It’s no secret that Prince Edward County is an incredibly profitable market for short-term accommodation (STA), Airbnb style, properties. Those licensed by the municipality to provide short-term rentals to visiting tourists, fill a unique gap in our economic landscape as hotels, motels, and campsites are hard to come by.
At the time of writing this, there are 884 licensed STAs in PEC. According to data from Airbnb, VRBO, and local property management companies, over the last twelve months properties across Prince Edward County averaged rental rates of $302 per night with an average occupancy rate of 68%. That’s a potential yearly revenue of approximately $74,956.
Not bad, right?
In fact, some of QL’s clients are renting their properties out for upwards of $715 per night, more than double the local average, and are projecting to close 2022 with around $160,600 net income.
We’re well versed in the local short term rental market and know how to spot a great opportunity to crush the local averages when we see them and provide our clients with step-by-step instructions to make more money from their new investment properties or live-in STA rental properties. Here are three tips to maximize the revenue of your Prince Edward County short term rental property:
1. Advertise your property in more places
While Airbnb is the #1 website for short-term accommodation rentals in the world, it is not the only one that exists. Airbnb has a major market share but platforms like VRBO and HomeAway have incredible user bases as well. Having your vacation rental listing show up in more than one place helps your SEO and put you in front of more eyes. More people looking at your property means more opportunities to fill vacancies in your calendar. Just make sure you don’t double book!
2. Use professional photos
It doesn’t matter how good of an iPhone photographer you are, the quality of a cell phone picture does not compare to the incredible detail, quality, and staging of professionally taken real estate photos. When you’re selling a home, it’s important to have the best online presentation and that carries over to renting a PEC vacation home as well. The better your property looks, especially when compared to other homes being offered in the same area for similar prices, the more likely you are to receive bookings. Professional photos can be expensive but we promise, it’s an expense you’ll recoup very quickly.
3. Be smart about amenities
Amenities offered to guests renting your Prince Edward County vacation property are crucial to getting more reservations and being able to charge higher prices. Some examples of amenities that guests most often seek are: reliable internet, laundry facilities, air conditioning, linens, local guides, and basic toiletries. It seems silly in this day and age but 12% of short-term rentals in PEC do not offer Wi-Fi or internet and their bookings reflect that. While many call these vacation rentals cottages, Prince Edward County short term stays typically offer more luxurious feeling properties with all the bells and whistles of a regular home. If you’re lucky enough to have a short-term accommodation rental permit issued to your PEC property, you have an opportunity to take home tens of thousands of dollars in rental revenue every year and potentially subsidize the the entire cost of your investment property.
These tips are only the starting point to making more money from your cottage or vacation rental property in Prince Edward County, but when implemented properly will have a huge impact on your annual revenue. Looking to buy an investment property in Prince Edward County? Give us a call to schedule a consultation today.