How Much Would You Pay For A Rental?

I'm curious. How much would you pay for a rental week? I recently saw a bidshares auction for a gold crown resort in Hilton Head asking $2200/week(float - book your preference). I thought this was pretty pricey. I don't think I would pay more than $1500 tops, and that would have to include a golf/tennis package.

What is a reasonable weekly rental price, especially in today's economy?
Joanne

It depends on the property. There are resorts that command $2500 or more per week and other only a few hundred per week.

Last year I paid $3000 for a 2 bedroom in the Turks and cacios, and was glad to get it, so it depends on Country, City.and Resort. example: San Fran. NYC. ect.

I've been renting our Newport Coast (Marriott) intervals for a number of years now and found this year's rental prices to be down about 5% from prior years. Typically we rent them for 275-350.00 per night depending on time of year.

If you want to gauge the HH area, try eBay or Redweek. IME, I've never negotiated our pricing on Redweek and the intervals have always rented. YMMV

I get $3,500 a week for my Maui TS, but NO way would I pay that much!

I have rented a week in over 20 years, but I just did a couple of weeks ago

I definitely never thought that I would pay as much as I did ($1200), but I was happy to get it. Small potatoes I know for some. But the last minute exchanges on RCI meant we had to drive 8 hours (some great Gold Crown resorts too) and for this vacation we just wanted to be within a 2-3 hour drive on the beach.

I checked on Craigslist and a timeshare that we had stayed at before and loved was available for the week we needed. I grabbed it and was happy to pay the money. It's a direct oceanfront duplex (3BR w/loft) in a very small resort on the Outer Banks. We're leaving Saturday and are thrilled. When we do 8 hour drive-to trips, we like to rent a mini-van. Between the cost of the rental, gas, the exchange fee/maintenance fee; it worked out to be close in price and we got to stay close to home, are able to take our pets and my Mom can drive down and spend a couple of days with us.

I guess if you have a need or desire, there's availability and you've got the cash; you'll do it.

Interesting question, as I question whether I'll just rent rather than purchase a great deal at this point. All I own now is Hilton.

vkhome said:

I'm curious. How much would you pay for a rental week? I recently saw a bidshares auction for a gold crown resort in Hilton Head asking $2200/week(float - book your preference). I thought this was pretty pricey. I don't think I would pay more than $1500 tops, and that would have to include a golf/tennis package.

What is a reasonable weekly rental price, especially in today's economy?
Joanne

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For us it depends on where we're going, what prices are to book directly into a comparable place or book into a hotel, the size of the unit and when we're going.

Last year when we paid the most we've ever paid for a rental - a 3-bedroom in Vail, $2100 - we know it was a good deal....it was President's week in February and hotel rooms at the Comfort Inn were booking at $199 + tax....since our party needed three-bedrooms and three bathrooms, booking a 2-star hotel would cost us $597 a night + tax....for $300 a night, all fees/taxes included was a no-brainer given that the unit had what we needed and a kitchen, dining area and living room - much more space!

Redweek.com has a lot better prices if you shop a little.

Marriott Surfwatch 3 bed 3 bath garden view 6-26 to 7-03 for $1400 for week.

Waterside by Spinnaker 3 bed 3 bath pool view 6-27 to 7-04 for $600, 2bed 2 bath water view 7-18 to 7-25 for $950, etc.

Marriott Sunset point 2 bed 2 bath 7-4 to 7-11 for $1450 and 2 bed 2 bath 6-27 to 7-04 for $1200. For $2650 you can spen 2 full weeks including the 4th of July.

Marriott barony Beach Club 2 bed 2 bath ocean view 7-04 to 7-11 with an asking price of $1700.

Marriott Harbor Point at Shelter Cove 2 bed 2 bath water view 6-27 to 7-04 for $800 and 6-20 to 6-27 for $500. You can get 2 full weeks for $1300.

Marriott Monarch Oceanfront sea Pines garden view 2 bed 2 bath 7-04 to 7-11 for $1400 asking price. There are 2 of these so one of these owners will take less than $1400 to rent their week.

There are a lot of nice non Mariotts for even less, and remember that these listings are asking prices, many owners will take less. So in closing NO WAY would I pay anywhere near $2000 for a week on Hilton Head. There are bargains everywhere this year, take advantage of them. Offer low and you might be surprised when someone accepts an offer you didn't think they would even consider. I know I rented a couple of my weeks this year for offers I would have not even responded to last year. Good luck.

