House Rules: Why The Home Rental Market Is A Growing Travel Trend

23.10.2023 - 11:10 / forbes.com / Asia Pacific / Art

The pandemic can be blamed for a lot of things, but one positive outcome are some of the changes in the way we now travel. One growing trend – as a result of having been grounded for so long, no doubt – is the fact that many of us want to travel deeper and stay longer in a given destination. Dubbed ‘slow travel’, this way of traveling allows us to get under the skin of a place and connect properly with a locale. Not only does this benefit local communities, as travelers tap into small businesses and local tour companies, but it also has an abundantly positive effect on travelers, who come away feeling enriched and enlightened by their authentic experiences.

One notable side effect of this trend is the growth in the holiday home rental market. In IGMS’ recent ‘Global Travel Trends’ report, it states that, according to ResearchAndMarkets, the global vacation rental market was valued at $169.9 billion in 2020 and is expected to reach $220.4 billion by 2024, growing 6.3% over the forecast period. Staying in a home-from-home allows travelers to have privacy and the flexibility of having a place to call their own; space to stretch out and the freedom to come and go as they please.

Taking prime position in the accommodation market, even hotel companies are muscling in on the sector. Many leading brands – from Four Seasons to Aman – are now offering apartments, residences and villas as options for their guests. Homes & Villas by Marriott Bonvoy, for instance, is one such example and is a growing collection of 100,000+ premium and luxury whole home rentals located throughout Europe, the Middle East, Africa, the Caribbean, the United States, Canada, Latin America and Asia Pacific. The brand has a focus on curating the best luxury homes in the most sought-after destinations, an extension, if you like, of the Marriott brand.

“Leveraging Marriott International’s deep knowledge in delivering exceptional hospitality experiences, each home is professionally managed and meets the company’s design, cleanliness, safety and amenity standards,” says the company.

“Homes & Villas by Marriott Bonvoy is still a relatively small but fast-growing part of the company’s overall business. We have grown our supply over 30x since launch, starting with just 2,000 homes to now having 100,000+ homes globally. The home rental offering helps to broaden Marriott’s travel ecosystem and offer more choice to our guests and members, with the vast majority of destinations being new to the Marriott portfolio. New markets include Japan, South Korea, Malaysia and India.”

One major destination, where the home-from-home market is coming into its own, is in Orlando, Florida, which typically sees tourists touch down to stay in one of the many hotels