According to the National Park Service (NPS), Maryland's 18 national parks have an annual visitation rate of almost 6 million. The state also boasts nearly 1,600 listings in the National Register of Historic Places and 75 National Historic Landmarks. About 20 historic places are in Ellicott City, including the Brook Building, the Historic 1800 Building, and Main Street Blues.
All those figures should prompt you to consider starting a vacation rental hosting business in Ellicott City. Doing so allows you to generate extra income and maximize your property.
The experts at PMI Old Line have shared vacation rental tips to help you get started, so read on.
Research Comparable Properties
The first step to successful rental hosting is establishing fair, competitive rental rates.
You can determine how much to rent your property by researching comparable properties or comps. Comps are similar to yours in terms of:
- Location, such as being in the same area or very close by
- Primary characteristics, including square footage and number of bedrooms and bathrooms
- Amenities like outdoor spaces, HVAC systems, fully equipped kitchens, etc.
- Ag and overall condition
Search for comps through popular vacation rental listing platforms like Airbnb and Vrbo. Use the sites' search filters to conduct targeted research (e.g., private homes and amenities). Alternatively, you can request a reliable property management company like PMI Old Line for a complimentary rental analysis.
Set Pricing Based on Season
According to Weather Spark, based on its tourism score, the best times to visit Ellicott City are mid to late June and early August to late September. More people flock to the area during these periods, increasing the demand for tourist accommodations. Take advantage of this by raising your rental rates, too.
Then, lower your rates during the off-peak season to attract off-season visitors. You'll earn less during this period, but at least you can lower vacancy rates and generate income.
Maximize Rental Profits With a Pet-Friendly Policy
A good enough reason to allow pets in your vacation rental is that around two in three Americans say they own at least one pet, per YouGov.com. Almost all pet owners (93%) consider their pets family, with nearly four in 10 even saying they regard themselves as their pet's parent!
As a loving parent, you wouldn't want to leave your "children" behind when you go on holiday, would you? So, when hosting vacation rentals, be as welcoming to your human guests as to their furry family members. Doing so will make your property more attractive, expand your guest pool, and boost your vacation rental profits.
Follow These Vacation Rental Hosting Strategies
Researching comps, adjusting rates based on the season, and welcoming pets are all effective vacation rental hosting strategies. They can help attract more guests, boost booking rates, and help you generate income year-round.
However, if you want to make your rental hosting business successful in the most passive way, partner with PMI Old Line. We're a veteran-owned, full-service, short-term rental management company serving Ellicott City, MD, property owners and their valued guests.
Our owner and manager, Jason Novak, was in the Army for 22 years and lived and traveled to 30+ countries. He knows what vacationers want and will share his knowledge with you to help you get more guests.
Reach out to us today for your free property consultation!
