The real estate market may have stalled, but second homeowners are willing to sacrifice their own summer vacations in order to turn a profit. Those that have enough money will be renting vacation homes in travel hubs such as Florida, Maryland, North Carolina and California. Timeshare sales are at an all-time low, but homeowners have been able to find a little relief by offering vacation rentals to out of town travelers.
Many of these vacation homeowners have tried and failed to sell their property for well over a year. They may have never dreamed of becoming landlords, however, these homeowners are finding that they are better able to deal with the disappointment of not finding buyers by making a profit. More vacation rentals are on the market, but rates have stayed steady. This gives renters more options and helps real estate agents to stay busy. Most will put their vacation homes back on the market after the end of the summer season, but it is likely that they will end up repeating this process for another year or two.
In the US, vacationers are more likely to drive to their destinations, but they also plan on staying for longer. This is good news for vacation homeowners as well as local business owners. Grocery stores, restaurant owners and even retail stores will see a much needed boost in the coming months. Some travelers plan on heading to the shore late in the season in order to take advantage of lower rental rates.
