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Location

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Look for similar-sized recreational properties in your rental area. If your property is in a much-sought-after location, it may fetch a premium price. If it is a relatively short drive from a major city, rental rates can also be higher than in a more distant location. If your property has a unique selling point that may appeal to a particular section of the market, that could justify a higher price. For example, people looking for a peaceful, relaxing break will pay a premium if your vacation home is located on or near a no-motor lake. In locations that feature winter sports, properties that offer ski-in/out facilities will command a higher rate than those where additional driving is involved. In very popular tourist areas, vacation homes are more sought after than in quieter, less well-known locations.

If your property is located on good waterfront, this will clearly benefit your bookings in the summer months. However, if you are on or near a river offering canoe routes, you might expect additional bookings in spring and fall. Many European visitors, or those with young children, may prefer a swimming pool to open water, so if your property has a pool instead of (or even in addition to) waterfront, this could have a considerable impact on the potential rental value. Chapter 9, Marketing Your Vacation Home, will show just how you can boost your off-season income through reaching special interest groups with targeted packages and deals.

Interestingly, one Canadian rental agency infers on its website that cottages on rivers are virtually unrentable. However, as an owner of a riverside cottage myself, this is certainly not my experience. Indeed, visitors from the UK are happy to be near any water, despite the fact that no part of the UK is more than 112 kilometers from the sea! It is the fact that it can take three hours to get there (on a good day!) that prevents them from traveling, so water-based vacations of any type are what they are seeking. They don’t bring boats so don’t need marina or docking facilities, and, in general, demand less in terms of location than the home-grown Canadian market. So if you do have a charming riverside property, just find a more enlightened agency or adjust your marketing to target the guests who would find your home to be the right one for them.

Renting Your Recreational Property for Profit

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