These days the mantra in the real estate world is: Buying beats renting. And when it comes to vacation homes, Americans have been in a buying mode–but that doesn’t mean the rental market is taking a dive. <\/p>\n
Second-home sales swelled last year, according to a study released recently by the National Association of Realtors. Sales of vacation properties rose nearly 20% from 2003 to 2004, to a total of 1.02 million. Nevertheless, Washington D.C.-based Travel Industry Association of America predicts that the vacation rental market overall will grow 67% in the next decade. <\/p>\n
That means rental prices will only continue to rise. Years ago, a beach house in the Hamptons or Nantucket could be rented from Memorial Day to Labor Day for several thousand dollars. That same house this summer will probably fetch between $100,000 and $300,000. Think that rent is going to come down anytime soon? Short of a complete economic collapse–and even then–don’t count on it. <\/p>\n