Monday, May 30, 2005
By THERESA W. CAREY, KATHY YAKAL
THIS SUMMER IS GOING TO BE HOT -- at least when it comes to vacation rentals. Room rates at major resorts are forecast to be up 8% from last year's, with occupancy expected to be 70%, a level not seen since 2000. That should also translate into higher prices for owners of vacation homes, if they rent them out this vacation season.
Of course, you can turn the job of renting your property over to an agent, who will handle the details for a hefty cut, often 15% or 20%. Or you can use the Web. Vacationers, too, are apt to get a better deal and more interesting and hospitable accommodations by checking online.
Many of the vacation Websites are run by group property managers, but you can also deal directly with the real-estate owners. One of the best sites we found for this is Vacation Rentals by Owner (www.vrbo.com). The service claims 38,000 vacation properties throughout the world, and we believe it. Select a location, like the Florida Keys, then drill down further to find a specific beach area or city/town.
We looked at Key Largo, Fla., and found dozens of accommodations, sorting them by the number of people each can handle. Listings have at least a description of the property, with rates and an e-mail link to the property contact. Some also have pictures, available dates, guest comments, photos and pet-friendly designations. We found numerous listings for popular destinations like Hawaii, California and the Caribbean, as well as some off the beaten track, from Guatemala and Ghana to Cleveland.
There are many other sites that host databases of vacation-rental properties. Vacation Home Rentals (www.vacationhomerentals.com) doesn't seem as expansive as VRBO.com in terms of listing volume. But there appear to be some deals here, like a four-bedroom, two-bathroom villa in the Orlando area with lots of extras, like a pool and game room and home-theater system, for $720 to $960 a week.
Vacation Rentals.com (www.vacationrentals.com) looks to have even more listings, and a good amount of information on, say, house décor, or access to beaches or outdoor sports. FindRentals.com (www.findrentals.com) makes up for what it lacks in quantity with detailed descriptions, including calendars as well as availability of appliances and services that vacationers may consider 'musts' -- such as air conditioners, microwave ovens and Internet access.
Also check out Craigslist (www.craigslist.org), the free site that seems to list anything and everything -- including vacation properties for rent; it's all free. Scores of cities have their own Craigslist sites, including a few overseas. Check the site for your own city or the one you'd like to visit. For instance, check for bed and breakfasts on New York City's Museum Mile. Housing swaps also are offered. It's catch as catch can but definitely worth a look.
If you're looking to purchase a second home in a sunny clime, the Web's a good place to start. A study recently conducted by the National Association of Realtors (www.realtor.org) showed that 23% of homes purchased in 2004 were for investment and 13% as vacation homes.
There are many places to research destinations, and many to search for homes; EscapeHomes.com (www.escapehomes.com), which both sells and rents properties, does some of each. Select, say, Palm Springs, and the site will tell you its history, lifestyle and major attractions. You can find a real-estate agent and view descriptions of properties appropriate for second homes. Fill out a form describing your housing needs and an agent will respond.
The best place overall to look for homes for sale, however, is the one hosted by the National Association of Realtors, Realtor.com (www.realtor.com). The site claims its online database contains more than two million homes. You can drill down on just the type of home you want with the site's screening tool. We did an open-ended search on a small city in southwestern Florida and came up with more than 10,000 hits. Realtor.com has a better palette of tools than the other sites reviewed here. You can find a neighborhood similar to your current one, search for movers and lenders, and read articles on topics such as credit reports and insurance.
These sites make no representation about the properties they show. Vacation Rentals.com recommends a number of due-diligence steps, including: requesting additional photos from the owner or manager ; insisting on a property lease or rental agreement; requesting a phone number, if not provided, to directly reach the owner or manager; requesting the street address of the property and looking it up on an Internet map site, such as mapquest.com, and asking the owner where else on the Internet the property is advertised.