There has been no shortage of headlines over the past two years about the pandemic’s impact on the short-term rental sector.
Travelers, less constrained by having to work from physical offices, are staying for longer periods of time. The trend toward professionalization in the segment has accelerated. Supply becomes key as demand recovers.
In Europe, though the short-term rental market declined by 33% in 2020, totaling €25.3 billion, a level last seen in 2010, recovery ramped up in the spring and early summer of 2021, with bookings projected to rebound by 31% compared to 2020.
According to Phocuswright research, by the end of 2022, gross bookings will reach €37.5 billion, and a full market recovery to pre-pandemic levels is projected to occur in 2023.
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Online bookings continue to grab the majority of share in the European short-term rental market. From 77% in 2019, online penetration is expected to grow to 85% in 2025.
Two such players in the space – HomeToGo and Awaze – will take the stage at Phocuswright Europe this June to discuss the evolving landscape and where the short-term rental sector is headed from here.
Has the pandemic changed the concept of lodging forever? Patrick Andrae, co-founder and CEO of HomeToGo, and Henrik Kjellberg, CEO of Awaze, will unravel the question in a live Center Stage session.
Click here to register for the event now.