With the release of the annual report into vacation home and investment property activity comes confirmation that the second-home market is booming while the rate of investment property purchase is declining. The report touches on many areas that show a drive toward investment in short-term rentals by three specific groups — affluent families, preretiree baby boomers, and investors who traditionally bought into residential rental properties.
There is a movement across America in city governance, municipalities, townships, homeowners associations, condo associations — in fact, anywhere that can impose legislation and regulation — and it’s growing. This expansion impacts second-home buyers everywhere, and it’s something real estate professionals need to understand.
The vacation rental market is in a period of massive growth. More vacation homes are being purchased; more owners are planning on renting; and more tourists are finding that this new mode of accommodation fits their needs better than a hotel or resort.