Are Vacation Rentals the Hottest Growth Area in Online Travel?
Renting a vacation home from a private party has been an option for many decades. But, today with the rapid expansion of the Internet and online marketing, the vacation rental market is one of the hottest growing sectors in travel and tourism. Previously hampered by the highly fragmented industry, a lack of brand awareness and misconceptions ranging from pricing to security, vacation rentals are now becoming a considerable force in the online travel arena. Some experts say that the total spent on vacation rentals is equal to that of the cruise industry, but nobody really knows for sure because at least half the properties are owned and marketed by individuals and families, leaving no central source of data. What is certain, however, is that many of these owners are potentially prime customers for companies offering marketing and sales assistance. “It’s essentially a mom and pop industry,” says Carl Shepherd, Co-Founder and Chief Strategy and Development Officer for HomeAway. But with t
