Though certainly not cheap, Sydney has been named one of the world’s favourite cities for vacation rentals.
After analyzing data from 50 metropolises across the globe, travel insurance site InsureMyTrip revealed that Sydney is among the top ten most popular cities for holiday rental properties, with the NSW capital placing ninth in the index.
According to the study, Los Angeles is the world’s favourite vacation rental city, with LA experiencing a near average 70% occupancy in 2020.
Data showed that LA’s rental homes scored highly for reviews and cleanliness, but could improve on their cancellation policies, with only 36% offering flexible cancellations.
Placing second on the list, South Korea saw an average occupancy rate of 67% last year, with a high safety rating, average reviews and cleanliness notable factors in its success. However, like LA, the city could improve on its cancellation policies.
Singapore (65%), Berlin (64%), and Dublin (63%) rounded out the top five most popular vacation rental locations around the world.
At the other end of the scale, Agra, India (16%) and Cairo, Egypt (23%) finished at the bottom of the index, largely thanks to the prolonged closure of its tourist hot spots due to the coronavirus pandemic.
According to InsureMyTrip, holiday homes may need to reassess their priorities moving forward, especially around cancellation policies.
“Vacation rental prices will likely continue to be dynamic and unpredictable as pandemic mitigation efforts continue to affect travel behavior,” InsureMyTrip Director of Marketing Ronni Kenoian said.
“However, travelers can use the latest average room prices to help budget and plan a future trip.
“We would also recommend that travelers review the cancellation policy for any vacation rental and seek travel insurance to protect their trip investment.”
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