Cashing in on vacationers

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

It was only for eight days, yet it was a first. The retired couple at a remote mountain lake had just rented out their waterfront cabin -- once the family getaway and now serving as their primary residence -- for the first time in the 42 years they have owned the property. Instead of leaving the place vacant when they went to their niece's July wedding in upstate New York, they pocketed $1,600 tax-free dollars. According to the most recent HomeAway Vacation Rental Marketplace Report, the couple is not alone. Approximately 15 percent of vacation-rental owners have rented their primary residence to travelers, and the practice is becoming more common.A weakened economy, along with heavy demand for accommodations during popular short-term events like the presidential inauguration and the Super Bowl, have persuaded owners to move out and dust off the welcome mat for eager renters who have come to town. "With an increased demand for accommodations and limited hotel rooms dur...