Properties all over the world are earning income as short-term rentals. You also can make money on vacation home rentals. Analyze your property compared to other vacation homes nearby based on these 4 criteria.
For example, the geo-demand of your property could change based on the time of year. Mountain towns could be at peak popularity when winter sports are in full effect. Beach cities may have higher demand when the weather reaches a certain temperature. Some cities have major events that would create a high geographic demand.
Check out local calendars of events to track when a high number of visitors will be in your area. You can set lower prices during low tourist seasons to attract some income instead of no income. Conversely, you should raise your prices during high tourist times to maximize profits when demand outweighs supply of short-term rentals.
More sleeping accommodations can drastically increase your nightly rate. Try adding bunk beds, sofa beds and air mattresses for the purpose of increasing occupancy. No matter how many people you can accommodate, most homeowners can make money on vacation home rentals.
Undoubtedly, luxuries help you make money on vacation home rentals. Travelers are often looking for features like hot tubs, pool tables, or hammocks. Making your home especially kid-friendly with a crib, high chair, stroller and toy collection is a huge selling point. Investments you make on amenities will result in additional income. Your aim is to make your vacation home rental feel like a luxury hotel.
Homes located in a downtown area are able to command a much higher price than homes located in rural suburbs. Likewise, a property with an epic view is able to charge a premium over a rental in a traditional residential neighborhood. Compare your location’s advantages and limitations to other properties in your area to get a nightly rate range.