Owners of vacation rental properties reported higher occupancy rates this year compared to last summer, according to a report from ""HomeAway"":http://www.homeaway.com/, an online marketplace for vacation rentals.
[IMAGE]The report found 72 percent of vacation property owners who consider summer to be their peak season saw occupancy rates at 76 percent or higher, up from 68 percent last summer.
In addition, 87 percent of vacation rental owners said their summer activity was about the same or better than last summer.
Owners also reported an average weekly rental rate of $1,493 or $213.29 per night.
[COLUMN_BREAK]The report also found that owners spend an average of 8.6 hours a week to manage their properties, and income generated from their properties average $26,000 annually.
About 59 percent of vacation property owners use the income to maintain or make upgrades to their property, 47 percent use the income to help pay the mortgage on the property, and 19 percent use the income for everyday living expenses.
The markets with the largest increases in new vacation rental listings are Sea Isle City, New Jersey; Lavallette, New Jersey; Balboa Peninsula, California; Angel Fire, New Mexico; and Long Beach Island, New Jersey.
*Markets Where Traveler Demand is Increasing*
_(Q2 2011-Q2 2012)_
1. Balboa Peninsula, California (222%)
2. Reunion, Florida (137%)
3. Aspen, Colorado (127%)
4. San Diego (124%)
5. Folly Field, South Carolina (up 116%)
6. Honolulu (115%)
7. Kissimmee, Florida (114%)
8. New Orleans (114%)
9. Vail, Colorado (111%)
10. Gulf Shores, Alaska (108%)