Orlando, Top City For Short Term Rentals
There have been many questions from potential owners who aren’t quite sure owning a short-term rental is the best idea after COVID-19 hit. We are happy to report that Orlando will still remain the top destination for short-term rentals. Out of fear of losing the home, some homeowners quickly transitioned their homes to long-term rentals in hopes to keep the bills paid every month. While this may sound like a good idea, the longer a guest stays in the home, the more wear and tear will occur in the home.
Guests are probably getting a very good deal from the owner. In September and October which is low season in Orlando, this is more of a possibility. As we look more into 2021, however, accepting these long-term renters during February and March is not a good idea. Experts are seeing an increase in rental occupancy every day. It may not be full capacity until summer 2021, however, you still have a chance of making more overall doing the weekly rentals. Although you will get more nightly, you will get more cleaning fees as well.
Pricing The Market
As guests are getting more comfortable traveling as days go by, it’s best to find a management company that can accurately price the market. Our marketing team completes rate studies and is well versed in revenue management almost daily. Smaller management companies often don’t have the tools to market so they only put your vacation home on Airbnb, HomeAway, VRBO, etc. There are currently 9 bedroom homes for rent in November for $100 a night. Normally they would rent out for $300+ a night. If you do not know how these platforms sort the homes on the search results page, you might base your pricing on that 9 bed and offer your 4 bedroom for $50 a night. If you rent your home that low, you will get low-quality renters who will more likely party in your home. Marketing plays a huge role in being successful in short-term rentals.
Theme Park Competition Keeps Orlando Strong
Even though we are still in a pandemic, we don’t foresee Disney World
or Universal Studios
ever shutting down permanently. Just like everyone, they adapt and overcome when a new challenge presents itself. The best thing that has ever happened to Orlando is to have two large competitors like these theme parks who are constantly pushing the other to be the best. The more improvements, the more they market and bring more visitors each year to Orlando. We use our ticket sales as a loss leader to get guests to stay in our vacation homes. This is one of the many marketing tactics we use to help 30,000 families each year with their trip to Orlando. If you’re still on the fence about keeping your vacation rental as a short-term rental property, our expert marketing team would love to assist you in determining what might be best for your investment.