According to WOSU Public Media, in 2023 alone, Ohio's Greater Columbus area welcomed 51.2 million visitors. The previous year, the area saw 49.6 million visitors.
With such high visitor rates, turning your Columbus home into a vacation rental can mean big bucks. However, to make this a reality, you need to know the best rental income strategies first.
To that end, our vacation home management experts at PMI MVP created this guide with tactics for maximizing rental income. Read on to discover vacation rental tips to get those Benjamins rolling in.
Get a Vacation Rental Analysis
A vacation rental analysis is a data-based assessment of how much you can reasonably charge for your property and your potential earnings. It considers the following:
- Prices charged by similar vacation homes or short-term rentals in the area
- Typical occupancy rates and performance of similar properties
- Operating expenses, such as taxes, maintenance, and insurance
Determining a reasonable rental price for your property helps you avoid overcharging or undercharging. Committing either mistake can lead to income losses.
For example, overcharging may deter potential guests. Conversely, undercharging cuts your profits. If you charge too little, you may not even have enough to pay your mortgage and property upkeep, much less yourself!
Luckily, the best Columbus property management company can help by giving you a free rental analysis. Use this to determine optimal pricing and increase vacation rental profits.
Master Dynamic Pricing
Dynamic pricing involves strategically lowering rental rates when there's low demand and increasing them during peak tourist season.
An example of peak tourist season in Columbus is during the Ohio State Fair, held yearly (late July to early August) at the Ohio Expo Center. It's one of the city's top events: in 2023, over one million folks attended! You can charge more during these times since there's a higher demand for vacation rentals.
The low season is typically during winter's iciest periods, like January or February. Likewise, when the weather gets hot in July and August, there are fewer events and, therefore, fewer visitors. People still visit, though, but because there aren't many of them, the demand for rentals also drops, and so should their prices.
Partner With a Pro
If you have little time to manage your Columbus vacation rental, consider hiring a property management company. They're locals, so they understand the nuances and laws surrounding short-term rentals in the city. They'll also:
- Make your property stand out with creative marketing strategies
- List your property on various rental platforms
- Coordinate bookings, check-ins, and check-outs
- Oversee maintenance and cleaning
With the help of your property manager, you can keep your property occupied, maximize rental income, and lower vacancy rates.
Maximizing Rental Income With the Help of PMI MVP
From getting a free rental analysis to implementing dynamic pricing and working with a Columbus property manager, these are some of the top strategies for maximizing rental income.
PMI MVP is your top choice for tailored property management. We're a locally owned and operated company, but we're also a member of PMI, a large franchise serving the property management industry for over two decades. With our team's expertise and PMI's backing, we have what it takes to make your Columbus vacation rental business successful.
So, connect with us today to get started on your free rental analysis!
