2019 North American Vacation Rental Industry Survey
VRMA is very excited to be conducting this annual survey moving forward; lots of the data contained in the results confirm some of the anecdotal trends we have been hearing in the industry, while some data sheds new light and clarity around certain aspects of the vacation rental ecosystem.
To put some quantitative analysis to these topics is key as VRMA continues to serve as a thought leader in this space. This type of data can inform our advocacy and education efforts, which are the pillars of our non-profit trade association. We are pleased with—and appreciative of—the number of property managers who took the time to complete this survey, and we will continue to grow the number of respondents to have even more statistically significant data moving forward.
The main takeaways from the survey are tied to growth in all aspects of the industry, including both revenue and expenses for property management companies. Year over year bookings are up across the board, not to mention anticipated increase in direct bookings. That’s tied to the increase in marketing spend and sophistication of distribution tactics and partners; there is a common sentiment that distribution costs are increasing. Overall tech utilization is up and growing as more potential partners enter the space. That said, there is still a sentiment and demand for even more tech to help lower operational costs. And not surprisingly, two major pain points persist: finding and retaining qualified staff, and dealing with potentially harmful regulations.
There are many more granular takeaways in this 100 page report related to revenue management strategy, specific distribution partner sentiment and trends, and the growth and sophistication of the urban property management segment versus the traditional beach & mountain vacation destinations.
Partnering with Transparent on this effort was an easy decision; we supported their European survey in 2018 while we were building out our own North American survey. It made a ton of sense to join forces for this effort to reach a broader audience, have some comparative data sets between European and Norther American property managers, and tap into Transparent’s analytical expertise. The results speak for themselves and we look forward to building on this partnership moving forward.