Vacation rental
Temporary rental of furnished homes as hotel alternatives.
Last updated
Some vacation rentals offer hotel-like services including front desk check-in, 24-hour maintenance, and concierge service.[1] Some furnished properties like condominiums or apartments that are rented short-term can provide hotel-like services such as front desk check-in and 24-hour maintenance.[1]
Quick Facts
- Global market size
- $100 billion (Evercore estimate)
Facts from the source article.
Key facts and history
In 2014, the unsold timeshare inventory made available as vacation rentals represented a $1.9 billion business.[2] Many resort-condominium complexes that previously only offered purchase options now offer daily vacation rentals.[1] An owner of a timeshare can choose to list their owned week(s) as a vacation rental through a rental program.[2] Expedia acquired HomeAway, which owned VRBO and other brands, in November 2015 as a move to rival Airbnb.[3]
These management firms typically charge a commission that falls between 20% and 50% of the revenue they generate.[4] Instead of commissions, some management firms purchase all the weeks a homeowner wants to rent in one transaction, which guarantees the homeowner a fixed income.[5]
What the cited sources add
San Diego implemented a 1% cap on non-hosted, whole-home short-term vacation rentals citywide, limiting the city to about 5,364 such rentals.[6] Mission Beach is exempt from the 1% cap and instead has a 30% community cap, allowing roughly 1,081 short-term rentals there.[6] The new caps will reduce San Diego's estimated 12,300 short-term rentals by 48% city-wide.[6] Carmel Valley realtor Megan Eskey stated that as short-term rentals increase, the livability of a town goes down.[6]
References
- Wikipedia, "Vacation rental" (CC BY-SA 4.0), which cites: "Phocuswright 2015: Vacatia launches family resort holiday rental marketplace", Travolution (original not read by us) en.wikipedia.org
- Wikipedia, "Vacation rental" (CC BY-SA 4.0), which cites: "Vacation rentals - statistics & facts", Statista (original not read by us) en.wikipedia.org
- Wikipedia, "Vacation rental" (CC BY-SA 4.0), which cites: Dulaney, "Expedia to Buy Vacation Rental Site HomeAway for $3.9 Billion", Wall Street Journal, 4 November 2015; Hawkins, "HomeAway, the world's largest vacation rental site, is rebranding itself as Vrbo", Austin American-Statesman, May 3, 2019 (original not read by us) en.wikipedia.org
- Wikipedia, "Vacation rental" (CC BY-SA 4.0), which cites: "Investopedia". Web. 30 June 2014.; "HomeAway" . Web. 30 June 2014. (original not read by us) en.wikipedia.org
- Wikipedia, "Vacation rental" (CC BY-SA 4.0), which cites: Urban Planning and Real Estate Development, Ratcliffe, John, Michael Stubbs, and Miles Keeping. Routledge, January 19, 2009, p. 440-441. (original not read by us) en.wikipedia.org
- Nelson, "The Coast News Group", The Coast News Group, 2022-03-15. facts only, no text reused. thecoastnews.com
Each numbered sentence above was checked against the source it cites before publication. Sentences citing Wikipedia adapt text from the English Wikipedia article Vacation rental (contributors), used under CC BY-SA 4.0; this entry is available under the same licence. Other sources were used for facts only; no text or images are copied from them.
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Sources
Compiled from Wikipedia and the sources listed below. Text from Wikipedia is available under CC BY-SA 4.0; this entry is adapted from it.
- Wikipedia: Vacation rental (CC BY-SA 4.0).
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