Short-term rentals don’t just exist in vacation destinations. Known as private accommodations, these housing options are also located in urban cities, rural communities, mountain towns, and other areas, so travelers have more options and aspiring business owners can open a location where they want to work and live.
When you become an iTrip franchise owner, you become part of an evolving industry that caters to all travelers, such as business travelers, traveling nurses, concert and event attendees, those traveling for medical reasons, for job interviews, and other reasons.
Private Accommodations THE WAY MORE PEOPLE CHOOSE TO STAY!
Every day, more travelers choose private accommodations over hotels to meet their needs while away from home. According to DoorLoop, the short-term rental industry, or vacation rental industry, is expected to reach a market size of more than $8.9B by 2026 and grow at a Compounded Annual Growth Rate (CAGR) of 11.2% between 2024 and 2030. We’re not surprised by these numbers. Booking a private home instead of a hotel room allows visitors the comfort, privacy and amenities they need.
MILLENNIALS AND KEY DEMOGRAPHICS
Millennials aren’t just a marketing buzzword — they impact industries across the country, and a short-term rental property management business is no exception. iTrip has positioned itself to meet the needs of Millennials on the go. This demographic loves spontaneous travel and spends more than $4,000 per trip. In fact, Millennials make up 40% of leisure travelers who book online. When you partner with iTrip to start your own vacation rental business, you tap into this influential consumer base.
Short-term rentals also appeal to families, business professionals, and other demographics because travelers love the convenience that private accommodations provide. Parents, kids, and pets can all stay under one roof, and meal prep becomes easy and more affordable with access to full kitchens. In fact, many travelers with children prioritize the ability to cook their own meals as a major reason to choose private accommodations..Furthermore, families love to vacation and stay under one roof.
Baby Boomers also love to travel, especially in the U.S. Owning an iTrip business will allow you to reach Baby Boomers and other potential guests interested in private accommodations.
SHORT-TERM RENTAL PROPERTY MANAGEMENT INDUSTRY PERFORMANCE
The short-term rental market is growing and fueled by increases in the travel and tourism sectors, one that according to a recent Statista report, has:
- Projected revenue of $927 billion by 2024
- An anticipated CAGR of 4.42% from 2023 to 2027
- An expected market volume of $1,016 billion by 2027
- A forecasted 74% of revenue generated through online sales by 2027
Opening an iTrip short-term rental property management business will allow you to capitalize on this demand. In fact, according to DoorLoop, the short-term rental industry has enjoyed consistent growth:
- Since 2021, the number of short-term rental listings on the market has increased by 20.5%
- The COVID-19 pandemic has influenced traveler preferences, leading to an 18% increase in Americans favoring short-term vacation rentals over hotels
- Vacation home sales surge by 57.2% year over year, driven by remote work trends
For more than 15 years, iTrip has reached this industry in a way our competition can’t match. We’ve established ourselves as a leader in the short-term, seasonal, and urban rental industry showcasing how our model works in both seasonal and urban destinations. Our franchisees enjoy integrated partnerships with more than 80 online listing sites to maximize exposure, leading to:
- On a major booking website, iTrip listings rank higher in search results.
- Homeowners who convert to iTrip see on average 25% more revenue versus self-managing
- iTrip gets 2x as many inbound inquiries on a popular booking website platform
- iTrip is the only property management company to receive Vrbo’s Elite Partner in Software designation — six years in a row!
These are just a few of the key differentiators that make iTrip a standout property management franchise opportunity, consistently chosen by entrepreneurs over other options.
7% Projected growth in 2021