P.S. There are a lot of great last minute rentals listed here on TUG for $700 or less if you would consider somewhere other than Hilton Head since I don't see any weeks currently for rent there. There are several beach locations available in NC and Florida for really good prices if you are flexible.

Mileage may vary...

vkhome said:

What is a reasonable weekly rental price, especially in today's economy?

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I'm not trying to be a wise guy in offering this particular view, but what is "reasonable" is essentially whatever a willing renter is willing to pay in the open marketplace --- current economic climate notwithstanding. If a particular resort rents out weeks directly, that figure can generally be regarded as the "absolute maximum" for renting that facility / week / unit size, meaning that a private rental should always be less than that amount.
High demand geographic locations, seasonal spikes in demand, limited available competitive supply in the same area / time frame, resort quality, unit size, etc., etc. all factor directly into the "what to pay" equation. I don't think there is a universal magic number --- just individual "pain threshholds" which vary considerably from one person to another. The marketplace will generally always find its own "level" to determine what is "reasonable" (or at least what is competitive) for any given area, facility or season. If an owner renting out his / her week(s) attempts to charge more than the open marketplace standard, then successful rental will be unlikely.

I guess for me, it seems to make more sense to buy a TS on the resale market than to pay $2500/week or more for a rental. That is, if you were planning to pay that equivalent on a yearly basis for a vacation week. Otherwise, it would take a lot of years to make up the difference. That is assuming, of course, that you bought for under $10,000 and your MF was under $900/year.
Or, are my figures just whacked?

Now, if you rented for $1000/week or less on a yearly basis, it's probably cheaper to keep renting than to buy (unless you bought in the bargain basement with a low MF).

I'd guess most of us don't think your figures are whacked (as we're mostly a group of folks who believe TS purchases are definitely worth it!)
There are several good threads, such as
http://www.tugbbs.com/forums/showthread.php?t=93972&highlight=money
that talk about whether you save money buying a TS.

Something else to consider...

vkhome said:

I guess for me, it seems to make more sense to buy a TS on the resale market than to pay $2500/week or more for a rental. That is, if you were planning to pay that equivalent on a yearly basis for a vacation week. Otherwise, it would take a lot of years to make up the difference. That is assuming, of course, that you bought for under $10,000 and your MF was under $900/year.
Or, are my figures just whacked?

Now, if you rented for $1000/week or less on a yearly basis, it's probably cheaper to keep renting than to buy (unless you bought in the bargain basement with a low MF).

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I'm certainly not "down" on timeshare ownership (...I own a number of weeks and have done so for over two decades now), but I do think it is also worthwhile to keep in mind that with ownership, "maintenance fees are forever", whereas each individual rental transaction is a stand alone "one and done" transaction. Buying is easy; selling is not. With a rental, if your stay is less than fulfilling, you need do nothing more than turn your back and not return. With ownership, you own until you sell (...if you can sell...), like it or not.

In other words, aside from just looking solely at the "numbers", you really should also seriously take into account (before purchase) whether a given facility is well known to you and is one which you would be happy to visit again and again over the years. Buying an interval at someplace you're not truly happy with, assuming that you can "exchange" into something else or "rent out" your week(s) can ultimately prove to be wishful thinking.

Just food for thought...

theo said:

I'm certainly not "down" on timeshare ownership (...I own a number of weeks and have done so for over two decades now), but I do think it is also worthwhile to keep in mind that with ownership, "maintenance fees are forever", whereas each individual rental transaction is a stand alone "one and done" transaction. Buying is easy; selling is not. With a rental, if your stay is less than fulfilling, you need do nothing more than turn your back and not return. With ownership, you own until you sell (...if you can sell...), like it or not.

In other words, aside from just looking solely at the "numbers", you really should also seriously take into account (before purchase) whether a given facility is well known to you and is one which you would be happy to visit again and again over the years. Buying an interval at someplace you're not truly happy with, assuming that you can "exchange" into something else or "rent out" your week(s) can ultimately prove to be wishful thinking.

Just food for thought...

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You are definetelly telling the truth, the whole truth, and nothing but the truth.

I buy cheap and rent cheap

I bought on ebay and bought too many summer weeks so I rent them for a little more than my maintenance fees and use what doesn't rent. I wouldn't pay over $600 a week but when I rent something to use it is always a last minute special.
.I like nice but simple resorts in the North-east USA so we can drive. This is really a different market from the $2000 a week and up resorts.