With the announcement of an official recession, which was suspected all along, the country has gone into freeze mode. Hotel and airline analysts have downgraded their already grim forecasts for 2009 and many consumers are scaling back or abandoning their upcoming vacation plans altogether. But for the travel industry, there is one bright spot on the horizon – worth over $24 billion – that’s poised to grow in 2009…
With the announcement of an official recession, which was suspected all along, the country has gone into freeze mode. Hotel and airline analysts have downgraded their already grim forecasts for 2009 and many consumers are scaling back or abandoning their upcoming vacation plans altogether. But for the travel industry, there is one bright spot on the horizon – worth over $24 billion – that’s poised to grow in 2009.
Widely considered to be the new hotels in 2009, vacation rental properties offer prices that are more competitive or lower than hotel rates, making them a highly attractive option for cash-strapped travelers and vacationers during these tough times.
Savings of anywhere from 25% to 50% from a traditional hotel/resort vacation are not unheard of, and when offset against increased airfare costs, staying at vacation rental properties offers consumers a much more affordable vacation – and an almost unlimited selection of destinations. This is also true for short term rentals in major cities, as business travelers are being forced to look for cheaper properties.
This brief report from travel industry supplier Bookt details the benefits of vacation rental stays for consumers in 2009, including cost savings, flexibility and convenience.
Consumers no longer have to cancel their upcoming holiday plans because they are on a budget. Choosing a vacation rental over a hotel can make a great deal of difference in ensuring that travelers’ stay well within their budget without losing out on their vacation experience.
1. Vacation rentals gain popularity with consumers, offering savings and value
Recent studies show that almost half of vacationers now consider booking a vacation rental when researching their trip plans because they provide increased comfort and flexibility for a considerably lower rate than traditional lodging choices. "There has never been a better time for travelers to consider vacation rental properties; there is an enormous online selection for consumers to choose from even 2 or 3 years ago," says Rob Kall, president of Bookt, a Miami based web services provider to the global vacation rental industry. "Savings of anywhere from 25% to 50% from a traditional hotel or resort vacation are not unheard of, and when you offset that against increased airfares, it makes for a much more affordable vacation." Also, as vacation rentals offer full kitchen facilities, travelers can save a bundle by shopping and eating-in. Many vacation rentals offer added value and convenience by providing laundry facilities as well. If privacy is a consideration, having multiple rooms or choosing a location off the beaten path is ideal.
2. More properties are available for rent, offering consumers a broader selection
Websites like www.arubavacationrentals.com and www.gotoparkcity.com provide the necessary tools to efficiently search through and book tens of thousands of vacation homes around the world. Such websites allow greater transparency to the consumer, ensuring that what they are booking online will be what they find upon arrival.
3. Consider an exotic vacation rental abroad. Vacation rentals are available in countries where the dollar can still be stretched. Consider a furnished apartment in the South of Spain; Jumeriah, Dubai; Alajuela Costa Rica; or The Hague in Holland, among many other exotic locales. When choosing a destination city other than the standard tourist destination or by staying outside the major cities, you can drive your costs down even further. A bit of digging can really unearth a world of possibilities… and you can save a lot of money!
4. ‘Staycations’ and more localized vacations becoming more popular as airline costs soar. Due to fuel surcharges, increased baggage rates and cutbacks on flight availability, about 1.3% fewer Americans flew this summer than in 2007, according to the Air Transport Association – and the recession is far from over. ‘Staycations’ provide a needed break at terrific savings. The ‘staycation’ concept is simple. Consumers check into a local vacation rental and enjoy down time in their own city. Expenses are minimal compared to a vacation involving travel and give vacationers the opportunity to experience their own cities in a new and different way.
5. Travelers seek more customizable vacations, avoiding packages and their associated fees. Consumers are often frustrated with fees and penalties charged by hotels and resorts when their plans don’t meet minimum stay requirements. Typically, vacation rentals don’t apply costly restrictions that can increase costs or inconvenience vacationers. With travelers taking shorter trips, this alone can present a considerable savings.
6. Travelers take more short trips and fewer long vacations. A common myth is that vacation rentals are only available for vacations of a week or more but in reality, 60% of vacation-rental stays are for fewer than seven nights. So even if travelers are only looking to get away for a weekend, they can take full advantage of the savings and convenience of a vacation rental property.
The added benefits of increased living spaces, the feeling of a home away from home and all the extra amenities not found in most hotel rooms, are making vacation rental holidays the ideal alternative for 2009. For consumers, whatever their budget, the recession is no reason to resort to armchair travel and glossy brochures. Vacation rentals offer more flexibility and lower prices for consumers on any budget – no matter how small – than ever before.
Top US Vacation Rental Destinations in 2008 from Bookt
– Orlando & Disney World
– Colorado Ski Resorts (Aspen, Vail and Breckenridge)
– Outer Banks, North Carolina
– Big Island, Hawaii
– Florida Panhandle (Destin and Fort Walton Beach)
– Myrtle Beach, South Carolina
– Florida Keys
– Lake Tahoe, Nevada
– Utah Ski Resorts (Park City, Deer Valley)
– Phoenix and Scottsdale, Arizona
Top International Vacation Rental Destinations in 2008 from Bookt
– Southern Spain
– Costa Rica
– Dubai
– Santo Domingo
– Bahamas
– The Alps
– French Riviera
– Nova Scotia
– South Africa
– Tuscany, Italy
Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his responsibilities include business development and planning for TravelDailyNews long-term opportunities.
