Vacation Rentals: No Getaway From Economy - CBS News 8 - San Diego, CA News Station - KFMB Channel 8

Vacation Rentals: No Getaway From Economy

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The three things anyone who vacations in San Diego is looking for are sand, surf and sun. However, the lackluster economy - driven by fears of job loss and instability - is now affecting the vacation rentals along the coast.

Bill Luther has seen the vacation rental market go up and down over the years.

"We would actually have people waiting in my lobby at check out time for someone to not rebook for the next year. Those days are gone," Luther said.

He credits both an overabundance of rental properties and the fact many Americans are just tightening up the purse strings.

Jay Koval and his wife usually take a two- to three-week vacation during their summer break away from students, however this year it's not even a thought.

"Just stay home, turn the AC down a little bit in Phoenix and just hunker down for a while," Koval said.

We also spoke to the folks at San Diego Vacation Rentals, who told us right now their July and August bookings are down some 20 percent. They're also offering 10 percent discounts just to get people in the door.

Other property owners are also working with would-be vacationers to offer lower prices than previous years. Despite some deciding to cancel or cut back on their trips, not everyone is holding on to their money.

"We don't think it will get any better any time soon, so we spend it while we've got it," one vacationer said.

Luther says people are asking for bargains, but suggests you will most likely give up an ocean view in exchange.

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