|Photo Credit: FunLake.com|
Rental Season at the Lake of the Ozarks
Effectively, the rental season at the Lake runs from Memorial Day Weekend through Labor Day Weekend. Most years, about 85% of all our rentals occur during that time period. Within that rental season, there is a nine week “prime” rental season that runs from the middle of June through the middle of August. About 65% of all our rentals occur during that short time frame. Compared with many other vacation destinations, this is a very short rental season. Once you realize that 85% of all your rentals may occur in the span of 15 weekends, which represents only 29% of the entire year, you can prepare for that short rental season.
Rental Season Advice
During the prime season, don’t be so quick to give discounts. During those nine prime weeks, there is very little availability around the Lake, so there is not much need to discount. Also, try to avoid shorter rentals during that time. Depending on the size (number of bedrooms) of your property, especially larger properties (four bedrooms or more) you should not take a two night rental. Our larger homes average about 4.5 nights per rental, so taking a two night rental would mean giving up 50% of your potential income during that period.
If you are going to discount, do so wisely. Obviously you will have to discount during the winter months, where almost any rental is like found money. During the spring and fall, prior to Memorial Day and after Labor Day, you may have to discount to compete with other rental properties. During the summer, a good time to discount is during the week. If you typically only fill up the weekends, then discounting Monday through Thursday may increase your rentals and fill your unoccupied nights.
Maximize Your Property
The other way to maximize your property is by ensuring you have what the vacationing public is looking for in a rental. These days, you need to have WiFi, flat screen TVs, an updated, nice looking décor and everything needs to be in good working order. If not, potential guests will pass you over for places that look nicer and that have better amenities. It is also very important to build your repeat business clientele.
If you’re in the market and looking for a great rental property or think you might have a great potential rental property at the Lake of the Ozarks, don’t hesitate to give use a call. Russell Burdette is the owner of Your Lake Vacation, a professional vacation rental management company at the Lake of the Ozarks since 1986. If you would like more info on renting your home or condo as a vacation rental, call 573-365-3367.