According to Homeaway on a research conducted in 2010, the vacation rental market is worth $85B per annum just in Europe and the United States.The short-term rental market is exploding on the Internet with a lot of new players piggy backing on the buzz of the hot Silicon Valley company AirBnB and also the highly expected IPO of Homeaway.
Also, owners need to find better ways to optimize their ROI on a 2nd home. And tenants look at lowering the monthly rent with a spare room to rent for occasional travellers (usually back packers).
This market is very fragmented and unstructured and we see 5 kinds of players:
1/ The Joeys => “Stay with me at my place”
2/ The Chandlers => “Rent my place while I am away on a business trip”
3/ The Rosses => “Let me manage the rental of your properties”
4/ The Monicas => “Let me rent your place and welcome travellers with a local flavor”
5/ The Rachels => "Let me advertise your property on my website"
The Joeys
The Joeys are very cool and trendy because the concept of staying with the host is relatively new and brings down the cost of accommodation for a backpacker. It’s a great way to discover the world at a very low price. It’s also interesting to share the life of a local during your stay. Not so sure about intimacy though. These companies are coming from the same CouchSurfing culture where travellers should connect with locals even when they are looking for accommodation.
AirBnB, Wimdu, 9Flats
The Chandlers
The Chandlers are the OTAs of the short-term rental market. They pick and distribute the properties to their B2C website and they secure the booking online for the traveller. They have Terms and Conditions that are closer to hotels like the cancellation policy. They usually take money from the traveller at the time of the booking and pay back the owner shortly after the check in of the guest. They take commission from the owner (10% on average). Owners are either people who invested in the 2nd home in their favorite holiday destination or business people who spend a lot of time outside their resident country and decide to rent their home while they are away.
HouseTrip, Homeaway, Lofty, Abritel
The Rosses
They like to manage properties and offer a complete management service that allow owners to be exempt of taking care of housekeeping, reception and so on. These agencies have specific criteria to add your property on their database. They are very professional and travellers choose them because they know what to expect anywhere they go. The agencies are popular in ski resorts for instance.
Interhome, OneFineStay, Ski Collection
The Monicas
They are usually only distributing properties in one location because they want to make sure they know inside out their product offering. They add a unique local flavor when they welcome the guest. They offer a limited number of properties. They also suggest to travellers things to do, restaurants to try and local tips to discover a destination. They love giving away secrets that are only known by locals. They have regular contact with owners to make sure they update their availability calendar. Unfortunately, they don’t take bookings online. Bookings happen on email request or by the phone.
Truly Venice, Paris Autrement, Feel Barcelona and plenty more
The Rachels
They consider themselves as th new Craiglist for the short-term market. They let the owners display their property against a fixed fee which is usually a monthly or yearly listing subscription. The transaction takes place between the owner and the travellers. The intermediary doesn’t get involved apart of connecting the two parties. You simply advertise your property on their site.
HolidayLettings, FlipKey, PureHolidayHomes, Homelidays
As a traveller, which one would you choose for your next holiday?
As for The Phoebes, we couldn’t figure out where she would fit in the rental market. She sings too loud and nobody wants to hear her songs anyway.
Note from the editor: the correlation between the vacation rental market and the TV series Friends is totally fictitious and shouldn't be taken to the first degree by readers
1/ The Joeys => “Stay with me at my place”
2/ The Chandlers => “Rent my place while I am away on a business trip”
3/ The Rosses => “Let me manage the rental of your properties”
4/ The Monicas => “Let me rent your place and welcome travellers with a local flavor”
5/ The Rachels => "Let me advertise your property on my website"
The Joeys
The Joeys are very cool and trendy because the concept of staying with the host is relatively new and brings down the cost of accommodation for a backpacker. It’s a great way to discover the world at a very low price. It’s also interesting to share the life of a local during your stay. Not so sure about intimacy though. These companies are coming from the same CouchSurfing culture where travellers should connect with locals even when they are looking for accommodation.
AirBnB, Wimdu, 9Flats
The Chandlers
The Chandlers are the OTAs of the short-term rental market. They pick and distribute the properties to their B2C website and they secure the booking online for the traveller. They have Terms and Conditions that are closer to hotels like the cancellation policy. They usually take money from the traveller at the time of the booking and pay back the owner shortly after the check in of the guest. They take commission from the owner (10% on average). Owners are either people who invested in the 2nd home in their favorite holiday destination or business people who spend a lot of time outside their resident country and decide to rent their home while they are away.
HouseTrip, Homeaway, Lofty, Abritel
The Rosses
They like to manage properties and offer a complete management service that allow owners to be exempt of taking care of housekeeping, reception and so on. These agencies have specific criteria to add your property on their database. They are very professional and travellers choose them because they know what to expect anywhere they go. The agencies are popular in ski resorts for instance.
Interhome, OneFineStay, Ski Collection
The Monicas
They are usually only distributing properties in one location because they want to make sure they know inside out their product offering. They add a unique local flavor when they welcome the guest. They offer a limited number of properties. They also suggest to travellers things to do, restaurants to try and local tips to discover a destination. They love giving away secrets that are only known by locals. They have regular contact with owners to make sure they update their availability calendar. Unfortunately, they don’t take bookings online. Bookings happen on email request or by the phone.
Truly Venice, Paris Autrement, Feel Barcelona and plenty more
The Rachels
They consider themselves as th new Craiglist for the short-term market. They let the owners display their property against a fixed fee which is usually a monthly or yearly listing subscription. The transaction takes place between the owner and the travellers. The intermediary doesn’t get involved apart of connecting the two parties. You simply advertise your property on their site.
HolidayLettings, FlipKey, PureHolidayHomes, Homelidays
As a traveller, which one would you choose for your next holiday?
As for The Phoebes, we couldn’t figure out where she would fit in the rental market. She sings too loud and nobody wants to hear her songs anyway.
Note from the editor: the correlation between the vacation rental market and the TV series Friends is totally fictitious and shouldn't be taken to the first degree by readers
What an interesting blog. In case, you need to get yourself a good deal on frontier cancellation policy then take a tour at frontier refund policy. You won’t be disappointed.
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