In 2022, there were 1.5 million short-term rental properties for tourists in the United States. As the tourism sector is back in full swing, experts predict the demand for homes will increase.
Owning a vacation rental is a fantastic opportunity that can generate significant income. However, some points in the year will maximize your annual revenue.
Learning peak season pricing strategies to utilize this profit-making scheme is a must. Read on as we educate you on seasonal rates to boost your profits this year!
1. Plan and Prepare in Advance
Benjamin Franklin, the 32nd president of the U.S., once said, "By failing to prepare, you are preparing to fail." This quote is certainly relevant to this growing industry with plenty of competition.
Begin by cleaning and maintaining the rental. More people will pass through than at any other time of the year.
It's your best chance to impress as many guests as possible - or to gain a poor reputation with plenty of negative reviews.
Stocking up on essentials is also vital. If you mention you provide toiletries and other supplies, stock up on them now in case they sell out in the future.
2. Set Competitive Peak Season Pricing
Airbnb opened to the public in 2007. Today, it has 4 million hosts worldwide. It is the most used vacation property site, so the last thing you want is to price yourself out of the competition.
You can charge more for a rental during the peak season in your area. But you should note that travelers pay more for transport and attractions then. Good accommodation deals are the best way to attract guests.
3. Offer Early Bird Discounts
Traveling during the busy season can be expensive. That is why visitors spend hours researching accommodation to find the best deals.
An early bird offer helps visitors save money, but they are also essential for your success. With more competitive rates than your rivals, there will be more demand for your rental. It will also ensure that people occupy the rooms during this period.
4. Add Minimum Stay Requirements
The average length of a getaway for U.S. citizens is over four days. So, implement minimum stay requirements during peak seasons.
For instance, you might require a minimum of three or four nights for bookings. This approach reduces turnover and increases the average transaction value. In return, it makes your property more appealing to guests looking for a more extended vacation experience.
5. Add a Personal Touch
During the peak travel season, tourists often have countless accommodations to choose from. Adding a personal touch will show how much you value their business. It will also make it a more memorable voyage.
To put your stamp on their experience, consider adding these items:
- Local guide books
- Welcome note and basket
- Fresh flowers
- Scented candles
- Board games
- Rain gear
Use Our Peak Season Pricing Tips
Most of your income will come during the busy seasons. Hence, peak season pricing is crucial for long-term success.
Looking after your short-term property alone may be challenging. But you can let professionals run your rental while you relax and enjoy your passive income. If this sounds enticing, check out our property management service today!