The vacation rental industry is dramatically different from what it was a few decades ago. What was once a little cottage industry (no pun intended) is now a billion dollar business! In fact, research and markets predict that the global vacation rental industry will reach $169.7 billion by 2019. Although buzz words like “hotelification” and “vacationer automation” are bantered about a lot lately, here on the Cape and Islands, we still love the interaction with our guests.
I recently sat down with one of our homeowners, Roselle Levy, to talk about how the industry has changed over time. Given that she’s been renting out her vacation home on Martha’s Vineyard for 20 years, she is the perfect person to chat with about the subject.
Some of the topics that Roselle and I touch upon are:
- How she advertised 20 years ago
- Communication with vacationers
- Is more technology needed?
- How big box sites have shaped the industry
- Where is the industry headed?