise.

For the first time in his 25 years as an investor, WestCap Founder Laurence Tosi says that the short-term rental market and overall economy possess the most extreme economic health indicators he has ever seen. With strong positives and negatives, it is hard to gauge what will happen next.

The evolution of blended leisure and business travel has been an enormous boon for businesses in all sectors of the travel industry, including short-term rentals. The rise in demand for short-term rentals can be attributed in the part to the surge in blended travelers.

Traditional hospitality brands have risen to the disruption challenge of the short-term rental market. One such brand is Marriott International.