VHRs — from alternative to mainstream lodging
By Jason Hildago, Reno Gazette-Journal
Lake Tahoe’s vacation home rental scenario is a microcosm of a massive movement with global legs. Estimated as a $100 billion industry in 2016, the vacation rental market is projected to grow to $169.7 billion worldwide by next year, according to international data provider Research and Markets.
Europeans, with their long history of holiday home use, have especially embraced vacation rentals. In 2015, half of travelers in Europe used private accommodations, according to Phocuswright, an international travel, tourism and hospitality market research firm. Private accommodation is a term that encompasses rentals such as park lodges, vacation rental management company offerings, privately owned homes, rooms or even couches that are rented out to travelers.
Another big player in the space is the United States. In 2011, one in 10 U.S. travelers used what was then called “alternative accommodations,” said Douglas Quinby, Phocuswright senior vice president of research, at last year’s Phocuswright Europe conference.