There’s a new economy in town – the sharing economy – which has made a splash within the travel industry. We have now entered an era known as collaborative consumption, where owners rent out an asset to a stranger using these disruptive peer-to-peer services driven by some of the most inventive minds of our day. Travelers now have endless options that are not limited to hotel rooms. ResortShare is one of those sharing platforms revolutionizing the sharing economy by providing the resources, education and tools for the vast majority of timeshare owners to rent their properties and connect with millions of eager vacationers around the world. Now at similar price points, the single-roomed hotel reservation is in competition with unused timeshares, multi-roomed condos, lakeside homes and even castles.
The hotel industry is already beginning to feel the effects. Recently the RevPAR, otherwise known as “revenue per available room,” declined abruptly in New York City alone. At the same time, the sharing economy is not just benefitting travelers, but owners with extra space and unused timeshares to rent out can become a virtual hotelier.