U.S., Dec. 1 -- Over the years, the vacation rental industry became a huge business, with millions of tourists choosing fully furnished homes or apartments instead of a traditional hotel or motel experience.

However, the COVID-19 outbreak caused an enormous financial hit to the entire market, cutting down revenues of both the big players like Airbnb or Booking.com and smaller vacation rental owners and property managers.

According to the latest data, the revenue of the global vacation rental industry is expected to plunge by $35 billion in 2020, a 42% drop year-over-year.

Airbnb, Booking.com, and Expedia Witnessed a 90% Plunge in Reservations

The vacation rental segment includes private holiday homes and houses and short-term rental o...