which are rentals. The vacation rental market is much larger in Europe than in the United States, and Florida is a popular destination for villa holidays for Europeans. Comparison with other accommodations Consumers unfamiliar with the concept of a vacation rental may confuse it with the seemingly similar but distinctly different timeshare. Many timeshare resorts offer quarter ownership, which provides 13 weeks of use or rental. A timeshare can still be made available as a vacation rental should an owner decide to put his owned week(s) on a vacation rental program. Also, a large segment of the 21% of unsold and therefore still resort-controlled inventory is made available as vacation rentals. In 2014, this was a $1.9 billion business. A timeshare is a piece of real estate—often a fully furnished condominium—that is jointly shared by multiple owners. While different types of timeshare ownership exist, in general, each owner bears a portion of the responsibility, along with the right to a segment of time in which he or she is granted sole use of the property. Timeshare resorts allow financially qualified guests to rent and tour their unowned properties and then make those properties available to the guest for purchase. Timeshare owners can also choose to bank their week with an exchange company such as RCI or Interval International or rent the unit. Traditional hotels generally do not include vacation properties. However, some contemporary resort developments include shared ownership components such as villas and condominiums that can be either rented through the hotel or rented out by their owners either directly or through agencies. Vacation rental market size Evercore estimates the global addressable vacation rental market to be $100 billion, with two-thirds of the market "for rent by owner". Online, listing services, agencies, and management companies Vacation rentals and villa rentals are arranged either direct with the owner or through an agency, usually via the internet. Many owners have their own websites, but most also use listing services, which display property information and photos provided by the homeowner. Because each property owner has his or her own deposit and payment requirements, cancellation policies, key-pick-up procedures, etc., a guest contacts the property owner directly in order to book. There are different kinds of listing sites, with different specialisms (for example, destination-specific, luxury, rural, etc.) and features (such as instant booking or loyalty programs). In November 2015, Expedia bought HomeAway (which also owns