Local events and festivals can make or break your short-term rental’s profitability. Whether it's a major music festival, a sports championship, or a holiday parade, special events bring in tourists willing to pay a premium for accommodation. But if you’re not updating your prices to match demand, you leave money on the table.
In this guide, we’ll break down how local events impact short-term rental pricing and tips on how to maximize revenue during high-demand periods.
Why Do Local Events Affect Short-Term Rental Pricing?
Local events and festivals bring a surge of travelers to a particular area. This increased demand for accommodation naturally drives up prices. Here's why:
1. High Demand and Low Supply
When thousands of people flock to a city for a big event, they all need a place to stay. Hotels get booked up quickly, leaving short-term rentals as the next best option. The higher the demand and the fewer the available properties, the higher you can price your rental.
2. Willingness to Pay Premium Prices
Event-goers are often willing to pay a premium for convenience, such as staying near the venue. Whether it's being within walking distance of a concert or a quick drive to a sports stadium, guests value location and are prepared to pay more for it.
3. Length of Stay Patterns
Events often influence the length of stay. For instance, a weekend festival might attract two-night bookings, while a week-long conference could bring in longer stays. Knowing these patterns helps you adjust minimum night requirements to maximize occupancy.
4. Competitive Advantage
If you’re one of the few hosts who adjust prices for events, you’re at an advantage. Many hosts don’t bother updating their prices, missing out on potential revenue. By strategically pricing your rental, you can capture demand without losing bookings to competitors.
How to Track Local Events and Festivals
To capitalize on local events, you first need to know when they’re happening. Here’s how to keep track:
1. Event Calendars and Local Tourism Websites
Check city tourism websites and event calendars regularly. Many cities publish annual event schedules that can help you plan your pricing strategy in advance.
Sign up for alerts from local event venues, convention centers, and stadiums to stay informed about upcoming concerts, sports events, and festivals.
2. Google Alerts and Social Media
Set up Google Alerts with keywords relevant to your area, like “events in [Your City]” or “[Your City] festival schedule.”
Follow local influencers, event organizers, and venues on social media for announcements and updates.
3. Use Dynamic Pricing Tools
Dynamic pricing tools automatically track local events and adjust your rental prices accordingly. These tools analyze market demand and competitor rates to help you stay competitive and maximize revenue.
Tips for Maximizing Revenue During Local Events
1. Adjust Minimum Night Requirements
During high-demand events, consider increasing minimum stay requirements. For example, require a three-night minimum for a weekend festival to maximize revenue while reducing turnover.
2. Offer Event-Specific Packages
Create event-specific packages that include perks like free parking, early check-in, or event-related amenities (e.g., tailgating supplies for sports fans). These bundles can justify premium pricing.
3. Update Your Listing Descriptions
Include event-related keywords in your listing descriptions to capture search traffic from event-goers. For example, “Perfect location for [Event Name] attendees!”
4. Monitor Competitor Pricing
Keep an eye on competitor prices and adjust your rates accordingly. Use dynamic pricing tools or manually check local listings before the event.
Final Thoughts:
Local events and festivals are golden opportunities for short-term rental hosts to maximize revenue and occupancy rates. By tracking local events and implementing a dynamic pricing strategy, you can capitalize on high demand periods without missing out on bookings.
But remember—tools alone won’t get the job done. While dynamic pricing tools help you stay competitive, they don’t understand the nuances of your property or target audience.
At Revolvio, we combine advanced dynamic pricing tools with human expertise to create a tailored revenue strategy for your rental. From tracking local events to optimizing your pricing and calendar sync, we handle it all so you can maximize your income with less stress.
Ready to maximize your revenue during local events? Contact us today to learn how our dynamic pricing services can help.
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