The Post Independent showed that overnight bookings decreased by 16% in the summer of 2024 compared to the year before. While Colorado ski towns are still popular, it seems like rental owners are starting to struggle with vacancies.
However, don't fret if you were looking to get into the market and now aren't so sure. There are always renting strategies to utilize, and before you know it, you'll have a stream of revenue from your property.
Do you want to rent out your house in Steamboat Springs, CO, but aren't sure how to start? Then read on for a short guide to success.
Understand the Local Regulations
Steamboat Springs has its own unique set of short-term rental laws, so make sure you're compliant before you start listing your property. You'll also have to check the city's zoning maps to make sure that your property is even eligible.
If required, obtain a short-term property rental license. It may include paying an application fee and going through an inspection.
In addition to the above, there will be local lodging taxes. Make sure you're registered to collect and remit them.
Prepare Your Home
Home rental safety is of the utmost importance; your guests are putting their lives in your hands. Take responsibility to make your property safe and do the following:
- Install smoke detectors
- Install carbon monoxide alarms
- Put together a first-aid kit
- Have clear instructions for emergencies
In addition, stock basics like toiletries, towels, and extra blankets. You can take it a step further and add luxurious touches, such as quality mattresses.
Set Competitive Pricing
Chances are, you've got neighbors who want a slice of the vacation rental pie, so you need to do your best to stay ahead of them. You can already do that by having a nicer property than theirs, but what will really keep people coming in is competitive pricing.
Check out what other comparable properties in the city are priced at. You can then set your prices accordingly while factoring in the location, amenities, and guest capacity.
Don't forget to have dynamic rental pricing too. You can raise or lower prices during key periods to get more people through the door. Reduced rates for longer stays or mid-week bookings during shoulder seasons will help as well.
Use a Short-Term Property Management Company
Short-term property management services can take a huge load off your shoulders. Not only can they market your property expertly to attract guests, but they can also do all the above, plus more.
Property managers will take over owner responsibilities so you won't have to worry. You'll get to sit back and enjoy the profits.
Rent Out Your House Successfully
Having property in Steamboat Springs can mean undiscovered potential. You can tap into a great revenue source if you rent out your house.
If you don't want to deal with all the tasks that come with being a host, then have a third party help. Every penny you spend will be worth it!
Get in touch with us now to learn more about our services. PMI Steamboat offers a free rental analysis too.
