Vacation Home Rentals Survey Predicts Vacation Rentals Increasing at Four Times the US Economy
Summary
Highest growth markets include Maryland’s Eastern Shore, North Carolina’s Outer Banks, Maine, Las Vegas and Washington State.Areas impacted by the oil spill (either by public perception or reality) are predicting continued devastating losses in revenue even compared to a horrible 2010.New York City also shows up on the decliners list with 22% predicted drop in bookings, largely due to pending legislation banning short-term rentals.Highest growth markets include Maryland’s Eastern Shore, North Carolina’s Outer Banks, Maine, Las Vegas and Washington State.Owners on the eastern seaboard indicated they were seeing new renters in the area who had not previously stayed in that area.The top growth areas for vacation rentals in 2011 are predicted to be: (Increase listed as a percentage)Coastal Maine, Kennebunk, Kittery, Bath, Saco 28%Las Vegas, Nevada 25%Eastern Shore Maryland, Ocean City, St Michaels 23%Seattle Area Washington, Seattle, Bainbridge Island 22%Outer Banks North Carolina, Avon, Corolla, Nags Head 20%The vacation rental property owners cited many reasons for the growth in 2011 including:“People are looking for small, reasonable vacations that they can drive, rather than fly to…” (Maine Owner).