Vacation rental
A vacation rental is the renting out of a furnished apartment, house, or professionally managed resort-condominium complex on a temporary basis to tourists as an alternative to a hotel.
Vacation rentals can range from budget studio apartments to lavish, expensive private villas in the world's most desirable locations, some with price tags of many thousands per night and all the amenities you would find in any luxury accommodation (fully staffed, private beaches, boats, chefs, cooking lessons, etc.)
Villa holidays are very popular in Europe, and main destinations include the United States Virgin Islands, Italy, Spain, France, Germany, Greece, and Turkey.
The vacation rental market is much larger in Europe than in the United States, and Florida is a popular destination for villa holidays for Europeans.
While different types of timeshare ownership exist, in general, each owner bears a portion of the responsibility, along with the right to a segment of time in which he or she is granted sole use of the property.
Timeshare owners can also choose to bank their week with an exchange company such as RCI or Interval International or rent the unit.
[4] In November 2015, Expedia bought HomeAway (which also owns VRBO and many other vacation rental brands) to compete with Airbnb.
In contrast, vacation rental agencies handle reservations and billing on the homeowner's behalf, and there is no direct contact between the guest and the owner.
In the United Kingdom, villa holidays are also sold by tour operators as packages, including flights and car hire.
Most vacation rental management companies work on a commission basis, meaning they do not make a guarantee to the homeowner in terms of weeks that will be rented or revenue earned.
Under these arrangements, vacation rental managers buy all of the weeks the homeowner wishes to rent in a single transaction.
However, HBR researchers point out that “owner-occupiers” that rent out rooms or the entire house while they are absent does not affect the long-term rental market.
Loud parties after quiet hours, lack of consideration for residential parking, and cultural interpersonal differences are a few of the primary concerns for residents with nearby vacation rentals.
[15] The City of Portland, for example, does not allow rentals of less than 30 days in residential zones but according to local vacation property managers such as Vacasa, the average guest stays 3-10 nights.
The city also requires that those renting out their homes as short-term vacation rentals must pay Transient Occupancy Fees, just as hotels, motels, campgrounds, and RV parks are subject to.
