Since the beginning of 2011, we have informed you on surveys, reports, and other information all claiming 2011 to be a great year for the vacation rental industry. As a provider of property management software, we have been anticipating the industry to start growing, and increasing its 9% market share of the travel industry.
The latest report claiming 2011 to be a great year for vacation rentals is a survey conducted by Vacation Home Rentals, the largest independent vacation rental site in North America. The have used a proprietary online panel of vacation rental property owners. They claim that the results from their survey indicate that the vacation rental market is poised to grow at 13.1% in 2011. If this is correct, it would mean that the vacation rental market is growing at twice the rate of the overall travel market, and up to four times as fast as the U.S. economy.
According to the report, the growth in the market is likely to be driven by vacation markets perceived as not being affected by the oil spill. The highest growth areas include Maryland’s Eastern Shore, North Carolina’s Outer Banks, Maine and Las Vegas. These markets are all predicting growth greater than 20% in 2011.
Even though we are expecting to see growth, and growth in many different areas throughout the country, there are still some areas that are, unfortunately, expecting declines this year. Owners in areas affected by the oil spill (either by public perception or reality) are predicting continued losses in revenue even compared to a horrible 2010. Texas Gulf Coast, Alabama Gulf Coast, Florida Gulf Coast and even the Florida Keys are predicting over 20% declines in vacation rental bookings.
For more information regarding this report, please use this link.
Please let us know by dropping a comment what your feelings about 2011 are. We would love to hear if you agree with all the positive reports, or if you have a different prediction.