This is Part 2 of our 2-part series on how to evaluate a vacation rental market. Check our Part 1 of How to Evaluate a Vacation Rental Market here.
Vacation rental properties have become a popular way for families to skip the cramped accommodations of a hotel and rent out larger spaces when they head to the beach, mountains, woods, or even into many city centers.
Many people want the independence of a vacation rental but they don’t know how to evaluate the market and if it will work for them.
When you are looking into purchasing a vacation rental property and listing it on Airbnb and VRBO, it is important that you know how to evaluate the market for them so that you can get the best value in your purchase.
1. Have a Backup Plan – Rules, regulations, and markets change.
- Know how your vacation rental would perform as an LTR or as a sale as a non-vacation property.
- Research the Hotel Market
2. Hotels are your competitors, and researching the market can expose saturated or underserved markets
- What are the hotel rates, vacancies, amenities, and quality?
- These are stronger competition in slower seasons when stays are typically shorter.
3. Don’t Rule Out the Less Popular Places
- Vacation rental markets are still dictated by supply and demand.
- In-demand locations are obvious as popular vacation spots and are the prototypical vacation rentals.
- People still travel to less popular places all the time for family reunions, weddings, and other personal connections.
- Research into some less in-demand locations may reveal an acute shortage in supply – very few STRs or hotels. Hosting in these markets may provide some opportunities to serve the lower, but still underserved, demand.
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Hosting in these markets may provide some opportunities to serve the lower, but still underserved, demand Join Jason Muth and Attorney / Broker Rory Gill of NextHome Titletown and UrbanVillage Legal in Boston, Massachusetts for another episode of The Real Estate Law Podcast!