According to data from Grand View Research, the vacation rental market was worth 82.63 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 4.7% over the next seven years.
Small-scale vacation rentals offer many benefits to the people renting them and the people renting them out.
As a renter, you can enjoy vacation-style amenities and locations without paying hotel rates. The vacation rental market allows homeowners to make money by renting out their own property.
As you try to stay ahead of the competition, you have to decide which platform is a good fit for your short-term vacation rental in Savannah, Georgia. Keep reading as this article examines and compares different vacation rental platforms as you focus on making a profit.
Expedia
Expedia is a travel website that offers secure booking for everything involving travel accommodations. When you list your vacation rental on Expedia, the listing is free with a commission that ranges from 10 to 30%.
The site draws millions of visitors, making it attractive to vacation rental hosts.
Expedia users can book a rental property along with flights and car rentals, making it very convenient for potential customers.
Airbnb
Airbnb might be the most known with its 6.6 million listings by four million hosts worldwide.
Listing the property is free, but hosts pay a service fee. The fee runs anywhere from 3-16% per booking.
One of Airbnb's benefits is the company offers peace of mind with a $1 million host guarantee and damage protection.
VRBO
The site, which specializes in U.S. vacation rentals, offers two hosting options. Hosts can pay a $499 annual subscription fee or a 5% commission plus service fees and a 3% credit card charge per booking.
One of the benefits of VRBO is that listings are private spaces only, unlike Airbnb. Private houses or apartments are sometimes more attractive to families looking for a place to spend their vacation.
Service fees for guests can be as much as 12% per booking, plus cleaning and pet fees.
Flipkey
The TripAdvisor-owned company gives vacation rental hosts access to a large number of users. Flipkey has fewer listings than other sites so using Flipkey lessens the competition.
The platform requires owner verification before listing any properties. It charges a commission for each booking.
You may list any type of property, including individual rooms.
Booking.com
What started as a hotel-only platform has turned into one of the top vacation rental sites.
Listing your property here will give it lots of exposure. Owners pay a commission for each booking at a rate much higher than Airbnb.
Because Booking.com also lists hotels, you'd have to compete with both hotels and other rentals. This might be a good thing as travelers not considering a vacation rental might reconsider.
Vacation Rental Platforms: Which One Reigns Supreme?
Now that you've seen how vacation rental platforms compare, which one seems like the best fit for your Savannah short-term rental property? Each platform comes with its pros and cons. Examine them carefully.
Do you need help marketing your coastal Georgia vacation property? We at PMI Coastal GA have a team of highly educated licensed professionals with extensive experience in real estate investments and property management.
Contact us today through our website or by calling 912.421.4902 to set up a consultation to discuss our services.
