Here’s how the story began, from a hunting lodge to the 85 billion dollar industry. The 400-year journey of the vacation rental industry was astonishing. Find the infographic on the vacation rental industry history as you scroll down.
It was shocking to seek out that the dawn of the vacation rentals began a thumping 400 years before, with a not-so-humble launch at one amongst France’s multi-storied homes. The voyage wasn’t that easy. Assume life in the 1800s, when passing a query took weeks on a horse-driven carriage, to know about the availability of a condo. Even after the acknowledgment of vacancy, it again took weeks for the guests to respond back. The scene has changed drastically in the 21st century. It has reached a state where a user selects his destination and period of stay to get his available list of homes. Subsequently, he browses the property photos, looks into amenities, chats with the homeowner, pays online, and books the home all within the comfort of your home at your leisure.
Here’s how the story began.
1600 – King Louis XIII builds a hunting lodge, which turns into the first vacation home in 1624.
1700 – The Apostolic Palace of Castel Gandolfo is constructed, serving for centuries as a vacation home for the pope.
1800 – Europeans continue to stay in vacation rentals. Letters were exchanged to find availability.
1850 – Communication becomes quicker with the invention of telegraphy.
1950 – Vacation rentals make their way across the Atlantic to the U.S.
1995 – Vacation Rentals by Owner (VRBO) comes into existence with just one property, a Breckenridge condo.
2000 – Renters start using local websites, classifieds, and real estate agents.
2003 – Couchsurfing founded.
2005 – HomeAway becomes the first mammoth vacation rental site with 60,000 listings.
2008 – Airbnb founded.
2013 – Sharing Economy boom. 14% of travelers book a private home, condo, or apartment rental – 6% increase.
2014 – The popularity of the “sharing economy” becomes undeniable, hotels begin to copycat the model.
2020 & beyond – Rental search will become a more personalized experience. Smart homes will flourish. Stays will become customized to personal preferences like preferred temperature, favorite playlist, etc.