There's a good reason why over 80,000 people live in Kissimmee, Florida. Great weather and affordable housing make this a great place to live. However, its proximity to amusement parks also makes it a great vacation destination.
Perhaps that's why the rental market in the area has been booming lately. If you're a vacation host in Kissimmee, Florida, you might be considering how to get the biggest bang for your buck.
The secret is utilizing vacation rental pricing strategies to cover your operating expenses and make a profit. In this guide, we'll be discussing some of these strategies that can make your vacation rental property a successful investment.
Charge More During the High Season
The key to maximizing your vacation rental is to raise your rental prices during the peak season. To do this effectively, you'll need to know what your occupancy rates are during different parts of the year.
It might take a year or more to learn these rates. However, in the meantime, you can do your research to determine when would be a good time to charge more in your area.
For example, here in Kissimmee, Florida, the weather is especially warm during the winter. When you combine this with nearby attractions like Disneyland, it means that winter is our peak season (compared to Spring and Summer for most areas).
Pay Attention to the Competition
This is especially important during your first year of ownership with your vacation rental. If you notice your competition dropping their Airbnb pricing, drop yours. If you notice them raising them, do the same.
For one thing, this ensures that you aren't losing out on potential renters because your competition is offering better rates. However, it can also reveal valuable insights into your potential occupancy rates during your first year.
Set Minimum Length of Stays
Operational costs can make single or two-day rental stays from vacation guests at your property unfeasible. Often the money you make will barely cover housekeeping and marketing costs.
As such, you shouldn't be afraid to set minimum lengths for booking stays at your vacation rentals. You might not get as many bookings, but you will get much better bookings. And quality over quantity can mean a lot when it comes to vacation rentals.
Hire a Professional for Vacation Rental Pricing Strategies
There are a lot of things you need to keep up with when it comes to a vacation rental. Marketing, housekeeping, maintenance, booking, and accounting are a lot to keep up with on top of pricing strategies.
That's why you should consider bringing on a short-term rental management company. These professionals know all the strategies in the book to help you get the most out of your rental pricing. Best of all, they take all the stress out of owning a vacation property.
Need Vacation Management in Kissimmee, Florida? Contact PMI Trust
We hope this guide helped you learn more about vacation rental pricing strategies for investors in Kissimmee, Florida. Here at PMI Trust, we bring two decades of experience to the table when it comes to vacation management.
In that time, we've learned every strategy in the book for getting the most out of your rental property. If you want to learn how we can help you, contact us today!
