Short Term Rental Trends

Utah Airbnbs & STRs

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Current Vacation Rental Performance in Utah

Park City Market

In Utah, particularly in Park City, the vacation rental market has experienced significant seasonal fluctuations. Here are the key points:

  • May 2024: Occupancy was down by 10.14% compared to the previous year, with a paid occupancy rate of 6.2% versus 6.9% in 2023. The average daily rate (ADR) decreased slightly by 1.38% to $143, and the revenue per available room (RevPAR) dropped by 10% to $9.
  • September 2024: The market saw a further decline as it entered the fall shoulder season. Occupancy dropped to 15.60%, a 20% decrease from the previous year. ADR decreased by 2.82% to $172, and RevPAR fell by 20.59% to $27.

Statewide Trends

Utah as a whole has seen a notable increase in short-term rentals:- From 2021 to 2023, short-term rental listings surged by nearly 40%, with approximately 1.9% of all residential units in Utah being used as short-term rentals. This trend is expected to continue in 2024.

Impact on Housing Market

The rise in short-term rentals has had mixed effects on the housing market:- While short-term rentals contribute to the local economy and tax revenues, they also reduce the availability of affordable housing, particularly in tourist-heavy areas like Summit County. For every 10 new residential units, 14 short-term rental units were added in Summit County from 2022 to 2023.

Investment and Management

For investors, strategic location and meticulous property management are crucial:- Areas like West Valley City and Salt Lake City are highlighted for their potential due to population growth, employment opportunities, and property value trends. Investors must also navigate a changing regulatory landscape and adhere to local ordinances and tax obligations.

Overall, Utah's vacation rental market is influenced by seasonal demand, regulatory changes, and the broader impact on housing affordability.

Current Airbnb & VRBO Trends by City

No state available.

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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.