The vacation rental market size is expected to grow at an impressive rate. According to a Yahoo Finance report, the market will grow from USD 86.1 billion in 2023 to USD 128.9 billion in 2032.
The growth is primarily due to travelers seeking accommodations catering to experiential travel. Millennials and Gen Z travelers, in particular, prefer vacation rental properties found on online booking platforms such as Airbnb and Vrbo.
Now, if you own a vacation rental property in Columbus, OH, or are planning to buy one and want to know how to maximize your profits, the following tips can help you.
1. Choose the Right Vacation Rental Property
As an investor, you have to do market research to ensure the success of your rental property investment. It doesn't stop with choosing the right property type. Whether you buy a condo, single-family home, or multi-unit property in Columbus, OH, you still have to consider the needs and preferences of your potential guests.
To reach your investment goals, you must also take into account budget and location. Note that properties in tourist areas are more desirable. Remember that many travelers prefer rentals that are close to local transportation and attractions.
2. Understand Pricing Strategies
Not setting competitive pricing is one of the most common short-term rental mistakes you can make. As a vacation rental business owner, analyzing local rental rates and occupancy trends is a given.
Mastering both will help you maximize your rental income. If you don't research local rates, you run the risk of pricing your holiday home rental too high or too low. In the long term, this can affect occupancy rates and your revenue.
Meanwhile, if you don't understand occupancy trends in Columbus, OH, you'll lose out on competitors who implement strategies like off-season pricing and promotions. You can check out dynamic pricing tools to help you adjust prices based on demand.
3. Create a Standout Listing
Before listing your property on Airbnb and other platforms, check if your descriptions and photos are good enough. Hiring a professional to take high-quality images of your property is recommended.
You may also consider working with a copywriter to create compelling descriptions that highlight the unique features of your rental. Lastly, don't forget about search engine optimization (SEO), advertising, and marketing to help attract guests to your vacation rental property in Columbus, OH.
4. Don't Forget About Vacation Rental Management
Your property will need regular upkeep, as well as preparations in case of emergencies. Guests expect high standards of cleanliness. They will also appreciate personal touches like welcome gift baskets and amenities such as Wi-Fi and local guidebooks.
If doing these tasks overwhelms you, working with a property management company can take care of all these and more. From purchasing a property to maintaining and marketing it to guests, they'll have all your needs covered.
Maximize Your Vacation Rental's Profitability
Once you secure a vacation rental property in Columbus, OH, you still have to list, market, and maintain it if you want your investment to be successful.
We understand that managing your rental to optimize profits is easier said than done. PMI MVP can help you with your vacation rental business. As a full-service real estate asset management company using state-of-the-art technology, we can help you grow your investment.
Contact us today so we can strategize on how to maximize your property's profitability.
