PhoCusWright partner Vacation Rental Managers Association shares in-depth insights of vacation rental and ownership trends
Indianapolis, Ind. (February 27, 2013) – Forthcoming research reveals the primary reasons second homeowners seek the services of a vacation rental professional versus handling on their own, according to PhoCusWright’s first look into the growing industry since 2008: A Market Reinvented: The U.S. Vacation Rental Landscape, 2013. According to the survey, which will be available in the second quarter of 2013, industry professionals receive nearly half of the market’s total demand despite a supply of just 42 percent.
Reports from the Vacation Rental Managers Association (VRMA), the industry’s professional trade group and a sponsor of the study, indicate that members have been experiencing a steady uptick in bookings year over year. For example, January 2013 analytics data by the VRMA together with Navis Research, LLC points to a more than 15 percent growth in bookings last month versus the same time last year, and a nearly nine percent rise for the next six months.
Following is a first-look at key survey insights courtesy of the industry authorities at the VRMA (www.vrma.com):
THE RISE OF THE PROFESSIONAL: More than half of the vacation rental market’s total rental revenue now goes to industry professionals, up from 43% in 2007. For vacation rental professionals this translated to a more than $11.6 billion marketplace in 2012. The total U.S. vacation rental industry is expected to reach $25.8 billion by 2014.
TOP REASONS HOMEOWNERS GO WITH A PRO: Rather than personally handling reservations, marketing, maintenance and more, many homeowners choose to partner with an area property management company to handle the legwork, even when the home is not rented. This translates into a more convenient experience, and more rental bookings for a higher potential investment return, among other top five reasons:
1. Convenience – they handle everything
2. They bring in bookings
3. The property is too far away from where I live to manage)
4. I don't have the time to market on my own
5. They provide a good value
SATISFACTION WITH SERVICES: When asked to rate the services of the vacation rental professional that manages their property, homeowners were most likely to be satisfied with:
1. The type or quality of guests it brings into your rental property
2. The volume of bookings it delivers
3. The price at which it offers your rental property
4. The customer service provided to you, the homeowner
5. Tie: Maintenance and upkeep of your rental property; and the amount of time you spend managing your property and the management company
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About the Vacation Rental Managers Association (VRMA)
Founded in 1985, the VRMA is the international, professional trade association of the vacation rental property management and hospitality industries. Membership includes hundreds of vacation rental professionals and associate suppliers across the world, representing tens of thousands of vacation rental homes, condos and villas available to travelers through its Discover Vacation Homes initiative. For more information, visit www.vrma.com.
About A Market Reinvented: The U.S. Vacation Rental Landscape, 2013
PhoCusWright’sA Market Reinvented: The U.S. Vacation Rental Landscape, 2013 is a national survey of 1,072 qualified vacation rental guests, 826 vacation rental homeowners and 192 vacation rental management companies. The report presents a comprehensive view of the current vacation rental landscape in America and identifies key trends that will continue to shape this category.
Amanda Drake, MMGY Global, (727) 420-8395, firstname.lastname@example.org