SOURCE: VaycayHero

VaycayHero

September 17, 2015 10:00 ET

Spend on the Vacation, Not the Accommodation: VaycayHero Study Shows Travelers Save Significant Money Booking Rental Homes Versus Hotels

For Groups With 5 or More People, Renting Out a Vacation Home Can Save as Much as 4x Over Booking Hotel Rooms in Popular Vacation Destinations

SAN FRANCISCO, CA--(Marketwired - Sep 17, 2015) - VaycayHero, the safest and easiest way to rent a family vacation home, issued today data showing the economics of renting a vacation home versus staying in a hotel. Contrary to what some may think, there are major price differences in the two (and here's a hint: it's not the hotel room).

If a group of 5 or more is looking to travel, renting out an entire vacation home can actually save travelers up to 81% in some locations. For savvy travelers who would rather spend on the actual vacation (and not the accommodations), renting a vacation home can offer major discounts over a hotel. VaycayHero shows how to save and when to book a vacation home for the next family or friend getaway.

Based on analyzing over 29,000 nightly rate variations over the next year for rentals on vaycayhero.com, and comparing hotel rooms on Expedia.com, VaycayHero discovered some interesting travel purchase facts and pricing information.

  • California - Los Angeles
    • Cheapest time to visit: July
      • July is a great time to find deals on vacation rentals in Los Angeles. Average vacation rental price: $304/night
      • LA has a peak in pricing during the early winter months, but guests can find great deals starting in February. Average rental prices drop to $393/night in February (a -20% change from January).
    • LA hotels are 2.7x more expensive than vacation rentals
      • *$813/hotel vs $304/vacation rental nightly rate (see attached image) 

 

  • California - San Diego
    • Cheapest time to visit: November
      • While a bit more expensive than its Southern California neighbor, San Diego differs from LA in that its rates drop for vacation rentals in November (average of $515/night) and then jump by 44% in December to $744/night.
    • San Diego hotels are 1.1x more expensive than vacation rentals
      • *$573/hotel vs $515/vacation rental nightly rate (see attached image)

 

  • Florida - Orlando Area
    • Cheapest time to visit: June and August
      • Thinking about going to Disney World? Contrary to what most consumers may think, summer months have the lowest rates for vacation rentals in Orlando (June: $191/night, July: $195/night, August: $191/night).
      • If you search for some of the towns that are a little less touristy, but still close to all the main attractions (Winter Garden), you can find vacation rental deals as low as $63/night during the Summer months.
    • Orlando hotels are 3x more expensive than vacation rentals
      • *$564/hotel vs $191/vacation rental nightly rate (see attached image)

 

  • Colorado - Breckenridge
    • Cheapest time to visit: February
      • For the Breckenridge area, travelers can find the best deals for vacation rental homes in February.
      • Vacation rental prices peak in December ($672/night), but then fall by -36% in January ($433/night) and then again to $269/night in February (another -38% drop).
    • Breckenridge hotels are 4x more expensive than vacation rentals
      • *$1,068/hotel rooms vs $269/vacation rental (see attached image)

 

  • Hawaii
    • Cheapest time to visit: Summer
      • Vacation rentals in Hawaii vary greatly depending on the time of year and the island you are looking to go to. However, consumers can find excellent deals and consistent prices on vacation rentals throughout the year in Peepekeo ($325/night), Wailea ($387/night) or Waimea ($374/night).
      • Prices tend to pick up in the fall and winter, so if you are searching for a bargain look in the late spring and early summer.
      • Although vacation rentals on Kaanapali and Lahaina tend to be a bit more luxurious, you can still find price breaks if you can be flexible with your dates. Kaanapali hits its low prices in July and August ($795/night); Lahaina drops to $525/night in June.
    • Hawaii hotels are 3.9x more expensive than vacation rentals
      • *$1,521/hotel rooms vs $387/vacation rental (see attached image)

 

  • Texas Gulf
    • Cheapest time to visit: October
      • Texas Gulf sees a surge in vacation rental prices in the spring from college students and "spring breakers." Rental home prices jump 7% month over month from February to March ($504/night), then become stable through May ($504/night); once Summer begins prices slightly decrease (-14%) to $432/night.
      • Fall is the best time to get a discount in Texas Gulf. Vacation rental prices drop over -25% from its peak to $376/night.
    • Texas Gulf hotels are 1.4x more expensive than vacation rentals
      • *$519/hotel rooms vs $376/vacation rental (see attached image)

"We know that families and groups of friends traveling together often prefer renting homes to booking hotels for vacations, for the pure comfort factor of a more relaxed, convenient place to spread out, cook, entertain and sleep under the same roof," said Anirban Bardalaye, CEO and Co-Founder of VaycayHero. "From a pure cost savings perspective, there is no question that a rental home is the way to go when traveling with a group. Our data shows double digit savings, up to 4x less expensive than hotels, in some of the most popular vacation destinations in the United States. For travelers with 5 or more people in their party, it is a way to save some serious money that they can put toward the vacation itself."

Methodology:

* VaycayHero pulled data for its rentals (in destinations listed above) to see the average nightly rate variation month over month for October 2015 - September 2016. The data represents rentals that sleep 5 or more guests. Rates are national averages that Property Managers set on and outside of VaycayHero.com (i.e. on their own sites as well).

To calculate hotel nightly rates and in order to benchmark against average group size for a vacation rental, VaycayHero used Expedia.com to see average nightly prices during specified timeframes. Since the comparison is related to average group size of 5 or more guests, the hotel nightly rate was multiplied against the quantity of hotel rooms needed to match the same occupancy as the vacation rental. As an example, if the same group were to book a hotel room (vs a vacation rental), this comparison assumes the group would need 3 rooms with an average of 2 guests per room. Rates are averages and do not include taxes and fees.

Below is the breakdown of the hotel rate calculation:

  • In Los Angeles, on average, guests can book a 4 star hotel for $271. For a comparable group size, you would need 3 rooms to accommodate 6 people = $813.
  • In San Diego, on average, guests can book a 4 star hotel for $191. For a comparable group size, you would need 3 rooms to accommodate 6 people = $573.
  • In Orlando, on average, guests can book a 4 star hotel for $188. For a comparable group size, you would need 3 rooms to accommodate 6 people = $564.
  • In Breckenridge, on average, guests can book a 4 star hotel for $356. For a comparable group size, you would need 3 rooms to accommodate 6 people = $1,068.
  • In Hawaii, on average, guests can book a 4 star hotel for $507. For a comparable group size, you would need 3 rooms to accommodate 6 people = $1,521.
  • In Texas Gulf, on average, guests can book a 3 star hotel for $173. For a comparable group size, you would need 3 rooms to accommodate 6 people = $519.

About VaycayHero
VaycayHero is the easiest and safest place to rent a vacation home with professionally managed properties and guaranteed, instant confirmations. Unlike peer-to-peer sites that rely on individual owners to be truthful, VaycayHero works only with professional property managers, uses proprietary technology, and provides concierge services to eliminate the risks consumers face when booking with peer-to-peer sites. VaycayHero is the only company that can guarantee vacation bookings, and its technology allows them to work with any property manager and keep 100% accurate calendars updated in real-time. The company now has over 25,000 rental properties across the United States. Founded in 2011, VaycayHero is headquartered in San Francisco and is venture-backed.

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