Predictions for 2011
January 4th, 2011
At Barefoot we develop vacation rental software, and are obviously an advocate for the vacation rental industry. We have said it before and we will say it again: We think the vacation rental industry will grow from 9% to 25% in the next 10 years. We also believe that those who will be successful will need to niche or segment. In an earlier blog post we discussed some of the recent changes to the vacation rental industry, and how it will affect all involved in the long run.
Apparently, we are not the only ones who believe in the growth of the vacation rental industry. Frommer’s, a travel guidebook series and one of the bestselling travel guides in America, expresses on their blog that they believe the vacation rental industry will see an upswing in 2011, and will replace standard hotels in many instances. They say: “large segments of the traveling public are today convinced (and they are right, in my view) that apartment/home rentals cost much less than hotels and improve the quality of the stay.”
In a recent TripAdvisor study 47% of the 3,000 people asked said they are considering staying in a vacation rental home in 2011, which is an increase by 8% from the same survey in 2010. This doesn’t automatically mean business will be booming in 2011, but it means more people are aware of vacation rentals and the advantages that come with staying in one.
We enjoy hearing that we are not the only ones that have this belief in the vacation rental industry, and we can’t wait for 2011 to really take off to see where it will take our industry. What do you think will happen in 2011? We would love to hear your opinion.