Should My Home be a Vacation Rental?
Posted by Amanda Schauer | Wednesday, November 20, 2019
Important Traits of Popular Vacation Rentals:
- Size of the Home
- Length of Owner Stays
So you are thinking of turning your home into a Vacation Rental? Wonderful! It’s a great way to earn some extra money when you are not living in it! But not every home is cut out to be a Vacation Rental. More and more guests are expecting better homes, more premium amenities, and fantastic locations. Here are some helpful tips to help you find out if your home should be a vacation rental!
Size of Your Home
First things first, is your home 3 bedrooms or larger? If not, your home is likely to not get as many bookings. Studies have found that 3 bedroom homes or larger perform significantly better than smaller homes. These homes are great for family get-togethers, friend reunions, and more. If your home is 3 bedrooms or larger, that’s great news!
The second thing to consider, do you want your home to be pet-friendly? Let’s look at the statistics. In 2018 we found that homes that allowed pets performed 38% better than homes that did not allow pets. Homes that allowed pets in 2018 had an average occupancy percentage of 33.22%, whereas homes that did not allow pets had an average occupancy percentage of 24%.
Many guests are looking to travel with their furry friends. Most pet-friendly homes require a guest to pay a pet fee if they know they are going to be bringing their dog to their home. This pet fee can help offset some of the costs in managing a pet-friendly vacation home. But the real benefit to having a pet-friendly vacation home is taking advantage of the opportunity cost from the guests that wouldn’t have stayed with you otherwise.
Is your home near local attractions or events? If your home is close to local events and attractions, you are sure to get more reservations. Guests want to be close to the best things to do in your area! Make sure you highlight why guests should choose your home in the property description.
Does your home have a private hot tub or game room? Homes that offer premium amenities like a private hot tub, heated game room, or pool access, are going to perform much better than homes that do not. Guests rent vacation homes to get away and enjoy themselves. Give guests as many opportunities as possible for them to pick your home instead of someone else’s.
Are you planning to use your vacation home for Owner stays more than 30 days out of the year?Take into consideration how many times you are wanting to stay at your vacation home and what time of the year you’re planning to stay. Do you want to use your home for a summer getaway? Guests may want to also. Try to plan your owner stays to your location’s off-season to avoid filling your home’s busiest time with owner reservations. Most holidays, prime summer, and prime winter are times to avoid, but it will depend on your location’s attractions. If you are staying at your home, that’s a time that a guest can’t stay at your home, and that’s missed revenue.
Now that you have determined whether your home should be a Vacation Rental it’s time to go into how to properly manage your property! Please see our next blog post for Part 2 of this series. Subscribe to our emails to get notified when we post it!
If you don’t want to manage your vacation home, email Vacation Rental 365. We are a proud management company in Cle Elum Washington that manages over 45 luxury homes in Cle Elum, Suncadia Resort, and Ronald. We have 6 years of experience behind us and we promise to treat your home like our own. Click here to learn more about our management services or click here to send us a message about your home! We would be more than happy to talk to you about what we can do for your home!
Our Recommendations Properties