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Vacation home industry not impacted by recession
Wednesday, 05 Jun, 2008
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The vacation home industry has not been negatively impacted by economic fluctuations and that business remains strong, according to a new survey by Zonder.
The company, which says it started the first vacation home rental Wet site to offer real time bookings for private homes, condos, cabins, villas and other products, found in its survey of the industry:
- While 100% of property management companies PMCs said the number of bookings has remained steady, over 40% have seen an increase in bookings
- 100% of PMCs said revenue was comparable or better than last year
- No PMCs reported a decline in inventory and 60% have seen steady inventory growth
- Half of PMCs reported that, more than ever, owners are relying on management companies to increase occupancy rates in order to maximize secondary income
“We’re seeing a sharp increase in people choosing a vacation rental within driving distance rather than paying for airfare and staying in a hotel. Vacation homes have always been a great value, but especially during tough economic times,†said the Salt Lake City, Utah-based Zoner CEO Bob Barnes.
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