How to Set Rental Rates for your Vacation Home
San Diego is home to over 70 miles of beautiful coastline and has a mild year round climate that attracts thousands of visitors each year. For San Diego homeowners, turning your second home into a vacation rental during the popular tourist seasons can serve as a great way to help pay the mortgage or can simply be a source of additional income. Harland Property Management in San Diego, CA offers homeowners advice on how to appropriately set rental rates for their vacation home.
First, check the pricing of similar vacation rentals in the area. There are many online sources that can provide information about local vacation rentals including what amenities the property offers or its proximity to local beaches and other tourist destinations. Also, check what these properties charge for in addition to the basic rental rate such as taxes, cleaning, or pet fees.
Next, set nightly, weekly or monthly rates. Typically, a nightly rate will be about one fifth to one sixth of your weekly rental rate. Homeowners should also be flexible in their prices during different seasons; especially during off-seasons when the vacation rental market may not be as in demand. It can also be helpful to set a minimum night stay to help ensure certain income will be generated from each booking. This minimum should also be flexible in regards to peak and off-seasons.
Finally, when advertising your rental rates, make sure they are clear. Potential guests who are unable to find the rental dates they are searching for can easily move on to the next listing. Homeowners should avoid vague terms like “peak season” and specify specific months to make sure your guests have a clear understanding of the rates you are offering during what time period, as they may be unfamiliar with the seasons in your area.
For homeowners who feel they may require additional assistance in pricing their vacation home, contact Harland Property Management today. Our agents are experts in managing vacation rentals. We will help you determine if renting as a vacation rental is the right decision for you and if you decide to rent, we will perform an evaluation of the rental rates on comparable properties and determine the best rental rate for your property depending on the season.
In addition to a highly effective marketing strategy that ensures occupancy rates, our San Diego property management services also include tenant management, property maintenance, and management of all accounting and tax payments required by the city. For more information or to request an instant quote, call us at 858-367-0343.