How does a Vacation Rental differ from a Timeshare?

I just got back from a 10-day vacation to the Canadian Rockies. It is an awesome place! For those of you who have not heard about it or have not been there, it is the south central part of Canada, and is primarily a ski destination. In the summer months, the small towns of Banff & Lake Louise are flocked by visitors to appreciate the beautiful landscape and awesome weather.

As I mentioned before, I am a bargain hunter, and found this great deal at a vacation rental in Banff (Canada), a one-bedroom condo, with a kitchen, washers, grill, basically everything we could ask for, since we were travelling with a baby. Ofcourse we also saved money by having "home-cooked" breakfasts and dinners, 24/7 coffee and snacks! And the other reason we saved money was because we travelled at the tail-end of the peak season, so great weather and yet great deals on travel.

The concept of vacation rentals is similar to a hotel or an extended stay, with a few differences. Very popular in Europe & Canada, a vacation rental is in most cases a fully furnished apartment or villa which is rented out to a tourist, instead of a hotel. The rental unit is usually fully equipped with a kitchen, dishwasher, washing machine, grill, DVD player, sports equipment, etc.

A big advantage of a vacation rental over a hotel room is space. This is a big plus when travelling with kids, or with extended family, and usually works out much cheaper than a hotel. You could rent just one unit instead of multiple hotel rooms, for example, and can save money. You could get anything from a studio to a spacious 5-6 bedroom house with a pool, as a vacation rental. So, why would you want a timeshare if you could get rentals whenever you want, wherever you want?

The rental period of a vacation unit could be nightly or weekly or even monthly. Usually such units are not for sale, they are purely rental. But keep in mind, some units are owned by people like you & me, and are leased/ sub-leased out for tourists. And some timeshares are also rented out by owners or by the resort.

So, to quickly recap the differences between timeshares and vacation rentals:

1. Rent a vacation rental vs Own a timeshare property
2. More space in a vacation rental unit- living room for watching TV for example. Most timeshares are hotel rooms, although in Canada I saw 2-3 bedroom timeshares.
3. Cost savings especially when travelling with kids or extended family. You can save a lot of money on eating out.
4. More privacy and a little away from the noise of downtown.

So, any cons of vacation rentals?

Well, I don't think so. Most vacation rentals have parking, 24-hr front desk or contact for property manager. Its like renting a place temporarily, and unlike timeshares, there is no annual fee required, no memberships needed, and no obligation after you return back home after your vacation.