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AUSTIN, Texas – Sept. 5, 2013 – HomeAway Inc., an online marketplace for vacation rentals, says it saw strong performance for its vacation rental owners during the summer season.
The company’s summer report finds the average occupancy rate for vacation rentals at 77 percent for vacation rental owners who consider summer their peak season. These owners reported an average weekly rental rate of $1,778 ($254 per night) – a 19 percent increase over the same time period in 2012.
Comparatively, Smith Travel Research, Inc. reports the average occupancy rate for U.S. hotels for the summer season was approximately 70 percent – a two percent year-to-year rise – with an average room rate increase of 3 percent.
For the second consecutive year, nearly nine in 10 vacation rental owners (86 percent) report their summer business was about the same or better than last summer. And 95 percent of vacation rental owners said they did not lower their rental rates from last summer – 23 percent increased their rental rates.
One of the top concerns of vacation homeowners prior to opening their homes to travelers includes concern of losing money on the endeavor (23 percent). But the survey found that more than half (51 percent) of the owners who have a mortgage on their vacation rental home were able to cover at least three quarters of their mortgage payment – an increase of six percent year-over-year. Additionally, nearly three-quarters (70 percent) cover at least half of their mortgage payment – an increase of six percent over last year.
Prior to renting, vacation rental owners (35 percent) also worry about managing the home as a rental along with a full-time job or family obligations. The survey found that vacation rental owners spend an average of 8.4 hours per week marketing and managing their vacation rental properties.
“If the owner optimizes the time and effort put into managing their vacation rental, the return on investment is substantial,” says Brian Sharples, co-founder and chief executive officer of HomeAway.
Thirty-nine percent of owners originally purchased their vacation home for personal use. Nearly two-thirds of owners (66 percent) spent up to 28 days in their vacation rental in the past twelve months, and 76 percent cite personal or work reasons for not being able to spend more time in their vacation rental – not guest bookings.
Another 15 percent of owners classify their vacation rental as a future retirement home. The average age in which owners purchased their vacation homes was 48 years old – six years younger than owners in 2012 – and the average age in which owners began renting their vacation homes was 50 years old – also six years less than owners in 2012.
Locations
Traveler demand to fill vacation homes is rising in the Florida Panhandle, with Fort Walton Beach, Navarre Beach and Pensacola/Pensacola Beach leading the country as a vacation destination.
Compared to this same time last year, the growth of inquiries and new vacation rental listings in the Florida Panhandle is rivaled by its neighbors Captiva & Sanibel Island and North Carolina’s Outer Banks region, which shows strong performance from Duck, Kitty Hawk, Corolla, and Kill Devil Hills.
Ski spots Keystone and Durango, Colo., are also peaking, according to Home Away, along with Park City, Utah. Sunriver, Ore., a dark horse in burgeoning vacation rental markets, saw a 77 percent growth in vacation rental listings and traveler demand.
Markets with largest increase in new vacation rental listings
• Keystone, Colo.
• Sebago Lake, Maine
• Outer Banks, N.C.
• Sunriver, Ore.
• Port Aransas, Texas
• Captiva Island & Sanibel Island, Fla.
• Florida Panhandle
• Austin, Texas
• Savannah, Ga.
• Orlando, Fla.
Markets with largest increase in traveler demand
• Sunriver, Ore
• Park City, Utah
• Bryson City, N.C.
• Durango, Colo.
• Isle of Palms, S.C.
• Florida Panhandle
• Gulf Shores & Orange Beach, Ala.
• Clearwater, Fla.
• Newport Beach & Balboa Island, Calif.
• Captiva Island & Sanibel Island, Fla.
AUSTIN, Texas – Sept. 5, 2013 – HomeAway Inc., an online marketplace for vacation rentals, says it saw strong performance for its vacation rental owners during the summer season.
The company’s summer report finds the average occupancy rate for vacation rentals at 77 percent for vacation rental owners who consider summer their peak season. These owners reported an average weekly rental rate of $1,778 ($254 per night) – a 19 percent increase over the same time period in 2012.
Comparatively, Smith Travel Research, Inc. reports the average occupancy rate for U.S. hotels for the summer season was approximately 70 percent – a two percent year-to-year rise – with an average room rate increase of 3 percent.
For the second consecutive year, nearly nine in 10 vacation rental owners (86 percent) report their summer business was about the same or better than last summer. And 95 percent of vacation rental owners said they did not lower their rental rates from last summer – 23 percent increased their rental rates.
One of the top concerns of vacation homeowners prior to opening their homes to travelers includes concern of losing money on the endeavor (23 percent). But the survey found that more than half (51 percent) of the owners who have a mortgage on their vacation rental home were able to cover at least three quarters of their mortgage payment – an increase of six percent year-over-year. Additionally, nearly three-quarters (70 percent) cover at least half of their mortgage payment – an increase of six percent over last year.
Prior to renting, vacation rental owners (35 percent) also worry about managing the home as a rental along with a full-time job or family obligations. The survey found that vacation rental owners spend an average of 8.4 hours per week marketing and managing their vacation rental properties.
“If the owner optimizes the time and effort put into managing their vacation rental, the return on investment is substantial,” says Brian Sharples, co-founder and chief executive officer of HomeAway.
Thirty-nine percent of owners originally purchased their vacation home for personal use. Nearly two-thirds of owners (66 percent) spent up to 28 days in their vacation rental in the past twelve months, and 76 percent cite personal or work reasons for not being able to spend more time in their vacation rental – not guest bookings.
Another 15 percent of owners classify their vacation rental as a future retirement home. The average age in which owners purchased their vacation homes was 48 years old – six years younger than owners in 2012 – and the average age in which owners began renting their vacation homes was 50 years old – also six years less than owners in 2012.
Locations
Traveler demand to fill vacation homes is rising in the Florida Panhandle, with Fort Walton Beach, Navarre Beach and Pensacola/Pensacola Beach leading the country as a vacation destination.
Compared to this same time last year, the growth of inquiries and new vacation rental listings in the Florida Panhandle is rivaled by its neighbors Captiva & Sanibel Island and North Carolina’s Outer Banks region, which shows strong performance from Duck, Kitty Hawk, Corolla, and Kill Devil Hills.
Ski spots Keystone and Durango, Colo., are also peaking, according to Home Away, along with Park City, Utah. Sunriver, Ore., a dark horse in burgeoning vacation rental markets, saw a 77 percent growth in vacation rental listings and traveler demand.
Markets with largest increase in new vacation rental listings
• Keystone, Colo.
• Sebago Lake, Maine
• Outer Banks, N.C.
• Sunriver, Ore.
• Port Aransas, Texas
• Captiva Island & Sanibel Island, Fla.
• Florida Panhandle
• Austin, Texas
• Savannah, Ga.
• Orlando, Fla.
Markets with largest increase in traveler demand
• Sunriver, Ore
• Park City, Utah
• Bryson City, N.C.
• Durango, Colo.
• Isle of Palms, S.C.
• Florida Panhandle
• Gulf Shores & Orange Beach, Ala.
• Clearwater, Fla.
• Newport Beach & Balboa Island, Calif.
• Captiva Island & Sanibel Island, Fla.
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