Other software companies have recently attempted to report ‘national’ trends...
Basalt, CO (PRWEB) February 12, 2010
Instant Software, Inc. (ISI), the world’s leading provider of vacation rental management technology, released the Annual Trend Report for 2009, including vacation rental industry statistics at National, Regional and State levels with comparisons to 2008 same shop activities.
This free report, available here, is the most accurate resource for managing trends in the vacation rental industry because Instant Software provides solutions that manage the most vacation rental properties in the USA. To be useful for the industry, the report needs to have sufficient data, broad enough reach and correct analysis; only ISI has data on more than $1.7 billion in reservations last year from over 200,000 homes representing more than 50% of all available data.
Industry Highlights: Nationally the vacation rental industry finished 2009 with a 6.8% decline in revenue and a 4% drop in reservations. Advance booking times fell 5% for 2009 arrivals and 7% for bookings taken during 2009. During a year marked by consumer bargaining and Internet specials, discounting appears to have reduced average rents by 3%. Renters stayed 6.1 nights during 2009 as they did in 2008, but lower rents may be responsible for a 1% increase in the length of stays booked in 2009.
Regional and State Trends: The vacation rental industry is fragmented, and each resort area tends to have unique operating footprints. Homes in the Northwest U.S. typically rent for $165 per night whereas nightly rents in the Northeast U.S. command $305, an 85% premium. Advance booking windows varied from 50 days for Texas to 128 days for Massachusetts. Average rents increased 1% in New Mexico in 2009 but dropped 10% in Oregon (helping stimulate a 10% increase in guest stays).
ISI’s leadership position provides the greatest amount and broadest range of data available. These reports evaluate advance booking windows and the year-to-year trends that shaped 2009 profit and loss statements, guest reservations, revenue, and occupied nights. The annual report also analyzes booking activities, which influenced 2009 results and are the best measure of consumer confidence and booking trends going forward.
“Other software companies have recently attempted to report ‘national’ trends,” states Dave Hopcroft, CEO of ISI. “However, I strongly urge the industry to be cautious when making any conclusive business decisions based off these other reports; because they measure only a very small and unrepresentative handful of industry data with a limited cross-section of geography and vacation rental management company types.”
The other reports got some things correct. There were a number of similarities between the other reports and the one produced by the Instant Software Research Center. But there were also enough mistakes made that render these other conclusions extremely dangerous. For example, they reported markedly more volatile booking swings, different proportions of weekend arrivals, more 1-3 day stays, fewer 4-7 day stays, and a heavier balance toward short versus longer advance booking windows.
To view Instant Software’s complete trend report, please visit HERE.
About Instant Software
Instant Software Inc. (ISI) is the world’s leading provider of technology solutions for the Vacation Rental Management industry. Instant Software’s complete end-to-end solutions include the market leading Reservations and Business Management Solutions; First Resort Software™, Property Plus™, Entech™, and V12.NET™, plus Online Solutions integrated through ISILink™, the most powerful web distribution system in the industry and TravelStorm, the market leader in web marketing. ISI has installed software at more than 2200 property management companies and vacation rental resorts throughout North and Central America and the Caribbean. ISI was the first in the vacation rental industry to bring real-time online booking, serves more than 250,000 vacation rental properties and services more vacation rental management companies than any other in the U.S.
For More Information, please contact:
Director of Marketing, Instant Software
(866) 746-6347 x1009
# # #