Costa Rica’s Vacation Rental Boom!
Over the past ten years, the way in which people travel has changed significantly. One of the most significant changes can been seen in the area of where people choose to lay their heads at night.
In terms of lodging, hotels and large resorts are the traditional destinations of choice for most travelers. However, that part of the industry is changing rapidly as more and more vacationers choose to rent private homes and apartments instead.
In fact, this trend has become so significant that in a recent USA Today interview, Arthur and Pauline Frommer were quoted as saying:
Arthur: “The single strongest trend in recent years is that people are substituting apartment rentals and vacation home rentals for hotel rooms. Travelers are contacting local rental agencies, and sites like FlipKey and Airbnb.”
Pauline: “Staying in a home instead of a hotel gives you a more authentic experience and it’s often cheaper than a hotel stay.”
What is a vacation rental?
Vacation rentals are typically privately owned properties such as apartments or single family homes that are rented by the day, week, or month. Vacation rental properties tend to be second homes whose owners live somewhere else and also use the property for their own personal vacations or future retirement.
These type of properties can be found in every corner of the globe and have become very popular here in our mountain town of Atenas, Costa Rica.
Accommodations can vary, but a quality vacation rental property should always be fully equipped and well maintained, making you feel like you are enjoying a luxury vacation in the comfort of your own home.
What do the numbers tell us?
Statistics show that in 2012, travelers spent $23 billion on vacation rentals in the U.S.A. alone, making up 20% of the overall lodging market.
Experts believe that this is a trend that will continue in the foreseeable future. The United States real estate market also reflects this trend with vacation home sales jumping almost 30% in 2013. Similar numbers are expected in 2014.
Locally, here in Atenas, Costa Rica, more and more people are investing in real estate for the sole purpose of using their new home as a vacation rental.
There are several reasons for this, but in our 10 years here in Atenas, most of our buyers are purchasing pre-retirement properties and using these retirement homes to generate income until they retire.
Another factor is that buyers coming from the United States can use their self directed IRAs to purchase investment properties in Costa Rica that are not going to be for personal use.
Why choose a vacation rental over a traditional hotel or resort?
A MMGY Global/Harrison Group study found that the top 5 reasons leisure travelers choose vacation rentals over hotels are:
- Value for price: 94%
- Privacy: 90%
- Full kitchen facilities: 87%
- Amenities: 84%
- More space overall: 81%
Personally I agree, as these are my top reasons for a choosing vacation rental over hotels when I travel. For the past five years or so, our family has only stayed in vacation rentals as this mode of lodging best fits our lifestyle.
I like to wake up early, have a cup of coffee, check e-mails, and take a walk, all before everyone else rolls out of bed. In a traditional hotel, this is a challenge without waking everyone up.
Another advantage for us as a family is that with a home or apartment, you have enough room to spread out and have a break from one another after a long day of sightseeing.
The next time you are planning a vacation to Costa Rica, let Gerardo or me know and we will be happy to place you into one of our beautiful vacation rentals.
It would also be our pleasure to show you some quality homes for sale, like the one below that has a proven track record as a successful vacation rental. For example, take a look at this: Amazing Country Estate Home For Sale, featuring 5 bedrooms and 3 baths, located in Atenas, Costa Rica.
Costa Rica’s Vacation Rental Boom!
Article/Property ID Number 4871
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Andrew Makarik
to@welovecostarica.comAndrew Makarik is the main editor of WeLoveCostaRica, a fan of this sunny country. He is also a loving husband and a has a lovely daughter. By being a devoted family man and the biggest Costa Rica fan, he wants to make more people feel at home there. WeLoveCostaRica unites people and helps them find new home or a new travel destination. This website is a friendly community where everyone can find not only information, but also new friends and travel pals. Andrew is also passionate about IT and programming, so he himself maintains a friendly atmosphere in this cozy environment of WeLoveCostaRica.com.
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