We wanted to take some time to address the changing vacation rental market, provide some information and offer some recommendations.

The tourism industry has moved beyond the basics to become a diverse and dynamic interconnection of choice, meeting the incredibly varied demands of the leisure traveler. The top two pressures facing hospitality organizations and rental property owners are increased competition in a tough economy and less loyal customers shopping around for the nicest accommodations at the best price.

People's expectations of travel - traditionally defined by age, background, culture and finances - are becoming more complex. Emerging markets are changing the demographic mix of the traveling population. Travelers are increasingly keen on mixing budget and luxury to get the best value.

The changing demographic we feel you should aim for is the segment of the market that is interested in a memorable vacation experience. When you consider the large number of new and upscale resorts and hotels built along The Grand Strand in the past four years, it is clear that there is a huge market for more upscale vacation accommodations. The economic slowdown combined with the flooded Myrtle Beach rental market (number of units available outweighs the number of tourists) drove prices in the luxury market down to record lows. Although there are signs of recovery in terms of consumer spending, the job market is still weak and prices are expected to remain flat over the next few years.

Consider Opportunity:

Does your vacation rental unit cater to the three generations that currently dominate the U.S. travel market? Matures: aged 61 to 77, Baby Boomers: aged 42 to 60 and Generation Xers: aged 28 to 41.

Are there any areas where your condo could be improved (updates, décor, furnishings, etc.)? The overall top guest complaints we receive is due to outdated/worn furnishings.

With the current disaster in the Gulf, we have many people traveling to Myrtle Beach for the first time ever. First impressions are the key to success and repeat business.

Consider Your Competition:

In positioning your vacation rental, you should consider who you're competing against. You're not just competing against other units in the resort. You are also competing against vacation rental condos, homes and hotels in the surrounding areas and even in other markets altogether.

What do other vacation rentals in the area offer that you do not (amenities)? The overall second biggest complaint we receive is the lack of televisions in the bedrooms.

What makes your condo special? How does your condo standout from others in the resort? Does your condo attract repeat business?