Back in January, I posted an article on residents of East Rutherford who were cashing in by renting out their homes and apartments to fans in town for the Super Bowl. Apparently, they are not the only ones making some serious money on rentals.
According to a recent story in The Desert Sun, high-profile events such as the music festival Coachella have caused a serious spike in vacation rental rates in the desert. During the two-weekend music festival, the article reports that vacation rental rates can be 20 to 100 percent higher during this period. Additionally, the minimum night stay also jumps from two to three nights to four. Cha-ching.
According to vacation-rental marketplace HomeAway, the average rate for vacation rental properties in the area surrounding the site of the festival is $650 per night, a 260 percent increase over the average nightly rate outside Coachella’s time-frame. This year, demand is up 12 percent from 2013 for vacation rentals during the festival.
Including Coachella, short-term rental activity generated over $270 million in economic output in Coachella Valley last year and fueled nearly 2,600 jobs. In all, 265,000 room nights were booked in 2013 in approximately 7,750 vacation rental homes in the valley, this according to a recent study by economic and public policy consulting firm, TXP Inc.
Due to increased familiarity of vacation rentals by consumers and increasing availability, the market is expected to continuing expanding in the future according to experts.
Rock out on your vacation with a rental from RIT
Not headed to Coachella but still want to rock out on your vacation? Rent It Today can help! The most comprehensive rental resource online, Rent It Today can help connect you with vacation rental homes across the country. Check out our available listings today at www.rentittoday.com!