Short Term Rental Trends

Virginia 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 Virginia

Market Overview

The vacation rental market in Virginia is characterized by a diverse range of attractive locations, each with its unique appeal.

  • Locations: Virginia offers various vacation rental spots, including the coastal areas like Virginia Beach, the Blue Ridge Mountains, Shenandoah Valley, Charlottesville with its vineyards and historical landmarks, and Richmond with its urban condos and townhouses.

Performance Metrics

  • Occupancy Rates: Similar to national trends, vacation rental occupancy rates in Virginia are experiencing a decline. For instance, in key tourist regions, occupancy rates are underperforming compared to 2022, with areas like the Southeast US (which includes parts of Virginia) seeing a 10% decrease.

Regional Insights

  • Virginia Beach: This area remains a premier location for vacation rentals, attracting visitors with its public beach, vibrant boardwalk, and various water-based activities. However, occupancy rates here are also feeling the impact of the broader decline.

Economic and Operational Aspects

  • Rental Income: Despite the decline in occupancy rates, the average rent in vacation hotspots in Virginia remains profitable, especially in areas like Richmond, Virginia Beach, and Norfolk. Investors need to analyze local occupancy rates, seasonal demand fluctuations, and average daily rates to maximize rental income.

Challenges and Opportunities

  • Supply and Demand: The growth in supply of vacation rentals is outpacing demand, leading to lower occupancy rates. However, this trend is expected to stabilize as supply growth slows down.
  • Unique Lodging Experiences: Virginia’s vacation rental market benefits from unique lodging options such as bed and breakfasts, chalets, and nature eco-lodge rentals, which provide a distinctive local experience and can attract a loyal customer base.

Future Outlook

  • Growth Potential: While the market is currently experiencing a slowdown, the long-term outlook remains optimistic. The vacation rental market is expected to grow at a compound annual growth rate (CAGR) of 4.7% from 2023 to 2030, driven by factors like the rise of online booking platforms and increasing demand for flexible travel options.

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.