The Rising Popularity of Short-Term Rentals

Goodbye hotel room, hello apartment. That’s what many travelers are now saying, as they abandon the cornerstone of the vacation in favor of lodging once reserved for semi-permanent residents.

The internet is the culprit behind this trend towards short-term apartment rentals. Landlords can post their apartments on a variety of sites, and in some cities they have no trouble booking an apartment for an entire season. Even though most renters only stay for a week, landlords can charge a much higher rate because vacationers expect to pay high prices for lodging. Think about it this way: a $100/night apartment translates to $3000 a month, or $36,000 a year. I’m sure that’s more than most landlords will make off an apartment with permanent tenants, but they have no trouble selling a full apartment for that price to families on vacation, especially when the alternative might be a cramped hotel room for a higher price per night.

Renting an apartment for a vacation can be a bit different than getting a hotel room. Reservations and payment usually need to be made at least a month in advance, several months for more popular destinations. It can also be harder to find reviews for an apartment than a large hotel, because only a small number of people have stayed there in the past. Some sites do have reviews for individual landlords, so look for that if possible.

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