Asia: South East Asian booking platform Agoda Outside has published a book on the growth and economic impact of the global home-sharing market.
The book, entitled “At Home Around the World: The Short-Term Rentals Handbook for Guests, Hosts, Neighbors, and Governments”, was written by travel industry experts Robert Rosenstein and Peter Allen. It outlines how home sharing is providing significant money in tax to cities, creating secondary industries and jobs and increasing revenue to neighbourhood businesses.
It has been written to highlight the home-sharing market’s rise, value and benefits to homeowners, travellers, and communities.
Rosenstein said: “Through our conversations with regulators and neighbourhood advocates around the world, we realised that governments are struggling with how to understand and anticipate the role that home sharing plays in their cities. As this relatively new industry has emerged, a patchwork of regulations has been created.
“We wanted to collect the lessons from these natural experiments and start to showcase how the successful approaches work,” he added.
The Agoda handbook says that the global sharing economy is growing at an annual rate of 30 per cent, compared to a forecasted three per cent annual growth rate for the traditional rental market, and is expected to equal that market by 2025.
The authors say that they are providing clear evidence of the economic upsides of home-sharing, from an estimated $2 billion in local global tax revenue forecast over the next decade, to the rise of supporting industries, including cleaning and security services as well as payment and marketing platforms.
Allen said: “Local host rentals augment supply during peak events, helping municipalities not only manage tourism surges, but also by channelling more resources to the local economy. And we also have reports showing guests stay anywhere from 25 to 50 per cent longer in a home-share as compared to hotels, which of course has incremental benefits to the local economy.”
The rise in local host rentals is encouraging more people to travel and enables them to stay longer than they would necessarily stay if they were in a hotel. Allen and Rosenstein are predicting that the overall travel and tourism market will expand, and that the growth of home sharing will stimulate innovation and create new companies and jobs.
The book reviews the global situation concerning government regulations and policies across the world. The authors also call for sensible regulation that brings together the interest of all stakeholders, based on four principles:
• Establish flexible limits, not bans
• Streamline licensing and registration requirements
• Make taxation simple and fair
• Build partnerships with local host service providers.
The handbook by Agoda Outside includes two chapters dedicated especially to hosts and guests, packed with checklists, sample communications and other practical advice.
At Home Around the World is available in eBook and paperback formats and it can also be accessed in PDF format at http://www.vacationrentalhandbook.com.