STR Opportunities in Small Towns
Summary
This article from 2019 discusses the potential of short-term rentals in small towns, highlighting less competition, fewer regulations, and the ability to charge higher rates. It offers insights from an experienced property manager on optimizing listings, handling seasonality, and making guests feel special. Hosts should consider exploring smaller cities for STR opportunities and implementing dynamic pricing and personalized guest experiences.
Key Insights
- •Seasonality can be handled by switching to six-month leases in wintertime and advertising on multiple platforms.
- •Operating STRs in smaller cities offers benefits such as less competition, fewer regulations, and the ability to charge higher rates.
Action Items
- ✓Consider managing units remotely if facing regulations in metro areas and scope out small cities with less competition.Effort: mediumImpact: medium
- ✓Find an amazing photographer and stage unit well. Use charismatic writing for descriptions and implement dynamic pricing.Effort: mediumImpact: high
Tools & Resources
- →PriceLabs: Christian suggests using dynamic pricing services such as PriceLabs.
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