Short Term Rental Trends

Kentucky Airbnbs & STRs

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RedAwning offers vacation rental property management for busy vacation rental owners and Airbnb hosts. Starts at 10% of revenue.
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Current Vacation Rental Performance in Kentucky

Market Overview

The vacation rental market in Kentucky is characterized by a diverse range of options, from urban apartments in Louisville and Lexington to serene lakefront properties and rustic cabins near natural attractions like Kentucky Lake and Mammoth Cave.

Seasonal Performance

  • Peak Season: The peak season for vacation rentals in Kentucky typically runs from May to July, with high demand during events like the Kentucky Derby and the International Bar-B-Q Festival in Owensboro.
  • Current Trends: As of 2024, the overall U.S. vacation rental market, which includes Kentucky, has seen a slight decline in occupancy rates compared to previous years. In August 2024, calendar occupancy was 2% lower than in 2023 and 5% lower than in 2022, largely due to increasing supply and softening demand.

Local Events Impact

  • The Kentucky Derby significantly boosts short-term rental occupancy in Louisville. For 2024, Airbnb occupancy in Louisville around the Kentucky Derby is pacing 22.1% above 2023, with travelers preferring lower-priced accommodations.

Pricing and Occupancy

  • Average Rates: In Kentucky, vacation rental prices can vary widely, but on average, they range from $39 to $9,104 per night. Despite the national trend of stable rates, local events can drive up prices and occupancy.
  • Occupancy Rates: While national occupancy rates have been lower in 2024, the late fall season is showing signs of improvement, with October and November pacing ahead of last year’s rates.

Investment and Profitability

  • Vacation rentals in Kentucky, particularly in areas like Lake Cumberland and Red River Gorge, often yield higher short-term income due to tourism and seasonal demand. This makes them attractive investment opportunities compared to traditional rental properties.

Challenges and Opportunities

  • Property managers face challenges such as guest communications, property damage, and maintaining high cleanliness standards, which can significantly impact occupancy rates. Implementing technologies like keyless entry and instant booking can help improve occupancy.
  • The market is expected to grow, albeit at a slow pace, driven by factors like the increasing popularity of vacation rentals and the rise of online booking platforms.

Current Airbnb & VRBO Trends by City

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FAQ

What does your pricing structure look like?
Our prices start at 10% of revenue. You can check out our pricing page for more information.
What types of vacation rental properties do you manage?
We manage a wide range of vacation rental properties, including single-family homes, condos, apartments, and luxury villas. Our services are tailored to meet the unique needs of each property type.
How do you handle guest support?
Our team provides 24/7 guest support, handling all inquiries, booking assistance, and any issues that may arise during a guest's stay. This ensures a seamless experience for your guests.
What is included in your damage waiver?
Our damage waiver provides $3,000 in coverage per booking, protecting you from accidental damages without the need for security deposits. This coverage is automatically included with every booking.
How does the payment process work?
We handle all aspects of the payment process, including processing payments, managing declined cards, and providing chargeback protection. Funds are deposited directly into your account, ensuring a smooth and secure transaction.
Can I still use my own booking website?
Absolutely! We offer a direct booking website service that allows you to showcase your property and accept bookings directly, bypassing the fees charged by major booking sites.
How do I get started with RedAwning?
Getting started is easy! Simply contact us for a free consultation, and our team will guide you through the onboarding process to ensure a smooth transition to our platform.
Why is RedAwning better than other property management companies?
RedAwning sets itself apart from other property management companies with a technology-driven, cost-effective approach that offers both full-service and partial management options, catering to vacation rental owners who value flexibility and control. Unlike competitors like Vacasa or AvantStay, which focus solely on full-service management with fees ranging from 25-50% of income, RedAwning provides a choice: comprehensive oversight including marketing, reservations, guest support, and maintenance, or a partial-service model emphasizing marketing and bookings across 50+ platforms like Airbnb, Vrbo, and Booking.com, potentially increasing bookings compared to narrower-channel options like Evolve. RedAwning's fees start at 10%. Having served the industry for 15 years, RedAwning combines experience with lower fees and rapid onboarding—listing properties in an afternoon—appealing to hosts who want efficiency without losing decision-making power, though it may not suit those needing extensive local support like Vacasa provides. Its scale (20,000+ properties across 10,000 destinations) and data-driven pricing give it an edge over Evolve’s simpler approach, making it a versatile choice for tech-savvy hosts seeking tailored management solutions.