According to the Zonder survey, the vacation rental industry hasn’t been adversely affected by the recent downturn in the worldwide economy. In fact, the vacation rental industry appears to remain strong as dictated by 100% of the property management companies surveyed.
Here are the Zonder survey results:
• While 100% of PMCs reporting said the number of bookings has remained steady, over 40% have seen an increase in bookings
• 100% of PMCs said revenue was comparable or better than last year
• No PMCs reported a decline in inventory and 60% have seen steady inventory growth
• 50% of PMCs reported that, more than ever, owners are relying on management companies to increase occupancy rates in order to maximize secondary income
In response to the survey results, Zonder CEO, Bob Barnes commented, ‘We’re seeing a sharp increase in people choosing a vacation rental within driving distance rather than paying for airfare and staying in a hotel. Vacation homes have always been a great value, but especially during tough economic times. In addition to saving on lodging costs, travelers get the benefit of having increased privacy, common family/living/dining areas, and the ability to save by eating meals at home. This study underscores the value of vacation home rentals and the evergreen nature of the vacation rental industry.’
Here is the full article about the growth of the vacation rental industry remaining steady.