Whether you are a host looking to start with a single vacation rental or you are a property manager looking to manage 100+ listings across multiple OTAs, running a profitable, efficient vacation rental business requires vacation rental software.
According to Statista, based on the current boom in the vacation rental industry and the market's projected growth, it is predicted that Revenue in the Vacation Rentals segment is projected to reach US$96.85bn in 2023. The number of users is expected to amount to 899.0m users by 2027 with user penetration predicted to be 10.9% in 2023 and expected to hit 11.3% by 2027.
Also noteworthy in the news, PRNewswire reports that the global Vacation Rentals Market size was valued at $91.2 billion in 2021, and is projected to reach $315 billion by 2031, growing at a CAGR of 12.4% from 2022 to 2031.
__Graph Source: Statista __
In light of the statistics, it is fast becoming a highly lucrative industry that is gaining steady momentum, and so to assist aspiring hosts entering this industry as well as seasoned property managers, we've compiled a list of the best vacation rental software on the market in order to provide easier access to these valuable insights.
Vacation rental refers to properties let out on rent to guests as an alternative to hotels which consist of short-term stays of less than 30 days. A short-term stay can be booked using an OTA such as Airbnb, VRBO, Booking.com, etc., through which you can offer an array of furnished accommodations, including serviced apartments, campsites, glamping, tent cabins, private rooms, and entire homes
Vacation rental properties are aimed at catering to short-term stay guests and in some cases hosting mid-term or long-term guests. Therefore, as a property manager, this entails hundreds of hours spent engaging with potential guests, corresponding, monitoring payments, invoicing, plus managing bookings. Adding to the list - ensuring rooms are clean and maintained to the highest standard, with all appliances functioning before the next guest arrives. Even the most experienced property managers can be burdened with managing rentals given that these are only top-of-funnel responsibilities.
The tedious and time-consuming grunt work can be reduced when you switch to using vacation rental software. With the added benefit of automation tools to help speed up some of your work, which is discussed below in length.
Vacation rental software is designed to assist property managers and hosts in renting out their apartments, private rooms, hostels, or entire homes to vacationers. In addition to automating manual processes, the software helps short-term rental businesses scale and make healthy decisions.
Leading OTAs integrate with vacation rental software, including Airbnb, Vrbo, Expedia, Booking.com, Marriott, etc. In addition to providing high-performance property management features, vacation rental software solutions also integrate with property management service providers so that hosts and managers can automate, scale, and grow their businesses in the long run.
These are some of the key features to look out for when selecting vacation rental software to run your short-term rental business.
1. Channel management
Allows you to promote your property on multiple OTAs by connecting your rates, availability, and content in one place.
2. Multi-Calendar
All of your reservations are available in one place with options to organize them by date, unit, channel, payment status, etc.
__3. Manage Bookings __
You can set up, modify, or cancel reservations to make sure all guest information and availability are up-to-date.
4. Guest communication
Configure automated messages that include check-in / check-out instructions, answers to queries, send guests your welcome manuals and house rules or simply send special offers from one unified inbox.
5. Integrations
Make sure the vacation rental software can be integrated with third-party tools and software. This helps to maximize the functionality of your vacation rental software and is designed to help hosts to automate, scale, and grow their businesses.
6. Financial accounting tools
Accounting features that ensure accurate tax and commission remittances and collections from guests.
7. Payment processing
Integrate your payment processor to charge payments and deposits or even automate payments.
8. Reporting and Analytics
Track metrics such as occupancy, RevPAR, and guest reviews with customized reports and dashboards.
9. Direct website builder
Ability to publish a fully customizable, branded website that allows guests to learn about your property and book online.
10. Mobile Application
The capability to manage all key features and functionality on the go. This includes all the above-mentioned key features, all conveniently located in your pocket.
Assessing your vacation rental needs is the first step in choosing the best vacation rental software. Determine whether you need a more advanced tool for managing bookings and analytics or one for just managing bookings. The choice is entirely up to you!
The following are the top 5 software providers ranking in the industry where you can identify features and functionality, pricing, and ratings.
The market leader, Hostaway is one of the most rapidly growing robust property management systems, providing an end-to-end platform to automate and simplify every part of the job of a short-term rental host or property manager. Hostaway is the highest-rated property management system for Airbnb hosts and vacation rental managers.
As a vacation rental software and channel management provider, Hostaway aims to deliver the best solutions to the vacation rental industry with unparalleled customer service and engagement. In addition to booking engines and WordPress websites, Hostaway also offers marketing and sales tools to help you manage your valuable direct bookings. Using this software, you can train employees while boosting business. You can also manage payments, owner statements, accounting, smart locks, and so much more.
In addition to configuring the platform according to your needs, the customer success team trains you and your staff on all the features.
