In these tough economic times, a certain kind of travel is booming.

I’m talking about vacation rentals as affordable–and often times more enjoyable—alternative to traditional hotels and resorts.

Many vacation-rental services have reported an increase in bookings since the economic meltdown. Why? Because staying in a home costs, on average, 50 percent less per square foot than hotels.

It’s an especially viable option when traveling with a group. You have the option of cooking your own meals and spending time in your own space.

Best of all, you can really live like a local.

You can rent through a management company or directly with the owner, but the basic caveat remains the same: Most issues stem from miscommunication, so ask questions. Lots of them. 

What’s the cancellation policy? When were the photos were taken, and do they reflect the actual home you’ll be renting? How many beds are there, not just bedrooms?

Find out if there’s someone you can call 24/7, and if not, get all the emergency contacts like the plumber and electrician.

Always pay by credit card, and last, but not least, get everything … I mean everything in writing.

Find more money-saving options in our Hotels & Accommodations section.

And check out the rest of our Daily Travel Tips here.