.jpg)
The right vacation rental pricing is key to owning a successful vacation rental property. It does not help that there are over 1.5 million vacation rental properties to compete within the United States.
What vacation rental pricing strategies can you use to get around this? Our guide will show you what vacation season rental pricing can do to increase your rental income.
Conduct Market Research
The first thing you need to do is conduct market research to determine the true worth of your vacation rental. What this does is determine how much demand your market has as well as how much demand your particular neighborhood has.
One way you can narrow it down is by focusing on specific neighborhoods in Blue Ridge. On top of this, you want to make sure you are comparing properties as similar to yours as possible.
That means paying attention to the square footage and number of bedrooms in the rental properties that you are competing with. Once you see how much those properties charge on average, you can get a better idea of how much you should be charging for your vacation rental property.
Consider High and Low Season
Another thing you are going to want to determine is when the high and low season is in your area. When it comes to Blue Ridge, there are ample opportunities for outdoor activities. This could include hiking and seeing the Fall Foliage.
These could be safe bets for peak demand for your vacation rental property. So, you will want to make sure you are charging higher prices for summer months as well as late October during the peak of Fall Foliage.
You also have to consider when more people are likely to travel. One big time of year when families tend to get together is Christmas. You may arguably be able to charge your highest prices of the year during this week.
Equally as important is knowing when people may not have a high desire to come to your area. Winter months such as January and February may be more difficult to fill booking dates in general.
In this situation, you need to use dynamic pricing to encourage budget travelers to visit your vacation property during the low season. So, if you offer a 50% discount during the entire month of February, this will likely increase the chances of you getting those dates booked.
Take some time to look at when people are more likely and less likely to book your rental property. Then, adjust your prices accordingly.
Learn More Vacation Rental Pricing Strategies
These are just two factors that go into vacation rental pricing strategies. You need to conduct market research to get an accurate assessment of what your rental property is typically worth.
From there, you can adjust this price depending on what demand there is at certain times of year. Keep track of when there is high and low demand over the year and change your prices accordingly.
Do you want to rent out your house? Click here to find out how we can help.
