Tourism is a nearly $24 billion industry in Utah, generating over a billion in direct tax revenue to the state, according to data from the University of Utah. This growth has resulted in over 98,000 jobs in the tourism sector and a steady increase in vacation rental growth.
As a vacation rental owner in Hooper, you're in an excellent position to attract Salt Lake City visitors looking for rentals outside the city. Hooper is a short 37-minute drive to Salt Lake and offers visitors a small-town experience, perfect for winter.
Owners like you can apply peak season pricing strategies to make the most of these travel windows. This strategy also brings more money into the local Hooper economy which is great for local shopping, dining, and attractions.
Learn more about seasonal rental pricing to maximize rental income.
Align With the Market
Start by researching market rates in Hooper, Salt Lake City, and surrounding areas. Your rental price should align with the market rate. Take note of any pricing strategies of surrounding vacation rentals.
The rental price must accurately reflect the quality of the accommodations. Look at the amenities offered by other local vacation rentals. Are those amenities reflected in the price?
Price your vacation rental competitively without pricing out your target market. Consider first-time guest discounts and other perks to attract a loyal visitor base. Ideally, you want guests to book your rental year after year, establishing consistent cash flow; these guests may also book your rentals during off-seasons like spring or fall.
Upgrade Your Hooper UT Accommodations for Maximum Pricing
Investing in new amenities is worth the investment. You can recoup the ROI with a steady flow of guests. Start by upgrading all essentials like HVAC systems, kitchen equipment, bathroom features, and more essentials.
Other upgrades to consider include:
- New vacation rental furnishings
- Washers and dryers
- New flooring and wall treatments
- Bathroom remodeling
- Home entertainment upgrades
- Backyard decks and new landscaping
Vacation rentals always come furnished. Include freebies for guests like "welcome" baskets with travel pamphlets, dining coupons, travel-sized toiletries, and food gifts. Make sure linen closets and laundry rooms are stocked with fresh linens, including bathrooms and bedrooms.
Optimize Marketing for Peak Season Pricing
Vacation rental staging is crucial for enticing listings. Hire a property manager who knows how to stage rentals to create professional rental listings that visitors trust. Working with a property management company provides peace of mind to both guests and owners.
Property managers optimize rental listings with professional-grade photos and media, as well as written copy designed to inspire visitors to book online. Property management companies provide more perks to guests which takes amenities to another level, including housekeeping and maintenance requests.
Invest in the Best Property Management Strategies
Don't let any revenue slip through the cracks. Take note of these vacation rental tips and hire a property manager who knows peak season pricing inside and out.
PMI Northern Utah is ready to make your rental a success. We're committed to increasing the value of your asset through the latest real estate software, the highest maintenance standards, and customer service. We're part of the largest property management network in the country, bringing 20 years of experience to the industry.
Give us a call today to discover the profitability of your rental!
