The holiday rental market closed in 2022 with good data. The upward trend it had experienced after the stoppage of the pandemic was maintained and consolidated. The result was positive data for the sector: on the one hand, an occupation that reached record figures and, on the other, higher profits thanks to an increase in prices. The upward trend in the market in the coming months could continue, albeit with some clarifications.
Forecasts for the holiday rental market
Despite the growth of the past months and the good prospects for the coming ones, we must remember that the holiday rental industry is sensitive to current social and economic outcomes. Therefore, it could imply changes in consumer behaviour to which it is essential to adapt.
What evolution will tourist rentals follow? Some information already gives us some ideas of the path they will follow.
1. Last-minute bookings in the holiday rentals
Already in 2022, last-minute bookings increased significantly compared to previous years. The economic evolution and the desire to find cheaper offers are the reason for this trend that, in principle, could not only continue but also increase.
On the other hand, returning to in-person work means that many workers who previously teleworked in other cities or countries have shorter periods for remote working. Moreover, they cannot confirm their stays out of the office months in advance.
2. More international travellers
Another established trend in recent years is the search for destinations abroad. Thus, everything indicates that international tourism will take over a good part of the offer of the holiday rental market in 2023. It does not mean, however, that domestic demand will decline.
3. No change in direct bookings
Most holiday rental bookings get done through intermediaries, specialized agencies, accommodation search platforms and real estate portals. It saves time and resources for the owner, and it is convenient for the customer too. For this reason, it is not foreseeable that the percentage of direct bookings will experience a significant variation.
4. Prices remain unchanged
Holiday rental prices have suffered notable increases in recent years. However, 2023 could be a year, if not of stagnation, then of more moderate increases due to the economic situation, among other reasons. In any case, the economic scenario will mark their evolution in the coming months.
5. Greater offer of holiday rentals
In this regard, there are two essential factors. Firstly, properties that left the holiday rental market to go to the long term are now returning to it. The latest price control measures imposed on long-term rentals and the good prospects have encouraged this change. Secondly, there is an increase in the number of homes that are first-timers holiday rentals.
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