Are you a property or homeowner in Cincinnati, OH, and you want to generate extra income from it? If so, one of your best options is to rent it to travelers looking for accommodations. A good enough reason is that the city welcomes a whopping 26.1 million visitors who spend $5 billion here, according to Visit Cincy.
However, to maximize your profits, you need to master the science of peak season pricing for short-term rentals. Doing so can help you earn more income to offset potential decreases during specific times of the year.
Read on, as the PMI Gatekeeper Realty Services team has shared rental income strategies and seasonal pricing tips to help you get started.
Understanding Peak Season Pricing
A substantial number of visitors flock to Cincinnati for the following reasons:
- Events, such as Oktoberfest, which see 700,000 to 800,000 attendees annually, according to National Geographic
- Festivals, including the Cincinnati Music Festival, the Cincy Blues Fest, and the Taste of Cincinnati
- Holidays, particularly during summer and Christmas
Peak season pricing builds upon the above times and incorporates these primary factors when establishing fees:
- Market and Peak Demand Analysis: Tracking the demand for your area during peak seasons
- Competitor Assessment: Evaluating your competitors' pricing to remain competitive
- Dynamic Pricing: Adjusting prices based on demand fluctuations
Setting Up Your Pricing Model
Mastering peak season pricing requires having a flexible and innovative pricing model for your Cincinnati short-term vacation rental. Consider the following techniques to refine your pricing model:
Early Bird Discounts
Offer early bird discounts to encourage bookings. Such promotions can help your calendar fill up faster, giving you greater predictability in your revenue streams.
Last-Minute Pricing
Implement last-minute pricing discounts if you haven't fully booked your dates a week before. Such offers can attract spontaneous travelers looking for deals.
Tiered Pricing
Implement a tiered pricing structure in which rates gradually increase as the dates approach. It's effective because it taps into the urgency factor, prompting guests to book earlier.
Partner With a Rental Management Firm
While the pricing optimization methods above can help maximize rental income, they can be complex and time-consuming. Even more so because you have numerous other tasks to attend to, such as:
- Marketing your property
- Keeping your vacation rental clean, safe, and habitable for guests
- Accounting and taxation
- Compliance with local and state short-term rental laws
The good news is that you can outsource all those tasks, including pricing, to a Cincinnati short-term rental management firm. By doing so, you can simply sit back, relax, and enjoy your vacation rental income.
Take Action to Enhance Your Profits
With peak season pricing, you can take your vacation rental to the next level. But if you want the most straightforward, least stressful way to profit from your short-term rental, partner with our full-service management firm, PMI Gatekeeper Realty Services.
Our owner, Jeff Post, is a Cincy local who has been in real estate for nearly a decade and has extensive experience in marketing and industrial engineering. Jeff will combine his skills, knowledge, and expertise with the support of PMI, one of the largest property management franchisors in the U.S. with over 20 years of service history, to help your short-term rental business thrive in Cincinnati, OH.
Give us a shout today so we can get started with your free analysis!
