| After deciding to rent (or let) your vacation | | | | so be sure to check the calendars for the areas |
| home, you must set your rates. There is no set | | | | within driving distance to get idea of what your |
| formula or tried-and-true method to determine | | | | peak season should be. |
| your rates when you rent by owner (i.e. manage | | | | During the busiest months, many owners require |
| your own vacation home without the use of a | | | | a minimum stay of one week. During the shoulder |
| property manager). However, your rates will | | | | or off season, attract weekend guests by |
| directly affect the number of inquiries and | | | | lowering your minimum stay to 3 nights. Check |
| bookings that you receive from prospective | | | | your area's short-term rental regulations if there is |
| guests. The key is not to price your vacation | | | | a mandated minimum stay. |
| rental too high or too low relative to the other | | | | Your rates need to be clear and organized. Many |
| homes in your market. | | | | renters want to be able to determine the total |
| To start the process of setting your rental rates, | | | | cost for a specific week or increment of time. In |
| compare your home to the current short-term | | | | markets primarily priced in weeks, many owners |
| rentals in your area. Check the pricing of similar | | | | choose a nightly rate that is 1/5th to 1/6th of |
| properties (i.e. condos, cabins, etc.) on major | | | | their weekly rate. And in markets primary priced |
| vacation rental portal sites, paying specific | | | | by the night, owners often multiply the nightly |
| attention to which amenities the vacation homes | | | | rate by 5- or 6 to determine their weekly rate. |
| offer and their proximity to tourist attractions. | | | | Off-season monthly rates are generally the same |
| What are the typical weekly or nightly rates for | | | | as one peak week (i.e. if you rent for $1500 per |
| similar properties? How does your home stack | | | | week during the peak season, you'd charge $1500 |
| up? Also, measure your pricing against that of | | | | per month during the off-season). |
| hotels and property management companies in | | | | The key to pricing your vacation rental correctly |
| your area. | | | | is to constantly evolve with the changing market |
| Next, you need to determine your peak, shoulder, | | | | conditions and to make sure that your rates are |
| and off seasons. Most destinations have at least | | | | fair and consistent compared to the other |
| 12 peak or prime weeks. The peak seasons for | | | | properties in your region. |
| most markets revolve around school calendars, | | | | |