Worldwide: Property management platform Hostfully has compiled research examining the vacation rental market size and other industry statistics.
It is estimated that globally, there are over 140,000 professional vacation rental management companies (VRMCs). Research shows that each company manages on average 79 properties, and spends nearly $50 per month per property on software tools that centralise and automate operations, processes, and guest experience.
In a 2020 study, 45 per cent of VRMCs stated that property management platforms (PMP) were the most valuable software that they used in their business. The second most popular software type was ranked by 19 per cent of respondents.
In a separate study, which also featured VRMC respondents, 81 per cent reported using a PMP. It was also found that PMP adoption was higher in large portfolio VRMCs (100+ properties). It is noted however that 29 per cent of VRMCs use self-built systems.
European VRMCs have not been as willing to use technology to address property management challenges. In a study, over one third did not use PMPs. Portfolio size plays a role in this statistic.
Findings show that software use jumped when VRMCs grow their portfolio past 10 properties. In addition to a PMP, VRMCs on average use 3.8 additional software solutions. Property managers with 100+ in their portfolio use over four industry-specific softwares.
In a study focused on exploring the impact of Covid-19 on VRMC operations, respondents indicated the following three most popular softwares, after PMPs, to help navigate the pandemic: revenue management (20.4 per cent), marketing and distribution (20.1 per cent), and cleaning (19.2 per cent).
To download the full 2021 Vacation Rental Industry Stats Report by Hostfully, click here.
Hostfully is a property management platform and digital guidebook provider. Earlier this year, the company announced partnerships with Safely.com and PointCentral.
