The vacation rental market was already booming before the pandemic. But interest has skyrocketed over the past year.
According to Grand View Research, the global vacation rental market is expected to be $113.9 trillion by 2027.
Vrbo was established in 1995 as Vacation Rentals By the owner. Jeff Hurst, the president of Vrbo, told Daily Reuters Business in March that the company had the best start to a US year in 25 years.
Vacation rentals are so popular that Netflix just launched a new series dedicated to some of the best.
“The World’s Most Amazing Rentals” puts the spotlight on the most unusual vacation rentals. Luis D. Ortiz is the host of “Million Dollar Listing”, and Megan Batoon (vlogger) and Jo Franco (vlogger) are competing to find the best.
Franco is a travel influencer and one-half of YouTube duo “Damon & Jo.” states that she has always preferred vacation rentals to hotels because they offer travelers more freedom and allow them to experience the “inside culture” of the destination.
CNN Travel is told by the Brazilian-born vlogger that vacation rentals offer more customization options.
There are many amazing hotels. It all depends on what kind of trip you’re planning. Vacation rentals are for tourists while hotels are for tourists.
“They [vacation rental] can be located in the middle of local communities. That’s a beautiful thing if you go with plans to explore, learn and meet the locals.”
The trio travels to 24 rental properties, including an igloo located in Finland, a Hawaiian-style cabin with its own waterfall, and a Mexico City apartment that looks like a snake.
Many of the featured vacation rentals have seen an increase in bookings since the eight-episode series dropped in June. Franco and her cohosts received screenshots from fans showing Franco their reservations.
Franco admits that he lives for stories and memories, and the igloo is a good example of this. It was absurd to sleep in an igloo. It was the most uncomfortable way to sleep.the most memorable.
“And Finland in wintertime was something outta a storybook. It was magic.”
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Franco felt it was crucial that the show featured affordable properties such as the $24 per night Ubud property, Bali, and more luxurious options such as the private island in the Bahamas.