Is Vacation Rental New Big Thing?

Prachi Garg, Founder, GhoomophiroHaving completed her PGPM ­ IT Operation & Marketing from the Great Lakes Institute of Management, Prachi, in her 15-years long career, has worked with an array of companies such as DDNews, EETIndia, and Sapient India, prior to incepting Ghoomphiro in 2011.

Whether you are a wander-lust, or addicted to re-treats; whether you believe in exotic locations, or prefer your holidays in perfectly manicured hotspots; your choices are plenty. Hotel bookings, B&Bs or camps, for the ad-venturous souls, have been trending high with the world opening-up to travelling. But there's a new trend kicking-in that for the most avid travellers, has been a habit. For the new ones however, vacation rentals are fast catching on.

Travellers now prefer that instead of being cooped into hotels, they can choose a home away from home, with choicest decor, luxury of variety, and a very own help for customized services. These custom-made spaces can be rented-out for long durations for when you have a long time in hand and really want to unwind in that pool or party all summer. Depending on what your budget and requirement is, all sorts of vacation rentals are available at comfortable locations around the world, wherever you go. With the trend catching-on, the vacation rental is becoming a hot choice. Just in the year 2014, this sector accounted for a business of $1.9 billion!

With people willing to stretch boundaries of how they want to see the world, the facilities and resources are also getting imaginative in their availability. A vacation rental is just an ideal example of how you can modify your experience of travelling, just the way you'd want it. This appreciable advantage of home rentals over hotels is now forcing the giants in the hospitality industry to diversify and acquire many individual as well as organized properties to compete in the market for the new trend. Airbnb, and Expedia are just two names to mention in this fast evolving race.
From across the world, travellers can be put into different buckets. You could be the adventurer, dying to see what's beyond. You could be the explorer of all things available. Then there is a possibility of you being the nestler, who likes to travel with the cosy setup tugged close by. You could be a family pack kind of per-son who likes to share your moments of joy with dear ones. Furthermore, you could be a soul-searcher, exploring the inside and the outside world, as you trot the globe alone. Irrespective of who you are and what hat you wear, a vacation rental home is sure to catch your attention and fulfil your needs. And surely enough, there has been plenty of attention being given to this segment as of now. As per Ever core ­ the financial service giant based out of New-ark - this market is currently worth $100 billion!

Anyone who wants a real experience knows the value of stepping into a city instead of lingering near the facades of hotels, touristy squares or the top-5 restaurants listed on websites

What is making renting such homes even more trendy is the cool they provide into whatever place you are visiting. Gone are the days when one would pick-up a brochure, book a guide and tick mark ‘all places to visit' at popular tourist destinations. You are not a tourist anymore. In-stead, you have become a traveller! And this is where a vacation rental adds immense value, showing you the inside of a local life, giving you an opportunity to chit chat with your help, engage in a friendly neighbor-hood banter or walk down the streets of where the actual people live. Now, anyone who wants a real experience knows the value of stepping into a city instead of lingering near the facades of hotels, touristy squares or the top-5 restaurants listed on web-sites. The trend of ‘living it’ is really bending towards picking-up homes on rent for a realistic experience.

And yet, there is a whole de-bate and legality issue as far as vacation rentals are concerned, amidst an already controversial world of hospitality. The conflict of interest between conversion of residential property to a commercial one, the complaints arising from competing accommodation properties, and the whole issue of neighbourhood com-plains have all been posing as considerable hiccups. Despite the odds however, the revenue generated from home rentals is believed to have an annual growth rate of 9.7 percent!

With global trends and a variety of opportunities opening-up, the new ‘in’ thing to do is take your work with you to a new place. Several people are now choosing these rental homes to settle for a couple of months or even more as they dive deep into their projects with the right frame of mind. Inclusion of latest technology, internet access and mobility have further improved the position of vacation rentals as a preferred location even for professionals.

As a more economic option, lesser compliance regulation and visible tax evasion, the vacation rental has been booming as an industry. Its growth is promising. However, one has to look-out for regulations to see how this almost unorganized sector will match the hospitality professionalism.