Oregon's tourism has never been hotter, with $13.9 billion in revenue last year. With numbers surpassing pre-pandemic levels, there is no better time to invest in a short-term rental. As a rental owner, it's crucial to capitalize on this peak season by fine-tuning your pricing strategy.
Summer, in particular, sees a boom in visitors. By focusing on peak season pricing, you can ensure your property stays competitive and profitable. Let's explore how you can take advantage of these trends.
Use Dynamic Pricing
Dynamic pricing is one method of optimizing rental pricing. You can use rental software that monitors real-time pricing in your market. It adjusts your rental's pricing based on competition, vacation rental availability, and demand.
For example, pricing will increase when demand increases before a popular festival in Bend.
Set Minimum Stay Requirements
Maximizing your seasonal rental income requires longer minimum stays during peak season. Having guests stay longer means fewer empty days and lower guest turnover. This results in reduced missed booked days and operating costs.
During peak season, the average length of stay visitors book is three nights. With this information, you can safely require a minimum stay of at least three nights and still appeal to the majority of travelers.
Offer Add-On Services
One of the most effective vacation rental tips for increasing profits is to offer add-on services. You can create a better-perceived value for your guests by offering extra services. With additional services, guests can create a personalized experience perfectly tailored to their interests.
- Private chef
- Grocery delivery
- Restaurant reservations
- Event tickets
Adjust the Fees
Vacation rental owners can increase their profits by adjusting their fees. One pricing strategy is to lower the nightly rate and make up the difference by increasing cleaning or admin fees. This can increase bookings, as many travelers focus on the nightly rate and not the fees.
However, there is an argument for the opposite. Charge very low or no fees, bundling everything into the nightly rate. Many travelers appreciate this approach to upfront pricing, which gives them one number to focus on.
Track Competitors
Knowing what the local market is doing is critical to having a profitable vacation rental. Watch competitor pricing and offerings in the Bend, OR rental market, and adjust your listing in response to market changes.
It is also smart to monitor individual vacation rental listing platforms. You can position your vacation rental differently on each site, with different pricing to match. One site may support higher pricing than others, allowing for greater earning potential.
Adjust Your Peak Season Pricing
Peak season pricing success hinges on effective pricing, understanding market demand, and adding value for guests. Whether it's dynamic pricing, setting minimum stays, or offering valuable add-ons, these tactics can ensure your property shines during peak times.
PMI Central Oregon understands the local market and offers property management services that help you easily boost revenue. By using local expertise and smart pricing techniques, we keep your property profitable year-round.
Let PMI Central Oregon manage your property and take advantage of peak season pricing-get in touch with us now!
