Development of
the Vacation Rental Industry

Airbnb was founded in San Francisco, California in 2008 and as of today, it is the top trusted vacation rental website along with others like HomeAway, VRBO, Booking.com, Tripadvisor, etc. But did you know that long before Airbnb boomed in the market, the vacation rental industry goes way back as mid-1600s?
Here are some interesting facts about the historical development of the industry:
Louis XIV's Palace of Versailles was the first vacation property during that time.

The idea of vacationing in someone's home grew in popularity by the 1800s. The invention of the telegraph in 1837 has helped the vacation rental bookings and the pre-internet era used paper for advertising. In the 1950s the industry became more popular.

The industry of vacation rental expanded professionally in 1985 with the creation of the Vacation Rental Management Association or VRMA. The association is used by property managers and other hospitality industries and has helped members communicate and connect with vendors and rental managers globally.

In 1995, together with the popularity of the internet, the online marketplace became a popular site for rental bookings. By 2015, the vacation rental industry is worth an estimated $85 billion, and so the growth of vacation rentals increased by 57%. Since the industry is growing, innovations and merging of companies are happening. In the same year, an online vacation rental channel called Vacation Rentals by Owner (VRBO) was launched. The popularity and growth of the online platform have made a lot of creations and merging of channels over the years.

By August 2008 Airbnb was founded, emphasizing and popularizing online booking. Airbnb is short for AirBeds & Breakfast. Their goal is to connect travelers with local property owners who don't want to stay in a hotel and are also considering their budget.Its website was launched for the Democratic National Convention because of the shortage of hotel rooms. In 2009, the name was changed to Airbnb and expanded their offer from room to apartments, houses, and vacation rentals.

In February 2018, new categories such as Airbnb Plus was launched. This program allows hosts to apply to receive a "Plus" classification that recognizes listings with exceptional quality, comfort, and style. As we speak, Airbnb is continuously growing with 6 million listings worldwide.
Online bookings are now considered the mainstream option for vacation rentals. Professionalism and customer experience are also a big part that the consumers are looking for in a deal. Since more rental services are being offered now, consumers are also looking into other services that can be provided. Examples are self-help tools for check-in/check-out, marketing services, business practices, and innovations like providing "Smart home" locks, burglar alarms, and many more.

The vacation rental industry expands rapidly and there is a lot of potential for it in Switzerland. We at Airhosted will help you to develop a subsidiary income from your unused property! All you need to do is contact us.

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