Orlando Vacation Rental Industry
We continue to run into executives in the travel and tourism industry that are surprised to learn about the economic impact of vacation rentals in Orlando. We did a little comparative research on the size of the national and Orlando area vacation home market, and came up with some startling, but factual tidbits.
In a 2008 research paper commissioned by the Vacation Rental Managers Association and PhoCus Wright, the following national economic data was derived:
- The vacation home segment was a $24 Billion industry in 2007 in the United States
- National hotel revenues are about 5 times as large as those of vacation home rentals
- Vacation home rentals were about 8% of all travel and lodging revenues including resorts, hotels, timeshares, campgrounds, etc… in the United States
- 21.5 million adult guests stayed in vacation rentals nationally in 2007
- Interestingly, the average party in a short term rental home is 6 persons. This compares to roughly 2.3 persons for a hotel stay.