Vacation Rental Market Boom

" Back up Fox Business to talk about what we know it's a tough economy but as more consumers look to stretch their travel dollar. Travelers in general are turning away from hotels and many of them were looking for cheaper vacation options. In renting a house instead one company hopes his travel trend really alas we're joined by Brian trouble with the CEO chemical -- away the world's leading vacation rental. Marketplace Brian good to see it and you know this is an agency phenomenon right many ways is that people going to want to -- by the beach whatever the case maybe it will instead get a hotel. Renting a house what are the pros."

" Yes I mean it turns out that this is really a booming market here in the United States and it's been a huge market in Europe. For the last thirty years there are. Probably just in the US alone close to two million vacation homes that are available for -- about seven million. Families own second homes and often times they find it. Costs are higher than expected don't use them as much and therefore they rent them out and there are tremendous. Bargains to be had vacation rentals in general. Provide great values traveler typically. Cost about as much as -- hotel before that. -- you get double the square footage you get a living room of course you get kitchen which also saves a lot of money you don't have to. You out all the time or get expensive drinks from a mini bar that kind of thing right you know it's interesting because. AG said that the market dynamics are kind of shifting in his direction here in the New York area we think of the Hamptons and the Jersey shore. You know Cape Cod or whatever the case. They'd be on that front where people have as you say house and maybe they're not personally going to it as much so have the prices come down significantly a lot of these rentals for -- look at this beautiful houses here about the prices come down a lot. You know markets like at Cape Cod in the Hamptons and you mentioned are actually doing very very well in this economy and I they're holding up her say. They're holding up we have all the way operates now the largest vacation rental business. In the world we have about 425000. Properties and about 7000 markets around the world and this year. Even in this tough economy. Our visit traffic is up about over 30% the number of properties coming our site is up over 30%. And it's all because travelers still want to go on vacation obviously times are very tough but that's the last thing. That a lot of people want to give up yet so want to get away you know what I -- Cape Cod and Hampton's les that's places that we know very well on the pop and our heads right away are holding up. Where the bargains where say it was a good place to go to fund place but you could rent -- house on the cheek so to speak. Yeah I'm not I would say generally indicate I think in this economy people are learning to be better marketers and say you will -- like our sites for example. Something like sixty to 70%. Of the owners are offering some kind of a discount or free night or some kind of special service. But I think we really find the bargains right now. Our -- fly to markets that are historically pretty tough to get to. You see a lot of demand in places like Cape Cod because people from Boston and New England other places can drive there. Contrast that with a market like Hawaii where people have to get in a plane and slide in those markets had a much tougher times if you look at places like islands. Places that are a little further away. Canada. Other locations in the Pacific northwest are going to find tremendous deals. Also you're going to find great deals in markets that have been somewhat overbuilt so Florida's a tremendous example of this. I just tens of thousands of properties have been built in the last few years and many of them. Are now available for rent in offer tremendous bargains for travelers what are the questions people should be asking if there in the market for destiny because at a hotel it's obvious how much is it going to cost you know. And you pretty much know what you're getting especially if you know one of the big change but what that the downfall so that risks that people haven't renting -- house that maybe aren't used to do yet. Secrecy hit it on the head with a hotel you've got to branded experience -- typically know at a Marriott is Marriott -- Ritz Carlton as the Ritz Carlton. And vacation rental history you come -- for example homeway dot com you'll find a 185000. Properties in none of those properties. Our branded and so the most important thing for the traveler. Is to do research and ask a lot of questions one of that. Nice things about this business is typically you are dealing directly with the owner -- property in that owner and not only knows their home very well but they also know the location very well. And the amenities and services around into the best thing traveler can -- to protect themselves and get what they think they're getting is to get on the phone. Ask a lot of questions. And also read reviews like any kind of Internet classified. Business today right now we use consumer feedback and a very big way to help people better understand what they're getting. Before they actually -- fair enough Brian thanks for coming on have a great weekend wherever you're gone either the house or hotel right right struggles and the company -- whole always."