As one of North Florida's tourism hubs, St. Augustine welcomes around 2 million visitors every year.
If you own property around St. Augustine, seeing numbers like this should get you excited. More tourists mean more chances to turn your real estate into a successful vacation rental property.
It's not as simple as listing your property and securing guests, however. There are plenty of existing vacation rentals here already, so you need to know how to navigate the market to optimize rental income.
One of the first things you need to figure out is a good peak season pricing strategy. Keep reading and we'll give you a few vacation rental pricing tips and tricks to bring in good money in 2024.
Sliding Scale Pricing
The first thing you need to understand about seasonal pricing strategies is the art of sliding scale pricing. When you're starting your vacation rental, you'll quickly see that there are dozens of other established St. Augustine vacation rentals, so you need to stand out somehow.
By offering competitive peak season rental rates, you can get around the advantages that other rentals have with their high ratings and customer reviews. When you're in a busier season, bring your rates up and when it's slow, put your rates back down, but make sure they're more competitive than other vacation rentals.
Early Booking Deals
There are a few key seasonal pricing strategies you can employ. One is to offer early booking deals for guests who like to plan. When you secure bookings early, you don't have to worry about vacant units.
So even if these guests are securing lower nightly rates, it's worth it to know your unit is booked. When people see your discounted rates on the booking site, they'll also be more enticed to book. This fills up your calendar and helps you optimize rental income.
Last-Minute Deals
On the complete opposite end of the spectrum are the people who choose to book last minute. Anyone who does this understands that they're not going to get the best deal. That said, you can offer slight discounts on nights that would otherwise be vacant to secure these types of guests.
Minimum Stays
A minimum stay requirement isn't a policy you want to implement all of the time, but it can be useful in the peak season. For example, the holidays are usually the best time for vacation rentals in Florida, so you don't want someone to book your rental for a single night in the middle of a weekend.
Limiting bookings to a minimum of 2-3 nights will ensure that you're getting the most out of your vacation rental at these lucrative times.
Peak Season Pricing Is the Key
Peak season pricing strategies are the key to boosting the ROI of your vacation rental. As you secure more guests during the busy months, you'll see how much work running a short-term rental can be. If you're not up for it, you'll need a property manager.
PMI Ancient City is St. Augustine's top property management group. We can help you secure guests, optimize the guest experience, and maximize your rental income with our services. Contact us today to learn more.
