Published on : Friday, February 17, 2017
Phocuswright’s report – A Market Transformed: Private Accommodation in the U.S. – showed, in details, that how private accommodation has undergone a period of unprecedented innovation, growth and change in the past decade. This report presents market sizing, consumer trends, booking habits and management options. It analyzes the new property manager, including the technology used, marketing and distribution.
Research highlights include:
Amid the rise of HomeAway and Airbnb, rental growth has surged in the past few years. Those gains will slow in 2017 and 2018, when the total private accommodations market will reach US$36.6 billion.
Phocuswright’s vice president, research, Douglas Quinby said that the segment’s shift online, the expansion of the concept to include private homes in urban markets, the entrance of OTAs, and numerous innovative startups have all contributed to powering a period of tremendous growth. He also said that against a backdrop of strong performance for the U.S. travel industry, the private accommodation segment has grown much faster than travel overall.