Hostaway is a preferred and elite partner of Airbnb, Vrbo, and Booking.com and also has partnerships with Google Travel, Homes and Villas by Marriott, Hopper, and TripAdvisor just to name a few amongst many others. Hostaway has an open API which means that developers can build right to their product. Hostway’s marketplace boasts integrations ranging from key distribution channels to payment processors all the way to advanced pricing optimization software so you can run your vacation rental with the sophistication of a major hotel chain.
Entrepreneurs, Large Enterprises, Mid-Size Businesses, Small Businesses
English, Czech, Danish, Dutch, French, German, Greek, Portuguese, Spanish
Email/Help Desk, 24/7 (Live rep), Knowledge Base, Chat, FAQs/Forum, Phone Support
GetApp 4.7/5 (424) G2 4.8/5 (127) Software Advice 4.72/5 (424)
You can also read here, real Hostaway Case Studies from successful and growing Short-Term rental managers!
With Hostaway, you can choose from different monthly subscription plans to meet your specific requirements.
Free Trial? No
Hostfully is a property management platform and direct booking website builder. With features designed to help manage and grow property management operations.
Business owners can manage marketing campaigns, collect security deposits from clients, and see how many bookings have been made on specific dates using the Hostfully Property Management Platform. Among the other features are a centralized calendar, a contact database, expense management, reporting, team collaboration, instant messaging, and more.
Hostfully connects with leading OTAs including Airbnb, Booking.com, TripAdvisor, Vrbo, Vacaymyway to name a few. They offer API integrations and channel management features via their marketplace, partnering with industry-leading software providers.
Entrepreneurs, Large Enterprises, Mid-Size Businesses, Small Businesses
English
Knowledge Base, FAQs/Forum, 24/7 (Live rep), Email/Help Desk, Chat
GetApp 4.3/5 (102) G2 3/5 (2) Software Advice 4.30/5 (102)
Starting at $99 Request for quote for more detailed pricing details.
Free Trial? No
OwnerRez is a comprehensive booking management engine. OwnerRez is an established vacation rental management solution that's ideal for rental owners with up to 3 properties. With OwnerRez, you can manage bookings and maintenance, schedule payments, and access insightful reports.
OwnerRez can integrate with OTAs including Airbnb, Booking.com, TripAdvisor, and Vrbo. They offer a series of integrations via API and Channel Management features based on your user type. These third-party management tools are listed on their integration marketplace.
Entrepreneurs, Mid-Size Businesses, Non-Profits, Small Businesses Language Support: English
FAQs/Forum, Knowledge Base, Email/Help Desk, Chat
GetApp 5/5 (143) G2 5/5 (23) Software Advice 4.96/5 (143)
Starting at $35/mo for 2 properties
Everything but the Premium Features are included - even things like channel management, triggers, digital signatures, auto-responders, rich reporting, and many other powerful features.
Premium features include:
Free Trial? Yes
An innovative all-in-one vacation rental marketing solution, Lodgify is a cloud-based software system designed exclusively for vacation rental owners and property managers. In addition to building an optimized vacation rental website that accepts credit card payments, Lodgify's software also helps users manage all of their operations on a daily basis. With the channel manager, users can sync calendar availability, reservations, photos, and information with major booking channels. The Lodgify website builder is one of the best on the market. Its templates allow you to edit widgets and add your own custom text easily. You can even upload videos, maps, and custom code.
Lodgify integrates via API and real-time synchronization with vacation rental channels Airbnb, HomeAway/Vrbo, Booking.com, and Expedia as well as third-party management tools listed on their integration marketplace
Entrepreneurs, Large Enterprises, Mid-Size Businesses, Small Businesses
German, English, Italian, Spanish, French
24/7 (Live rep), FAQs/Forum, Email/Help Desk, Knowledge Base, Chat
GetApp 4.5/5 (607) G2 3.4/5 (11) Software Advice 4.47/5 (610)
Starting at $17 Per month
Lodgify offers scalable subscription plans based on a monthly fee, for both vacation rental owners and managers with 1 to 500+ properties. No set-up fees and no commissions
Free Trial? Yes
Developed to support entrepreneurs and property owners looking out to refine their businesses, Liverez is a cloud-based vacation rental management software. The software facilitates the management of reservations, connects to OTAs, automates accounting, and tracks the operations of listed properties. Features also include an intuitive booking grid, integrated websites, a booking engine, owner/guest portals, CRM, lead management, work order management, reporting, automated accounting and communication, and track operations.
LiveRez offers integrations with a number of credit card processing vendors, travel insurance providers, as well as providers of smart home automation. In addition, they provide direct connections to listing sites such as Airbnb, VRBO, Google Vacations, and HomeToGo.
Entrepreneurs, Small Business
English
FAQs/Forum, Email/Help Desk, Chat, Knowledge Base, online help and training resources such as videos and articles
GetApp 4.6/5 (84) G2 /5 (3) Software Advice 4.63/5 (84)
Starts from $550/per month Request for demo and individual price package Subscription model
Free Trial? No