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From Wikipedia

Vacation rental is a term in the travel industry meaning renting out a furnished apartment or house on a temporary basis to tourists as an alternative to a hotel. Vacation rentals are becoming increasingly popular in Europe (especially in the UK) as well as in Canada. In some cities, like Barcelona, local authorities determined that vacation rentals were becoming a threat to the hotel industry and passed some legislation placing regulations and limits on the industry.

Pros and cons of vacation rentals

In the United States, hotels often enjoy the advantages of brand recognition, familiar reservation processes, and on-site staff for problem resolution. For a guest, booking a vacation rental often meant stepping out of that comfort zone. Perceived cons of vacation rentals include having to communicate directly with the property owner, being unfamiliar with the property, lack of on-site staff, and concerns about quality or cleanliness.