By Steve Cook
Vacation property rentals outpaced hotels this summer as owners enjoyed strong bookings that were as good as or better than last year.
More than half (51 percent) of owners cover at least three quarters of their mortgage payment renting their home to travelers, according to the HomeAway Vacation Rental Report.
Vacation rental occupancy rates (77 percent) outpaced hotels (70 percent) for summer 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.
Nearly 9 in 10 (87 percent) vacation rental owners say their summer bookings were “about the same,” “better than” or “significantly better than” the summer of 2012.
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 even increased their rental rates.
“It’s clear from this year’s report our owners are utilizing their vacation homes as assets to help pay their expenses and even turn a profit,” says Brian Sharples, co-founder and chief executive officer of HomeAway. “Nothing makes me more proud than aiding our owners and property managers in filling their vacation rentals.”
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