After cities started turning into business and trade centers, people who worked and resided there started feeling the need to have a place where they could go off to and relax, away from the hustle and bustle of the city. They started craving for a peaceful and serene environment, similar to that of a countryside or a place with a warmer atmosphere. This is what sparked the idea for vacation homes. Simply put, a couple that resides primarily in Maine may own a vacation home in Florida and decide to visit it during Maine’s coldest months. As for what to do with a vacation property for the rest of the year; one could choose to rent it out to other people for the time it is vacant.
Vacation rental properties have been around for quite some time and aside from providing the homeowner with a place to get away, they also serve as a means of income for many. People who only stay at their vacation properties for a few months in a year have the incredible option to rent out their vacation properties to other people and enjoy the benefits of passive income. Evercore estimates that the global vacation rental market amounts to approximately $100 billion. The vacation rental industry is getting more and more attention recently, especially due to the drastic increase in entrepreneurs and business experts realizing its potential. Until recently, the industry was thought to have every aspect of the vacation rental business model covered however, upon closer inspection, many entrepreneurs found gaps that could be filled and problems that could be fixed, which brought technology into the field. With many startups and businesses aiming to revolutionize the vacation rental industry, Rented.com came out on top and began setting new trends for others to follow.
Developed by the entrepreneur and Wall Street Journal bestselling author, Andrew McConnell, Rented.com became the leading provider of technology, tools, and services to help vacation rental professionals optimize their portfolio of properties. ‘Art,’ the platform’s Automated Rate Tool, is the only dynamic pricing software built for and by professional short-term rental revenue managers. The tool allows in-house specialists to set the right price for every property, with intelligent rate recommendations and easy custom adjustments. Additionally, Rented’s revenue management service provides a dedicated revenue manager that specializes in handling every detail: setting prices, monitoring performance, and making custom adjustments.
In November 2022, Rented was acquired by TravelNet Solutions; Rented was not the first venture of McConnell aimed at the hospitality industry. McConnell, who is a former member of the US National Team and an international medalist in Open Water Swimming, founded and ran VacationFutures, Inc. as well as Rented Capital, LLC, prior to launching Rented. McConnell who has worked with some of the world’s largest public and private entities as a management consultant including, McKinsey & Company, and as a Director, Solutions Design at Axiom Global, Inc., revealed that he got the idea of Rented after overhearing two individuals discussing their worries regarding their vacation homes. Rented Inc. was awarded in the VRTECH Startup Competition in 2021 and was also listed in Inc. 500 in 2019 and 2020 under McConnell’s leadership. It was also ranked 4th on the FT rankings of America’s Fastest-Growing Companies in 2021.
McConnell, who did his bachelor’s in History from Harvard University in 2003, his LL.M. degree from the University of Cambridge in 2006 and a Doctor of Law (JD) degree from Harvard Law School in 2007, has tried his hand in a number of industries and has made himself known in one way or another; from excelling in athletics to putting his law degrees to good use at various firms including, Eversheds Sutherland (US) LLP and Ashe, Rafuse & Hill, as well as, Merrill Lynch. Due to his experience and expertise, McConnell is not just quoted in articles in renowned publications but also spares time to write and contribute to Forbes, Inc., and Huffington Post, among other outlets. He also authored a book in 2022 called, Get Out of My Head: Creating Modern Clarity with Stoic Wisdom.