As summer ends, the owners of summer rentals are cashing in on what has been one of the strongest seasons for vacation rental properties, according to online vacation marketplace HomeAway.
This summer the average occupancy rate for a vacation rental hit 77%.
Additionally, owners posted an average weekly rental rate of $1,778, a 19% increase over the same period last year.
Meanwhile, the occupancy rate from hotels for the same summer season was approximately 70%.
"It’s clear from this year’s report our owners are utilizing their vacation homes as assets to help pay their expenses and even turn a profit," said Brian Sharples, co-founder and CEO of HomeAway.
"If the owner optimizes the time and effort put into managing their vacation rental, the return on investment is substantial," said Sharples.