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Vacation Rentals Driven By Economy

12 September, 2012

Despite the challenging economy,nearly two-thirds of vacation rental home
owners are reporting bookings this summer are about the same or higher than last
year,said vacation rental website,HomeAway,last week.

The online
marketplace's CEO,Brian Sharples,said,"It's clear that travelers are seeing
the value that vacation rental homes and condos provide over hotels as they
continue to travel in this economy."

Mexico has long been a favorite
destination for vacationers looking to rent their own condo or house. Vacation
home real estate is particularly strong in the Riviera Maya,Cozumel,Baja
California and the Mexican Riviera.

Figures released by HomeAway show:

- Nearly two-thirds (62
percent) of vacation rental owners report the same or higher bookings compared
to last year.

- More than half (54 percent) of owners say due to the
economy they need to rent their vacation home to cover costs more now than in
the past.

- Approximately 15 percent of vacation rental owners have
rented their primary residence to travelers.

- 12 percent of vacation
home owners bought or considered buying another second home in 2009.

The
rental website operator said that in the second quarter of 2009,travelers
waited longer to book their vacation rentals.

Average booking windows
became shorter each month,dropping to as low as 72 days in July,a 37 day
difference compared to the same time in 2008.

In some popular fall and
winter destinations like Mexico,bookings are strong and made early,leading to
limited availability in some areas.

HomeAway listed Cozumel real estate in Mexico as being the
most sought after vacation home market for Thanksgiving,with availability
already down to just 35 percent.

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