Vacation Rentals & Current Travel Trends

VACATION RENTAL TRAVEL INSIGHTS

• Today, more leisure travelers than ever (24% ) have stayed in a vacation home rental as an alternative to a traditional hotel or resort during the past two years, and 23% have stayed in a condominium resort. This is an increase in the incidence of vacation rental travel compared to just two years ago in 2010, which reported 20% and 22%, respectively. Similar studies with differing methodologies also point to growth growth - For example, the Ypartnership / Yankelovich, Inc. 2009 National Leisure Travel MONITOR (SM) reported that 14% of leisure travelers had stayed in a vacation home or condominium that they owned or rented during the previous 12 months, which was up from 11% in 2008. (MMGY Global/Harrison Group 2012 Portrait of American Travelers)
• 47% of leisure travelers are interested in staying in a vacation home rental as an alternative to a traditional hotel or resort during the next two years, and 46% are interested in staying at a condominium resort. This also shows a statistically significant difference from 2010, which reported interest from 44% and 46%, respectively. (MMGY Global/Harrison Group 2012 Portrait of American Travelers)
• Americans will continue to seek out more value for what they pay in 2013, which is one of the many reasons vacation rentals are growing as an attractive option. More than nine in 10 (94%) leisure travelers say “value for the price” is the primary reason for choosing vacation rental lodging, as they often provide a huge cost savings as compared to other lodging options. (MMGY Global/Harrison Group 2012 Portrait of American TravelersSM)
• The top five reasons leisure travelers choose vacation rentals as an alternative to staying in a traditional hotel or resort are: (1) Value for price (94%); (2) Privacy (90%); (3) Full kitchen facilities (87%); (4) Amenities (84%); and (5) More space overall (81%).

• Today, companies are making it easier to find and book vacation rentals online - according to a recent industry survey by the Vacation Rental Managers Association, approximately 60% of companies agree that more than 20% of their bookings came from the Web, with nearly 93% of all companies now offering the capability to book online.

• Fully one out of four (24%) family travelers has stayed in a vacation home or condominium rental as an alternative to conventional hotel/resort lodging on a vacation last year. (Ypartnership/Harrison Group 2010 Portrait of American TravelersSM)

"TOGETHERING" TREND AND VACATION RENTALS

• Year over year, trips taken with children, extended family and friends represent one of the only consistently rising types of leisure travel. What’s more, nearly one-quarter (23%) of leisure travelers are grandparents, and more than one-third (37%) have traveled with their grandchildren on one or more leisure trips during the past 12 months. As this “togethering” trend increases in popularity, travelers are selecting vacation rental homes for a sense of privacy and comfort under one roof. (MMGY Global/Harrison Group 2012 Portrait of American Travelers)
• The emergence of “Celebration Vacations” has boosted the growth of the vacation rental category, as well, with 69% of leisure travelers having taken a vacation to celebrate a special occasion. These trips are ideal for staying in a vacation rental, as there are more people in the average traveling party. (MMGY Global/Harrison Group 2012 Portrait of American Travelers)