In 2022, tourism saw new heights in Long Island, yielding roughly $6.6 billion in revenue. It's no wonder that so many Long Island vacation rental owners see great returns each year.
That said, you may be missing opportunities to maximize your profits if you're new to the industry. One obvious sign that you could be making more is flat year-round pricing.
One of the most important tools for optimizing rental income is a solid peak season pricing strategy. What does this kind of pricing strategy look like and how can you implement it when summer has already begun? Read on to find out.
Learn from Your Competition
Peak season pricing isn't as simple as increasing your short-term rental prices in the summer months. Without competitor analysis, you may overprice your property and start seeing an increase in vacancies.
Start by looking at properties within a one-mile radius of your property. Consider similar amenities, like direct beach access or luxury bathrooms, to further narrow your search. Only price above your neighboring competitors if you have something more to offer.
Offer Early Bird Specials
As a vacation rental owner, your first goal should be to secure as many bookings as possible. The earlier you get guests on the record, the better you can assess profits and plan for upgrades.
One of our top peak season rental tips is to offer early bird specials to proactive guests. For example, if you can charge up to 30% more for August bookings, consider charging only 15-20% more to anyone who schedules their August visit in June or earlier.
Set a Minimum Rental Period
If you're worried that you've missed out on the early bird special window for the summer, don't sweat it. There are other vacation rental pricing tips to make use of this summer, including the minimum rental period.
Because Long Island vacation rentals are in high demand in the summer, it's easier to find guests who are willing to stay for three or more days at a time. By imposing a minimum rental period, you can cut down on vacation rental cleaning and pocket more profits.
Don't Forget Smaller Peaks
Summer isn't the only time of year when Long Island experiences an uptick in visitors. Our local fall foliage is renowned around the world, and we tend to see a smaller rise in tourism in the fall.
Employ these same strategies for the months of October and November, especially if you live near some of the top locations for leaf peepers. This is a great way to boost your income right before the holiday season.
Boost Your Profits with Peak Season Pricing
It's not too late to employ a peak season pricing strategy here in Long Island. We've still got plenty of summer days ahead followed by a bustling fall, and these strategies will maximize your profits.
Looking for more short-term Long Island rental strategies? Here at PMI Gold Coast, we use nationally tested vacation property management methods catered to Long Island's specific market. Contact us and start customizing your vacation rental management services.
