What is an Orlando vacation rental? A vacation rental is a home. It can be a condo or townhouse in a multi unit building. It could also be a stand alone, detached or semi-detached house or villa in a residential area. But it is a home, the entire home. Typically the vacation rental home is owned by an individual though sometimes they are also owned by companies. A property owner has a contract with a property management company that specializes in managing vacation rental propert...