Rates Up. Occupancy Down.

An article published by Saminfo (Ski Area Management, The Voice Of The Mountain Resort Industry) states how the current western lodging trend continues to have a decrease in occupancy although rental agencies have kept their rates high. See how Nomadness is able to come out on top time and time again making it affordable for guests and profitable for homeowners.

It is clear from the data that consistent rate increases year over year has stalled the increase in occupancy percentage this year in the vacation rental industry. It seems that renters have hit their limit with price increases in the vacation rental market.

 

We decided to check Nomadness's own numbers after hearing that the vacation rental market has flattened out in reservations to increasing nightly rental rates.  What we found was a significant increase in reservations in the 2018-19 winter months over the 2017-18 winter months. However, the 2019-20 winter season has seen a more relaxed increase in reservation numbers. Although Nomadness vacation properties have not stalled in reservations as the vacation rental industry has reported, however, the growth of reservation is not as aggressive as it has been in past years.


So we decided to dig further in order to better understand which properties in the Nomadness Rentals pool were lunging ahead in increased reservations vs those which had stalled or even decreased. The results were very revealing. Consistently those properties whose rates have remained attractive and highly competitive have continued to grow their base and the volume of reservations has continued to grow considerably year after year, outperforming the previous years. Unfortunately, the properties that have increased rates have been experiencing what the report has brought to light, fewer reservations and less growth.


At Nomadness we have always kept a close eye on rates as this is often times the determining factor for renters in making a decision on which property to rent. However, as you know, Nomadness does give our owners the ability to price their own properties as they wish and this is where we see the majority of the decreasing reservations occurring. For those owners who are managing their own rates, we strongly suggest you reach out to our office to review your rates and make sure you are not pricing your self out the rental pool.


To remain competitive in the vacation rental market we will be introducing later this year "Dynamic Pricing" which will automatically adjust rates up or down based on market vacancies, holidays, and economic trends. This will be an option for every homeowner if they wish to keep their finger on the pulse of the vacation rental market.


In closing, we believe that a decrease in rates will put you in a more favorable position compared to the competition, increase the volume of reservations, and generate greater revenue.


To read the full article published by Saminfo CLICK HERE.

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