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HomeAway’s online catalog links renters with 560,000 vacation properties listings worldwide, disrupting the time-share industry by giving renters the same flexibility as booking a hotel room.
I've rented two vacation rentals - one in Hawaii, and one in Mexico. Both were nice, but both had issues. In one case, the unit had not been cleaned after the previous renter had left. In the other case, I had difficulty getting into the unit when I first arrived. These experiences highlight a problem with vacation rentals - you're not renting from a professional service provider, but rather from a private owner, who, in most cases, lives thousands of miles away. So while I think vacation rentals can provide good value, they can also come with more headaches than hotels. Another issue with vacation rentals is that it appears that, in many cases, the owners are trying to cut costs by not employing someone local to manage their property. Based on my experiences, I'm not sure if I will rent a vacation rental again, and think that the VRBO market growth is somewhat limited. AWAY's market cap is pricing in a great deal of growth, which makes me think it's overvalued.
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