19 Nov Millennials Looking for Hidden Getaways on Vacation
- It’s important that their accommodations offer opportunities to experience the local culture
- They’re looking for more adventures when they travel
- It’s more important for them to discover hidden local places than to visit major tourist attractions
Tips for Vacation Home Rental Real Estate Investors
According to HomeAway, millennials are ditching their solo backpacker mindset and are beginning to travel in larger and larger groups of friends, as well as bringing their new young families on vacation with them. Millennials and Generation Z alike are said to be 35% more likely to travel in large groups now as opposed to alone. It was also found the only 20% of both generations have NOT stayed in a vacation home or condo.
This market is projected to grow leaps and bounds in the year 2020. If you are currently in the Vaction Rental Home business or thinking about investing in this industry, make sure you are paying all the appropriate taxes, this includes state and county transit tax. Each community is different in how taxes are collected. Contact your local CVB or Tourism Commission to learn more about the vacation rental home industry.