With the end of the recession nowhere in sight, the country has gone into freeze mode. Hotel and airline analysts have downgraded their already grim forecasts and consumers are considering abandoning their upcoming vacation plans.

Hotel occupancy rates are down, pointing to the continued growth of the vacation rental industry.

Widely considered to be the new hotels, vacation rentals offer prices competitive with or lower than hotel rates, making them a more attractive option for a budget-conscious traveler during these tough times. Savings of anywhere from 25% to 50% from a traditional hotel/resort vacation are not unheard of, and when you offset that against increased airfare costs, vacation rentals offer a much more affordable vacation – and an almost unlimited selection of destinations.

This is also true for short term rentals in major cities, as business travelers look for cheaper alternatives to hotels.

Vacation rentals gain popularity with consumers, offering savings and value
Recent studies show that almost half of vacationers now consider booking a vacation rental when researching their trip plans because they provide increased comfort and flexibility for a considerably lower rate than traditional lodging choices. Vacation rentals often offer all of the same amenities as hotels (pools, hot tubs, and exercise facilities) but at substantial savings. Also, as they offer full kitchen facilities, travelers can save a bundle by avoiding eating out. Many vacation rentals offer added value and convenience by providing laundry facilities as well. If privacy is a consideration, having multiple rooms or choosing a location off the beaten path is ideal.

More properties are available for rent, offering consumers a broader selection
Websites like www.arubavacationrentals.com and www.goparkcity.com provide the necessary tools to efficiently search through and book tens of thousands of vacation homes around the world. Such Web sites allow greater transparency to the consumer, ensuring that what they are booking online will be what they find upon arrival.

Consider an exotic vacation rental abroad
Vacation rentals are available in countries where the dollar can still be stretched. Consider a furnished apartment in the South of Spain; Jumeriah, Dubai; Alajuela Costa Rica; or The Hague in Holland, among many other exotic locales. When choosing a destination city other than the standard tourist destination or by staying outside the major cities, you can drive your costs down even further. A bit of digging can really unearth a world of possibilities… and you can save a lot of money!

‘Staycations’ and more localized vacations becoming more popular as airline costs soar
Due to fuel surcharges, increased baggage rates and cutbacks on flight availability, about 1.3% fewer Americans flew this summer than in 2007, according to the Air Transport Association – and the recession is far from over. ‘Staycations’ provide a needed break at terrific savings. The ‘staycation’ concept is simple. Consumers check into a local vacation rental and enjoy down time in their own city. Expenses are minimal compared to a vacation involving travel and give vacationers the opportunity to experience their own cities in a new and different way.

Travelers seek more customizable vacations, avoiding packages and their associated fees
Consumers are often frustrated with fees and penalties charged by hotels and resorts when their plans don’t meet minimum stay requirements. Typically, vacation rentals don’t apply costly restrictions that can increase costs or inconvenience vacationers. With travelers taking shorter trips, this alone can present a considerable savings.

Travelers take more short trips and fewer long vacations
A common myth is that vacation rentals are only available for vacations of a week or more but in reality, 60% of vacation-rental stays are for fewer than seven nights. So even if travelers are only looking to get away for a weekend, they can take advantage of the savings and convenience of a vacation rental.

Whatever your budget, whether dictated by cash flow or time frame, this flagging economy is no reason to resort to armchair travel! With the low prices offered by vacation travel, even people on a tight budget can get more than that annual free trip around the sun!

As told by Rob Käll, president of Bookt, a leading provider of comprehensive web solutions for the vacation rental industry.