An alternative option to hotels when traveling are vacation rentals.
This is great news for the vacation rental industry. Vacation rental are quickly becoming popular alternatives for guests that typically would have chosen a hotel room, but are not happy with increased room rates. In this current sluggish economy, travelers may now consider alternative vacation options like vacation rentals. Many vacationers have found them to be more cost effective. Prices are more affordable, full kitchens allow guests to cook there own meals, laundry facilities included, and interiors are more spacious which helps to accommodate larger families and groups. Many of these rentals are actually luxury homes, which offer beautiful pools and views of the ocean. Some even offer the option of housekeeping and chefs.
It is no wonder people are considering vacation rentals with increasing hotel room rates. For example, New York City hotel room rates have increased 15.4% since last year with an average room running up to $320.87/night. Through 2008, hotel rates are expected to increase another 5 – 8% in the U.S. and 12 – 14% in Europe.
You might want to consider buying an investment property and renting it to vacationers. As a current vacation rental owner, you could even raise your rates and still offer a better deal than a hotel. There are also many tax benefits to owning a vacation rental that you should considered. Primarily vacation rentals are located in resort areas, but urban centers may also be worth considering since hotels located there are in such high demand. Many property owners in European countries already offer their apartments or villas as vacation rentals.
Whether you are heading out on a holiday or considering purchasing a property as a vacation rental a great hidden secret is that vacation rentals can be both great places to save on traveling expenses and excellent investments for real estate buyers.