Just over half of travelers (52%) plan to stay at a vacation rental in 2014, up eight percent compared to those who stayed in a rental last year. The top three reasons travelers will choose a vacation rental over a hotel stay this year are: more living space (67%), lower rates than hotels (53%), and better amenities (50%), according to a recent TripAdvisor survey. Ninety-four percent of U.S. respondents who have previously stayed in a rental said they were satisfied with their experiences.
FAMILIES FAVOR VACATION RENTALS
Sixty-one percent said they have booked a rental home when traveling with family or a large group and of those respondents, 48% said the main reason they enjoy a rental is spending time together in common living space. Fifty-seven percent of respondents said they had an "excellent" vacation rental experience bonding with family.
TRAVELERS LOOK TO RENTAL FOR VALUE
Eighty-seven percent of all U.S. respondents maintain they would stay at a vacation rental instead of another accommodation if it meant saving money; of that group, 27% said they would not need to save money to choose a vacation rental over a hotel. Twenty-one percent said they have booked a vacation rental because they were on a budget.
Here's what travelers plan to spend per night at vacation rentals:
- $100–200: 45%
- $200–300: 22%
- Less than $100: 14%
SETTINGS AND SEASONS FOR THE SOJOURN
Most popular U.S. regions for vacation rental stays in 2014:
- Southeast – 33%
- Northeast and Southwest (tied) – 15%
- Hawaii – 11%
Thirty-two percent will stay at a rental outside of the U.S. and of those traveling internationally, 53% will rent in Europe; 30% in the Caribbean islands; and 13% in Mexico.
The top settings for vacation rental stays in 2014:
- Beach / ocean – 65%
- City – 27%
- Mountains – 18%
- Island and countryside (tied) – 17%
- Lake – 13%
Summer is the most popular season for vacation rentals as 65% plan stays between June and August. The most popular months for stays are: July (25%) and October (22%).
"Travelers love vacation rentals for the at-home experience and amenities that make them ideal for family and group trips, not to mention the potential savings when compared to hotels," said Brooke Ferencsik, director of communications for TripAdvisor. "With the increased demand for vacation rentals, the best rental properties book quickly during the peak summer months; therefore travelers should plan as soon as possible to secure the best property for their travel needs."[Source: "Vacation Rental Survey." TripAdvisor. 13 Feb. 2014. Web. 20 Feb. 2014.]