McLean, VA, October 27, 2015 – Ten percent of all overnight leisure travelers have booked a short term rental in the past 12 months according to a national study by D.K. Shifflet and Associates. Although Millennials took the lead, travelers of all generations booked these types of accommodations and most are considering or planning to book a similar property within the next 12 months. The most popular type of property was an entire residence where the owner was not present (67%), while 15% chose a room in an owner occupied property.
“Price is the overwhelming driver for selecting a short term rental,” notes Cheryl Schutz, Vice President at D.K. Shifflet & Associates. Schutz continues to say that conveniences, such as location, being able to accommodate an entire travel party and the ability to cook are also important reasons leisure travelers choose a short term rental.”
Vacation rentals have always been available, but with the popularity of entities such as Airbnb and VRBO, concerns over lost hotel rooms and tax revenues are growing. DMOs and Hoteliers will want to keep close watch on how this accommodation type is regulated in the future.
