How to home swap and score cheaper summer vacation rentals
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Buying a vacation home is out. Trading homes is in.
Driving the news: Home-swap networks are growing at a time when owning a vacation property has become less attractive, Axios' Sami Sparber reports.
- In April, San Francisco-based Kindred announced it had raised $15 million to expand its members-only business into Europe.
- The platform, which includes listings in Philly, has more than 2,500 homes in over 50 cities across North America and will debut later this year in major overseas locations, including London.
The big picture: Across the country, demand for second homes is down more than half from pre-pandemic levels, fueled by high costs, a cooling short-term rental market and a pullback in remote work, per a new Redfin report.
Zoom in: The Poconos region has the highest share of vacation homes in the Keystone State, per Census data analyzed by Axios' Tory Lysik and Simran Parwani.
- Eagle Lake has the highest number at 88%, followed by the Hideout (78%) and Masthope (77%).
- Vacation homes make up 3% of homes in Pennsylvania compared to the national average of 4%.
- Of note: The Census Bureau defines vacation homes as those that are used for "seasonal, recreational or occasional use."
How it works: Kindred has a "give-to-get" model: You earn credits toward booking a place by hosting a member in your own home.
- The intrigue: There are no nightly rental fees. For each trip, members cover the cost of cleaning and a service fee capped at $25 per night.
- Membership is pay-as-you-go, and there's a waitlist to join, as homes are accepted based on supply and demand across locations.
The bottom line: Sharing is caring — and one way to offset pricier vacations during what's expected to be a record-setting travel season.