Vacation rental properties generate residual income during peak seasons, and many rental property owners make their money for the year during these high tourist seasons. However, the tourist season is not the only time owners can generate residual income. There are several ways to make money from a vacation rental even when crowds aren’t booking every room or property available at the vacation destination. Here are four ways to make money from a vacation rental.
Rent to Travelers
Obviously, the rental property owner must attract travelers to the vacation rental during times when more travelers visit the area. A property manager can help the owner promote the property to the target audience and keep tenants in the property throughout the tourist season. Advertising on social media, the media, and vacation websites is always a plus. Maximizing income during peak seasons helps vacation rental owners get the most out of the season. Find out more about property management for your Kona rental and increase your profits.
Rent the Property for Celebrations and Events
Locals and travelers who want to celebrate in beautiful regions seek elegant places for hosting parties and events. Creating ads for the property during non-peak seasons for event rentals gives the vacation rental property owner another way to make money from their vacation property. The design of the property and its layout determine which events are ideal for these settings. For example, many individuals look for properties to host destination weddings, and a vacation rental that offers enough accommodations for the wedding guests checks off all the boxes for a destination wedding venue.
Private parties for birthdays, babymoons, and even girls’ trips are wonderful events that give vacation rental owners a chance to earn more money. They can offer the property for these events and celebrations and let the guests choose décor and other options for the property. Marketing the property as a venue increases revenue and attracts more customers.
Short-Term Leases During Off-Seasons
Off-season rentals for long- or short-term housing could give the property owner a chance to earn more money from the vacation property. For instance, beachfront properties are prime destinations for summer and spring vacations, but they aren’t as appealing to travelers during the fall or winter. However, if the property owner presents the property as a terrific option for these seasons, tenants who want to live in the area for several months could find housing.
Rent It As a Location for Films
Filmmakers search for the perfect properties for filming motion pictures, and vacation rental owners can offer these properties to filmmakers and production studios during non-peak seasons. The property managers can advertise the property and attract production studios to the rental.
Vacation rental properties present amazing opportunities for investors, and there are several ways to generate income from these investments. Tourist season isn’t the only time that property owners can generate earnings from these properties. After the tourist season is over, the property managers can promote the property for events and celebrations.
Travelers book these properties for anything from a birthday party to a destination wedding. During the fall and winter, the property managers could offer the properties as short- or long-term rental properties for individuals who want to live in the area for a few months. Learn more about ways to make money from vacation rentals and capitalize on year-round income opportunities.