Ten percent of all overnight leisure travelers have booked a short term rental in the past 12 months according to a national study by D.K. Shifflet and Associates. Although Millennials took the lead, travelers of all generations booked these types of accommodations and most are considering or planning to book a similar property within the next 12 months.
The most popular type of property was an entire residence where the owner was not present (67%), while 15 percent chose a room in an owner occupied property.
"Price is the overwhelming driver for selecting a short term rental," said Cheryl Schutz, vice president at D.K. Shifflet & Associates. Conveniences, such as location, being able to accommodate an entire travel party and the ability to cook are also important reasons leisure travelers choose a short term rental, Schutz said.