VRMA connects short-term vacation rental professionals with the expertise, products, and technology to provide exceptional guest hospitality and homeowner satisfaction.
Study Shows Minimal Impact of Short-Term Vacation Rentals
— Kimberly Miles
WASHINGTON, D.C., UNITED STATES, December 14, 2023 /EINPresswire.com/ — The Vacation Rental Management Association (VRMA) announced the results of its national housing affordability study, which aimed to decipher the real drivers of price and affordability within the housing market.
The study, conducted in partnership with Oxford Economics, reveals the minimal impact that short-term vacation rentals have on housing costs.
“Short-term vacation rentals provide significant economic value and impact in communities all across the country,” said Hamilton Galloway, head of consultancy at Oxford Economics. “Emerging concerns over the increase in the number of STVRs and housing affordability is simply not substantiated by the data.”
Results from the study that analyzed data during the 2014-2021 period show that short-term vacation rental density contributed only 0.4% of the 32.7% national growth in housing prices and 0.5% of the 9.9% increase in rents.
“These results should bring to the forefront that short-term vacation rentals are not the real driver of growing home prices,” said Kimberly Miles, VRMA president and CEO. “These findings serve as another reminder that short-term vacation rentals are an economic driver that enables their communities to thrive.”
“Our research and quantitative modeling demonstrate and reinforce that changes in income, unemployment and other factors unrelated to STVRs remain the key drivers of house price and rent affordability. These important distinctions should serve as a starting point for community engagement and housing development,” added Galloway.
For information about the study, including a webinar about the findings, visit www.vrmaadvocate.org or contact Nick Scarci, VRMA director of state and local government affairs, at [email protected].
About the Vacation Rental Management Association
VRMA connects short-term vacation rental professionals with the expertise, products and technology to provide exceptional guest hospitality and homeowner satisfaction. VRMA also advocates for the short-term vacation rental property management industry; provides education and networking opportunities; promotes the value of the vacation rental experience; and drives industry growth. To learn more, visit www.vrma.org.
Nick Scarci
Vacation Rental Management Association
[email protected]
Originally published at https://www.einpresswire.com/article/674858540/vacation-rental-management-association-announces-national-housing-affordability-study
