Did you know that Park City, UT holds the impressive spot of number three when it comes to ski destinations in all of North America?
If you're a short-term rental owner in Park City, you may be wondering about seasonal pricing strategies to maximize rental income. With extra cash, you could expand your portfolio, or make upgrades to your properties.
Read on to learn about the key vacation rental tips that influence peak-season pricing in Park City.
Take Advantage of Peak Season
The winter months are the most popular for Park City. This is because it offers unique ski and snowboard experiences with many luxurious resorts and communities.
Since accommodations are in high demand during winter, this season is a chance for you to increase your rental income. Set higher prices when you know more people will start looking for short-term rentals.
For instance, many people like to book vacations around six months ahead of time. Make sure your rates are set for that time, so they will book with the increased cost.
Price Low in the Off-Season
Even if there aren't as many bookings in the off-season, you should still price accordingly. It's important to lower your rates when Park City isn't a popular destination so you can bring in more rental income.
Look at what similar properties offer when bookings are low. This will give you a good baseline for your seasonal pricing strategies.
Plenty of travelers like to book during the off-season to save money. As long as you feel comfortable with the rate, then you should price lower to attract more bookings.
Make Your Property Competitive
The most important factor in pricing is how your property compares to other vacation rentals in the area. If you're too high, you will not get reservations. However, if your pricing is too low, people may find it suspicious.
To truly maximize rental income, try to offer amenities and perks that other properties don't have. For instance, a hot tub or a pool in the backyard area can be a game changer for vacationing families.
Use Dynamic Pricing
With the advent of technology, dynamic pricing is a huge advantage when it comes to booking platforms. It may feel better for you to set your prices manually, but AI-powered dynamic pricing can do a lot of the heavy lifting on your behalf.
The pricing tool factors in things like seasonal events, weather, historical bookings, and seasonal pricing to determine the price for any given date.
Optimize Your Peak-Season Pricing
If you own a vacation rental in Park City, you should be able to make as much as possible at any time of the year. With these peak-season pricing strategies, now you can.
Do you want more vacation rental tips and property management guidance? PMI Park City is the property management company you need to help with your short-term rentals.
We're the number one property management franchise in the country and specialize in Park City real estate. Ready to get started? Reach out to us today to learn more.
