Colorado Vacation Rental Management & Short Term Property Manager Tips & Trends
Revenue Expectations for Your Short Term Rental Property In 2023
Vacation rentals are becoming a more popular way to vacation in Colorado. Vacation rentals, also known as short-term vacation rentals, are most common in ski resorts and other popular tourist destinations like Vail and Aspen. Vacation rental companies can help vacationers find the perfect lodging for their trip, whether it’s a condo for days spent skiing on a budget, or luxury accommodations for days spent lapping up the scenery. There are several reasons why people choose to vacation by renting a vacation home rather than staying in a hotel. For one thing, it’s often more affordable. On average, a one-bedroom condo in Vail will cost around $140 per night while a one-bedroom hotel room will cost around $100 per night. And, because you’re renting a private home rather than a hotel room that is shared by many other guests, you’ll have the privacy you need to truly get away from it all. You can also choose to stay longer than you would if you were staying at a hotel or resort that is already full. You may even be able to rent out your home while you’re still there so that you can earn some extra cash while you enjoy your Colorado getaway.
Short-term vacation rental trends in Colorado indicate steady growth over the past five years. Vacation rentals have become a popular choice for those looking for a less expensive and more convenient way to stay in a location that otherwise may not be accessible to tourists. As technology continues to evolve, it is only natural that vacation rental companies will adapt to the changing landscape. By staying on top of the latest trends, companies can ensure that their offerings are up-to-date and relevant to their customers’ needs. In addition, by creating engaging content that appeals to potential renters and hosts alike, companies can ensure that they continue to have an audience of interested parties. Short-term vacation rental trends in Colorado are therefore encouraging as they show that there is plenty of demand for these types of properties in the state.
Short-term vacation rentals grew by 8% in Colorado during the period between 2016 and 2017. In terms of short-term rental type, an increasing number of vacation rentals are classified as VRBO (Vacation Rental By Owner) or AirBnB. These types of vacation rentals often offer fewer amenities than traditional hotel accommodations but can be a good option for travelers who want to save money or stay in a destination that may not otherwise be accessible. Short-term vacation rentals are also becoming more popular with first-time visitors to a city or area, as they allow visitors to get a feel for the area before committing to longer stays. In terms of location, Denver, Colorado has seen the highest growth rate over the past year, at 14%. This is largely due to its status as a hub for technology companies and its central location within the Rocky Mountain region. Other cities with high growth rates include Boulder, Fort Collins, and Aspen.