10 Ways to Get More Money From Your Vacation Rental This Summer

If you own a vacation rental, you have a prime opportunity to make a nice amount of money. Many travelers prefer a private home over a hotel, and if your property is in a prime location, you might manage to command a substantial nightly rate. But it's also important to be strategic with your rental. These moves could be your ticket to more income.

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You don't want to underprice or overprice your rental property, as doing so won't serve you well. So, before you set a nightly rate, do some research. See what comparable properties in the area are going for to determine how much to charge.

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While you definitely don't want to price gouge your guests, it is okay to charge extra for holiday weekends, when vacation rentals tend to be most in demand. And if you want to capitalize on those weekends, offer incentives for guests to tack on a couple of weeknights as well.

Many people are willing to pay up for a chance to vacation with their pets -- namely because it means not having to board them or find a sitter. It pays to make your rental pet-friendly, but at the same time, it's not unreasonable to impose a pet fee for doing so.

Remember, welcoming pets means taking certain risks (chiefly that your home might sustain damage), and most pet owners understand why bringing an animal means incurring added costs.

ALSO READ: What Does Pet Insurance Cover?

Some people want more than just a roof over their head during vacation -- they want as many conveniences as they can get. That gives you an opportunity to make more money by offering options like a home chef service or in-home massage that you take a cut of.

Taking care of a vacation rental means putting in a lot of time. But if you maintain your property yourself and manage your own bookings rather than outsource that work to a property manager, you could squeeze out a lot more cash.

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If you want to attract guests (and, just as importantly, repeat guests), it's important to make your rental as comfortable as possible. That means providing nice towels, toiletries, and other such perks that distinguish your home from others.

ALSO READ: 7 Ways to Increase Your Vacation Rental Property's Appeal

It's a good idea to invest in amenities for your vacation rental -- but only to a point. If you spend too much, it will eat into your profits. Think about the type of renter your home is most likely to appeal to. If you expect to get a lot of families with children, you may be better off buying some games and toys rather than springing for high-end lotions.

The more detailed and appealing your listing is, the easier it might be to attract guests. Make sure your listing is filled with clear photos and descriptions so that there's no confusion about what potential guests are getting.

ALSO READ: 5 Mistakes You're Making With Property Listing Photos

The more turnover you have at your vacation rental, the more costs you're apt to incur. For example, you'll have to have your property cleaned between guests, so longer stays could work to your benefit.

To that end, consider imposing a minimum stay. Families tend to have more flexibility during the summer when school's not in session, so you may find that doesn't backfire on you at all.

ALSO READ: 4 Summer Vacations That Won't Break the Bank

The more responsive you are to guests, the better an impression you'll leave. That could lead to more positive reviews, which could, in turn, result in an increase in bookings.

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Owning a vacation rental isn't easy, but it can be very rewarding financially. And if you stick to these tips, you might see your income explode this summer.

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