Saturday, April 05, 2008

Vacation Rental Homes Offer Bright Spot in Bleak Real Estate Market

Advertise your property to thousands of travelers.

According to research by Homeaway ( the rental network with over 95,000 listings) , a "record number" of vacation home owners are planning to rent their vacation homes. About 25% of purchasers of a second home intend to rent out their home, up from 14% in 2005.

It's not clear if this is because more of the puchases are for vacation homes, or if, in light of the current economic situation, more vacation home owners need the money! However, it is interesting that more and more people who initially did not intend to rent their vacation homes, now plan to do so. Again, it is possible this is because they need the money although the research also indicates that, after a couple of years of vacation home ownership, the owners realise that they are not getting as much use as planned, and, rather than seeing their vacation home lie vacant, they go ahead and rent.

I must admit, this makes some sense, although I have also seen the opposite, where some owners stop or reduce renting when they realise it is sometimes not as easy as it looks, and one bad experience with a renter can cause a lot of second thoughts.

The research also indicates that over 70% intend to use online vacation rentals sites, such as Homeaway, in order to find renters. The WVR Group, which owns Homeaway and many other vacation rentals sites, has made huge investments in the "vacation rent by owner" market in last few years, so they will no doubt be re-assured by the results of the research.

Of course, as a vacation home owner, it may not be good news that the level of competition for renters will become even more fierce.

You can find more details here ...

Homeaway Press Release

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