2023 Hospitality Trends in the Vacation Rental Industry

This report presents the 2023 hospitality trends in the vacation rental industry, based on insights gathered from industry experts and operators. It outlines significant shifts in booking sources, with direct bookings surpassing Vrbo for the first time, indicating a strategic focus among operators to reduce reliance on online travel agencies (OTAs). The report details revenue trends, highlighting a concerning increase in negative revenue growth, which rose to 31% in 2023, reflecting the impact of increased supply and inflation on the market. Additionally, the report discusses the growing importance of artificial intelligence in guest communications, suggesting a pivotal role for AI in enhancing the guest experience. The competitive landscape has also evolved, with a notable increase in competition reported by operators. Overall, the report aims to provide valuable insights for vacation rental businesses navigating a complex and changing market environment.