Angelo bought his condo in Vista Cay 1 year ago. Although the property was in acceptable condition, the decor was a bit outdated, and the place needed new flooring, paint, and furniture. After the purchase, our owner didn’t have all the funds to renovate the place at the time. We understand that not everyone can invest thousands of dollars to completely renovate a property. In these cases, we work to get the most out of what you already have!

Solution

In this case, our strategy was to price this condo below the competition to encourage rentals. We lowered the rates to $99/night during the months with lower demand.

We didn’t have to wait long to discover this was the right strategy! The occupancy rate increased from 36% last year to 86% this year. The average income rose from $1,600/month to $2,800/month, with peaks of up to $3,600/month! That’s a 75% increase in income.

Thanks to the extra income, Angelo was able to replace the floors, repaint the property, and add some new furniture. This resulted in greater appeal to guests and excellent reviews. Due to these investments, the daily rate returned to $140/night with frequent occupancy between 70-80%.