Maybe it’s the frothiness of the One Percent, or maybe the drop in oil prices just hasn’t sunk in. But people are buying vacation homes more than ever, the buyers are younger, and the vacation properties are further from the primary home. We know this from a terrific Austin-based company called HomeAway. The vacation rental guru celebrates its 10th anniversary this month. Because HomeAway has more than one million listings, they’ve seen it all! They have witnessed vacation rental owners take what was seemingly a “cottage industry” and become micro-entrepreneurs, turning their second homes into significant profit-drivers, funding college tuition, future retirement homes and family vacations. The vacation home market is good for business!
To celebrate, they reviewed a decade’s worth of data to compile a list of five trends driving meaningful change in the vacation rental ownership industry. Yeah I know, most people would open a bottle of bubbly, but the HomeAway folks really like pulling data, which they have plenty of. here are five key insights of the current vacation home market: (more…)