A sharp increase in the number of short-term rentals is reported in many states of the US.
According to a rental website HomeAway, landlords prefer to rent their properties than to sell seeing the gloomy picture of the current housing market and hence increasing the number of available options for rent.
Arizona, California and Florida are among the states where short-term rentals are found to be increasing due to the trend. In Sarasota, FL, the number of rentals records a hike of 56 percent in 2008 compared to 2007. Similarly, a rise of 33 percent is observed in San Diego during the period.