PORTLAND, Ore.--(BUSINESS WIRE)--Jul 15, 2021--
Vacasa, North America’s leading vacation rental management platform, today released a new report profiling the modern vacation rental buyer. Findings in the 2021 Vacation Rental Buyers Report * detail the demographics, preferences and financial targets of buyers currently in the market to purchase a vacation rental property.
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Beach destinations are the #1 preferred market for prospective second homebuyers. Pictured: Yellow Rose, a Vacasa vacation rental in Gulf Shores, Alabama. (Photo: Business Wire)
The vacation rental landscape changed significantly during the pandemic, and not only were people eager to travel to new spaces and places, they also sought out second homes in record numbers. Data from Vacasa’s 2021 Vacation Rental Buyers Report revealed that more than 70% of current buyers are searching for their first-ever vacation rental property, representing a significant increase from 2019 when only 46% were first-time buyers.
Vacasa’s latest report also revealed the following insights about today’s vacation rental buyer:
- The percentage of buyers willing to consider purchasing a home sight unseen was around 25% in 2019. That number has climbed to 37% in 2021, likely due to travel restrictions and limited inventory.
- A majority of buyers in every age category would purchase a standalone home as their first choice, but Gen X feels the most strongly about home type, with 68% prioritizing a standalone home over an apartment, condo or townhouse.
- A majority of millennials—52% to be exact—are hitting the city, while 55% of baby boomers are seeking the sand, with top searches in urban and beach markets, respectively.
- 78% of buyers have rest and relaxation as the number one priority for their vacation home. Second on the list at 66% is to find a family-friendly retreat, closely followed by 46% of people seeking a home that offers access to top-notch drinking and dining.
“We created the 2021 Vacation Rental Buyers Report as a resource for agents looking to break into this increasingly popular real estate market,” said Shaun Greer, Vice President of Sales and Marketing at Vacasa. “We want to equip as many agents as possible with tools to succeed in the industry and introduce them to Vacasa’s industry-leading technology, data and insights so they can leverage them with buyers who are interested in using their vacation home as a short-term rental.”
In addition to providing tools and insights on the best ways to reach today’s buyer, Vacasa’s report also tracks what concerns buyers about purchasing a second home, or ways in which the market does not give them enough information to comfortably make a sizable investment. For example, 30% of buyers are concerned about buying a vacation rental home because they are unsure how to find the best agent. Another 36% struggle to make any big decisions because they feel that there is conflicting information in the market.
The full 2021 Vacation Rental Buyers Report can be downloaded HERE. Vacasa Real Estate launched in 2018 and its Expert Agent Network now has more than 4,000 agents. For more information on Vacasa Real Estate, visit vacasa.com/real-estate.
*Methodology note: Vacasa surveyed 700 US consumers over the age of 18 who are in the market to buy a new property in the US, in addition to their primary residence, as either a vacation rental property or an investment property. All respondents either plan to rent out this additional property short-term or are undecided if they will rent it out short-term or long-term. Fielding was conducted by FocusVision and took place in March 2021.
Whether travelers are looking to book a weekend getaway or the trip of a lifetime, Vacasa is the trusted partner for all things vacation rental. Vacasa homeowners enjoy industry-leading financial returns on their vacation homes, delivered by the company’s unmatched technology platform that adjusts rates in real time and ensures revenue is always maximized. Guests can relax comfortably in one of Vacasa’s professionally managed homes across North America, knowing that 24/7 customer care is just a phone call away. In the past 10 years, Vacasa and its licensed subsidiaries have grown to become North America’s leading vacation rental management platform and employ approximately 6,000 people who are passionate about providing best-in-class service to homeowners, guests, real estate investors and partners. For more information, visit https://www.vacasa.com/press.
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CONTACT: Allison Ferre
KEYWORD: UNITED STATES NORTH AMERICA OREGON
INDUSTRY KEYWORD: OTHER TRAVEL LODGING TRAVEL VACATION
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PUB: 07/15/2021 09:00 AM/DISC: 07/15/2021 09:02 AM