The Recession Causes Vacation Rental Boom
- Categorized in: Vacation Rental Articles
Unlike other industries, the vacation rental industry has managed to experience growth during the recession. The industry manages to stay strong, no matter what the economic climate is. This is good news for homeowners and travelers.
There are many reasons the vacation rental industry is recession proof. By examining these reasons, both homeowners and renters are able to see why vacation rentals are a good choice.
Many people who own second homes are now renting them out so they can make extra money during the recession. The extra income provided by the vacation rental allows them to pay their mortgage, as well as have extra money for bills and expenses.
This is a positive situation for the vacation rental industry. First, more rentals mean more choices. In addition, the extra choices mean greater competition. Competition helps with quality and pricing. Homeowners have to offer competitive pricing in order to attract renters, and they also have to provide high quality accommodations.
Recessions cause people to examine the value they receive for their money. Those who stay in hotels are often frustrated by the lack of space and amenities they are provided. This frustration has caused many people to stop staying in hotels when they travel. They want value, and they do not feel they receive value when they stay in a hotel.
Instead, they are turning to vacation rentals. They enjoy the additional space, privacy and amenities that come with a vacation rental. People are pleased to get more value for their money. Instead of being crammed into one room during their stay, they have a spacious home to roam around in. They are able to get more out of the trip, and they feel confident that they got their money’s worth.
Travelers looking to save money on their vacations also enjoy the full kitchens provided with vacation rentals. When people stay in hotels, they typically purchase their meals at restaurants. This can add hundreds of dollars onto a week’s vacation. With vacation rentals, they can buy groceries and prepare their own food. This saves them a great deal of money. Full kitchens allow more people than ever before to travel. They can vacation on a tight budget since they don’t have to eat out during their trip.
The recession has caused people to examine the differences between vacation rentals and hotels. Upon examination, travelers realize vacation rentals are the better option. Those who stay in vacation rentals enjoy the recession proof benefits that make these homes the preferred choice over hotels.