Are you pondering the idea of turning your home into a vacation rental? There are several aspects you should consider before marketing your home as such, like your location, home qualities, and even your home size. Below, we'll dive into each category so that you can make a well-informed decision on what to do with your investment.
Location:
You've probably heard this a thousand times regarding real estate investing, but... Location, location, location - it matters! In order for your home to thrive as a vacation rental, it is VERY important to consider your home's location. Is your home...
In or near a major city/town with high amounts of travel traffic?
In or near a location that is well-known for events or tourist attractions? (E.g. weddings, major sports, amusement/theme parks etc.)
Near the ocean, a lake, a river, or another useable body of water?
Near an airport?
If you answered "yes" to any of the questions above, your home could be a good candidate for a vacation rental!
Another aspect of location to consider is what city/state your home is located in. Below are the top 10 places to invest in a vacation rental home in 2022 and 2023 according to Real Wealth (some of which may surprise you!):
Orlando, Florida
Tampa, Florida
The Poconos, Pennsylvania
Gatlinburg, Tennessee
Jacksonville, Florida
Temecula, CA
St. Augustine, Florida
Gulf Shores, Alabama
North Las Vegas, NV
Klamath Falls, Oregon
Although the above are some of the more current locations for thriving vacation homes, that's not to say you can't turn a great profit from your home located in a different city or state! Next, we'll dive into other qualities that help to make a great vacation home.
Home Qualities:
According to Lodgify, "Travelers have become more and more demanding and can filter their searches according to the amenities they'd like to see on vacation rental listing sites." With that being said, it is very important for vacation rental owners to do their best to offer as many highly sought-after amenities as possible. According to an Airbnb survey, below are the top 10 searched amenities that travelers like to see:
Coffee maker
Full kitchen (not just a simple kitchenette)
Air conditioning
Free parking
Pool
Set of wine glasses
Pet-friendly environment
WiFi
Washing machine
Jacuzzi
TV
Heating system
Along with in-home amenities, there are other qualities that make certain vacation rentals stand out among the rest:
Style: Does your home have a unique style? Many guests appreciate when effort has been put into interior and exterior design, as it creates a memorable experience and an aesthetic environment (it also makes your vacation home stand out in marketing photos!).
Outdoor areas: From small balconies to large backyards, guests love options when it comes to relaxing and lounging. Fitting your home with the appropriate outdoor furniture is a great way to encourage guests to make use of all the space that your home has to offer.
Pet-friendly necessities: If your rental is pet-friendly, pet owners greatly appreciate when you provide food/water bowls for their animals. Providing a "welcome treat" is also a great way to make your guests/their pets feel at home.
Games: Stocking your vacation rental with family-friendly games is a great way to encourage guests to get together and relax during their stay.
Home Size:
Finally, home size can play a part in how well your vacation rental will perform. If your home is on the larger side, there's a good chance that you'd benefit from marketing it as a family-friendly vacation rental. On the other hand, you could instead market it as a vacation rental that is ideal for gatherings like bachelor/bachelorette weekends. If your home is on the smaller side, it may be beneficial for you to market it as being ideal for romantic getaways or for smaller families or friend groups. Be sure to consider the size of your home before you put together a marketing strategy for your vacation rental!
Need help managing your Southern California vacation rental? Turn to professionals at AMG to help maximize your homeowner revenue and elevate your guests' experiences. Receive your custom Management Proposal from us to get started!