2023 vacation rental industry

The vacation rental industry is expected to grow by $84.41 billion during 2023-2027, and more and more travellers continue to turn to short-term rentals as a more cost-effective option. A preference for private space over hotels or shared facilities is also prominent as an affect of the pandemic. Therefore, hosts will need to offer their guests a better experience than ever before. From maximizing property presentation to providing high-tech amenities like automatic check-in, hosts will be using innovative strategies to make their rentals stand out from the competition. Download and read the full Global Vacation Rental Market 2023-2027 report here.

Post-pandemic flexibility

Although the vacation rental industry has been able to bounce back after the effects of COVID-19, some of those impacts are still being felt. In response to the ongoing impacts of the COVID-19 pandemic, travellers will continue to prioritize safety and flexibility with their trip plans. We recommend always making sure your cancellation policy is flexible, especially as restrictions also continue to change. Some destinations may impose new restrictions, so it’s always good to keep on top of potential regulations if you plan to travel or receive guests. 

2023 travel trends

In 2023, wellness retreats and sustainable travel will be the biggest trends in exploration. After the unique experiences of 2020, travellers are looking for an antidote for exploring this new normality with both curiosity and kindness in mind. Wellness retreats offer a chance to take a break from the grind of work and ease into mindful practices like yoga, meditation, and healthy eating. Sustainable travel provides an opportunity to explore cultural heritage and unique places while taking steps to protect them during your journey. Whether it’s trying flexitarian cuisine or exploring a swamp preserve, 2023 promises to be an exciting year of discovery while taking care of the planet along the way. It’s time to get out there! Take a look at our predictions in full and find out how you can cater your vacation rental property to this new wave of travel. 

Top destinations 2023

We anticipate ‘off the beaten track’ destinations as well as cities being top choices for 2023 – such as Seoul, Berlin, Querétaro, Budva and Boston. Seoul offers a unique combination of lavish futuristic architecture and traditional temples while Berlin will certainly provide plenty of exciting features including the world-renowned museums and vibrant nightlife. For a more laid-back approach to travel, head over to Querétaro in Mexico. This small city has recently gained attention as one of the cultural hot spots for visitors wishing to explore picturesque colonial buildings and squares amidst deserts and mountains. Although much smaller than Seoul or Berlin, Budva in Montenegro gives travellers a taste of Mediterranean charm with its fresh seafood restaurants and stunning seaside promenade. Last but not least is Boston: esteemed universities, historical sites like Fenway Park as well as nearby trails full of nature make this city worth every minute you spend there. Read the full blog here.