Research: Internet Access Crucial for Vacation Rentals
New research from global real estate services provider Savills and vacation rental website VRBO has revealed that internet access is not only the most important amenity for travelers when choosing to rent a vacation home, but also for second homeowners thinking about buying a new vacation rental.
The Savills Second Homes Report surveyed 7,800 property owners who list their properties on VRBO in 10 major markets around the globe, as well as 6,800 travelers who use the VRBO platform for vacation rentals.
The research found that 64% of second home owners and 46% of travelers placed the highest importance when choosing a vacation home on having access to the internet. Further, high- speed access was ranked as the second most important amenity for 54% of all owners responding to the survey, and around one third of travelers.
The other essential factors varied considerably. While 55% of Greek, 25% of Portuguese and 19% of Italian owners consider a balcony or terrace essential, American owners (47%) list air-conditioning as such.
For travelers, parking, a patio or a balcony and a TV are considered the most important.
Just under 50% of survey respondents who purchased a second home in 2019, did so intending to also rent it out on a short-term basis, instead of listing ‘own use’ exclusively as the primary reason for purchase.
The reasons listed by owners choosing to rent out their second home vary, but most owners surveyed listed a source of income and covering costs as the main drivers.
Across all markets in the survey, one-third of the owners had seen their booking rates increase over the past year, while 45% said that it stayed the same.
For comments, questions or concerns, please contact David Cohen
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