Short Term Apartment Rentals Market
You could rent to a certain market segment such as corporate clients, travelers, immigrants, students, or provide assisted living facilities. In order to find your niche, you need to research each segment and understand what are the pros and cons involved. Choose the one, which you understand best so you could relate and monitor it best. When it comes to renting, all niches can be divided into only two groups: (1) vacationers and (2) non-vacationers. In this article we will cover the first group – Vacationers.
This group is dynamic, requires active advertising and networking, and provides high returns. Here are some subgroups that you could consider renting to; you could target each one subgroup or choose the ones that would suit your temperament and conditions best.
1. Bargain lovers – this might not be a great choice in the peak season when the bookings are rolling in. However, in times such as the present, when economic slump has affected the whole world, you might like to keep an open mind. Look out for those who would like to grab a vacation in your area, just because they felt they were getting a bargain. In this case, this is a win-win situation as they are happy because they got a bonus deal, and you are happy because you get payment (for rent) during periods when otherwise your property would have stayed vacant.
2. Within reach guests – there would be many people who would like to get away from the grind without crossing the seven seas to reach their vacation destination. These people would be living around your city, state or province, and would be within driving distance from your property. When targeting this group, it would be a great plus point to highlight that the road to your property can be as enchanting as the stay in your vacation home. Many people love driving down and for them this would be ‘can’t let go’ opportunity.
3. Special attraction renters – these people would be attracted by any time-specific festivals, markets, events that normally take place in your area. If you know any local events that would be attractive to outsiders, you could advertise to people who could be attracted by such features.
4. Sports events – whenever there would be any regional, national, or international sports event in your area, you should know that you could call your price for your property. Remember to market the event along with your rental at least six months in advance for best results.
Slava Kandakou is Managing Director at Golden City Rentals, Vancouver’s leading provider of furnished apartment rentals. Contact us for more info on furnished apartment rentals in Vancouver, furnished house rentals, and Vancouver corporate housing.