PORTLAND, Ore.--(BUSINESS WIRE)--Vacasa, North America’s largest vacation rental company, has released a new report detailing the demographics, budgets and motivations of today’s vacation rental buyer. To create the 2019 Vacasa Vacation Rental Buyers Report, the company surveyed 721 buyers actively in the market to purchase one or more vacation homes.
Vacasa’s report is the first of its kind and includes the most robust set of qualitative and quantitative data available in the market today. It was commissioned by Vacasa’s real estate arm due to lack of information available about the vacation rental buyer. The report aims to not only provide critical information to better equip Vacasa’s network of more than 1,300 partner and independent agents, but to also inform the industry at large.
The report’s data revealed that more than a quarter of those surveyed are in the market to buy multiple vacation homes. For some, this is their third, fourth or even fifth short-term rental, challenging the common perception that vacation rental owners are only looking to cover costs on their properties and that generating income is a second tier incentive.
While the report also found that buyers span all generations — from younger buyers in their 20s to mature buyers in their 70s — most are planning to spend under $400,000, meaning buyers don’t have to break the bank to tap into the vacation rental market. The report also found a distinct correlation between age and motivation, with buyers’ primary intent shifting from investment to personal use in their mid-50s. From a location standpoint, 65% of buyers reported that they haven’t decided on which city they’ll buy in, and nearly a quarter claimed they would buy a home sight unseen if they had visited the region at least once and the home met certain criteria.
“When we created the 2019 Vacasa Vacation Rental Buyers Report, we wanted to not only learn more about today’s buyer and the market opportunity, but also understand the challenges they face when trying to make a decision on a short-term rental property,” said Shaun Greer, senior director of Vacasa Real Estate. “There is a lot to consider for buyers and they look to their agents to understand local market popularity for travelers, as well as short-term rental regulations.”
In addition to providing a full picture of today’s vacation rental buyer, the report also looks at buyers’ concerns and where they find gaps in vacation rental information, with 38% claiming that “it’s difficult to make the right decision on buying or managing a vacation rental because there is a lot of conflicting information out there.” A significant 61% reported that they felt it was “extremely important” for their agent to have insights on vacation rental markets.
The full 2019 Vacasa Vacation Rental Buyers Guide can be downloaded HERE. Vacasa Real Estate launched in 2018 and has grown to more than 1,200 agents in Vacasa’s Expert Agent network. Additionally, the company has 97 Vacasa brokers in 16 states, and plans to increase its investment in Vacasa Real Estate to scaling it across the U.S. For more information on Vacasa Real Estate, visit vacasa.com/real-estate.
Vacasa is North America’s largest vacation rental management company and offers real estate, property management and other related services directly and through licensed subsidiaries. Leveraging industry-leading technology, Vacasa helps home buyers find the best vacation homes. Once purchased Vacasa maximizes revenue for homeowners and its partners, and provides unforgettable experiences for guests. Founded in 2009 and headquartered in Portland, Oregon, Vacasa and its subsidiaries manage a growing portfolio of more than 13,000 vacation homes in the U.S., Europe, South and Central America, and Africa. In nine years, Vacasa has grown to more than 3,000 employees, has been honored as the Oregon Better Business Bureau Large Business of the Year and was ranked ninth on the Inc. 5000 Fastest-Growing Companies list. For more information, visit www.vacasa.com.