How the right rate could get you 75 percent more income
How the right rate could get you
Angelo bought his Vista Cay condo 1 year ago.
Although the property was in decent condition, the decor was a bit outdated, and the space could use new floors, paint, and furniture. After the purchase of his condo, our owner didn’t have the funds available to renovate the unit right away.
We understand that not everyone can invest thousands of dollars to completely refurbish a property. In those cases, we work to make the best out of what you already have!
You can see the listing on our guest website here
In this case, our strategy was to price this condo a little below the competition to drive occupancy. We lowered the rates to $99/night during the slower months.
We didn’t had to wait very long to know that this was the right move! Occupancy soared from an average 36% last year to 86% this year. The average rental income went from $1600/month to $2800/month with peaks up to $3600/month! This is an income increase of 75%.
Thanks to the extra rental income, Angelo was able to change the floors, re-paint the unit, and add some new furniture. This resulted in more guest appeal and excellent reviews.
Because of these investments, the ADR went back up to $140/night with a steady occupancy between 70-80%.