The vacation rental market is currently in a period of massive growth. A recent poll by HomeAway Inc. indicates that nearly eight in 10 buyers factor potential rental income into their decision to such property. More vacation homes are being purchased; more owners are planning on renting; and more tourists are finding that this new mode of accommodation fits their needs better than a hotel or resort. This surge in supply and demand is demonstrated by the trends in acquisition by the major vacation rental listing sites — HomeAway, VRBO and Airbnb — while online travel agencies such as Expedia and Booking.com are climbing on the bandwagon and listing vacation homes alongside hotels. While all that has been happening, strength in this market continues to surge:
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The 2014 National Association of Realtors’ “Investment and Vacation Home Buyers Survey” revealed that 717,000 vacation homes were purchased in 2013. Although we have not yet reached pre-2008 levels, the upward trend shows the potential in this market.
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Further research commissioned by HomeAway Inc. showed that 89 percent of those owners planned to rent the property within the following 12 months, with 86 percent of them expecting to rent to the short-term market (vacationers, business travelers, and so on).
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According to HomeAway, nearly 8 in 10 buyers said that the potential of rental income influenced their decision to buy.
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Once people have bought a property, 52 percent of them were somewhat likely or likely to buy another home in the next two years.
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14 percent of the HomeAway survey responders were preretirement buyers (those buying with the intention to retire full time to the property in later years) — and they are getting younger; the average age of new vacation-home buyers is 47 years.
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