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Differences in Seasonal Price Patterns among Second Home Rentals and Hotels: Empirical Evidence and Practical Implications

Author

Listed:
  • Albert Saló

    (ESADE, Research Group in Tourism Management (GRUGET), Av. de la Torre Blanca 59, E-08172 Sant Cugat del Vallès, Spain)

  • Anna Garriga

    (Department of Economics, Universitat de Girona, Facultat de Ciències Econòmiques i Empresarials, Campus Montilivi, 17071 Girona, Spain)

  • Ricard Rigall-I-Torrent

    (Department of Economics, Universitat de Girona, Facultat de Ciències Econòmiques i Empresarials, Campus Montilivi, 17071 Girona, Spain)

  • Mar Vila

    (ESADE, Research Group in Tourism Management (GRUGET), Av. Pedralbes 60–62, E-08034 Barcelona, Spain)

  • Josep M. Sayeras

    (ESADE, Research Group in Tourism Management (GRUGET), Av. Pedralbes 60–62, E-08034 Barcelona, Spain)

Abstract

Hotels and second home rentals are two of the most important tourist accommodation options in Spain. In terms of seasonality, almost all previous studies have analysed tourism demand from the point of view either of total arrivals or the number of tourists lodged in a single accommodation type (hotels, rural accommodation, etc). However, there are no studies focusing on price seasonality or comparing seasonality among different accommodation types. By using seasonality indicators and a price index constructed by means of hedonic methods, this paper aims to shed some light on seasonal pricing patterns among second home rentals and hotels. The paper relies on a 2004 database of 144 hotels and 1,002 apartments on the Costa Brava (northeast Spain). The results show that prices for second home rentals display a smoother seasonal pattern than hotels due to reduced price differences between shoulder (May and October) and peak periods (August).

Suggested Citation

  • Albert Saló & Anna Garriga & Ricard Rigall-I-Torrent & Mar Vila & Josep M. Sayeras, 2012. "Differences in Seasonal Price Patterns among Second Home Rentals and Hotels: Empirical Evidence and Practical Implications," Tourism Economics, , vol. 18(4), pages 731-747, August.
    • Handle: RePEc:sae:toueco:v:18:y:2012:i:4:p:731-747
    DOI: 10.5367/te.2012.0141
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    References listed on IDEAS

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    1. Olympia Bover & Pilar Velilla, 2001. "Hedonic house prices without characteristics: the case of new multiunit housing," Estudios Económicos, Banco de España, number 73.
    2. Cuccia, Tiziana & Rizzo, Ilde, 2011. "Tourism seasonality in cultural destinations: Empirical evidence from Sicily," Tourism Management, Elsevier, vol. 32(3), pages 589-595.
    3. Shy,Oz, 2008. "How to Price," Cambridge Books, Cambridge University Press, number 9780521715645.
    4. Olympia Bover & Pilar Velilla, 2001. "Hedonic house prices without characteristics: the case of new multiunit housing," Estudios Económicos, Banco de España, number 73.
    5. Stephan Haroutunian & Pandelis Mitsis & Panos Pashardes, 2005. "Using Brochure Information for the Hedonic Analysis of Holiday Packages," Tourism Economics, , vol. 11(1), pages 69-84, March.
    6. Albert Saló & Anna Garriga, 2011. "The Second-Home Rental Market: A Hedonic Analysis of the Effect of Different Characteristics and a High-Market-Share Intermediary on Price," Tourism Economics, , vol. 17(5), pages 1017-1033, October.
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    Cited by:

    1. Bloze, Gintautas & Skak, Morten, 2014. "Owning, letting and demanding second homes," Discussion Papers on Economics 1/2014, University of Southern Denmark, Department of Economics.

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