More tourists opting for rentals
holiday home rentals are the second most popular accommodation choice for 2010 holidays. Whilst 45% of Brits will stay in a hotel for their main 2010 holiday, 17% will opt for a holiday rental, versus 12% for a campsite or caravan and 5% for a B&B**. The rapidly growing trend for holiday rentals among UK travellers has contributed to the company’s global revenue of approximately £75 million ($120 million) for the year ended 31 December 2009, representing an impressive year-on-year increase of 45%, achieved against the backdrop of a recession. The results also reveal that over one third of the revenue was earned in Europe. This represents the ongoing success and expansion HomeAway has been experiencing since it was founded in 2005. Continued Friedmann: “HomeAway has experienced an average annual growth rate of 95% since its foundation in 2005, driven by an equal mix of acquisitions and organic growth. However, the holiday rentals market remains a relatively undeveloped sector, with huge potential for further growth. HomeAway’s consolidation of this highly fragmented industry only began in 2005, with the focus on creating one easily accessible marketplace for owners and travellers. Now, our main objective is to increase market share through the introduction of new services that will make holiday rentals as popular as hotels.” The company represents around 430,000 paid listings in more than 120 countries, almost half of which belong to its European sites, including the two leading sites in the UK: HomeAway Holiday-Rentals and Owners Direct. The holiday rentals industry is one of the most underestimated and under-studied, but fastest-growing sectors in online travel, and HomeAway is the undisputed market leader.