Palm Springs is an ideal place to own a rental property. With its sunny days, palm-lined streets, and vibrant culture, there's something for everyone in this city. If you're a landlord in Palm Springs, you may have noticed there’s a huge spike in tourism during the busy festival season. If you’re thinking about investing in a vacation rental property in Palm Springs, you should be aware of festival season so you know how to strategize the best pricing for those occupancy dates.
With events like Coachella, Stagecoach, and the Palm Springs International Film Festival, your property can be in high demand during the times that more people than usual are flocking into the city. However, navigating the seasonal demand can be a challenge. You’ll earn higher rents, but you’ll also be dealing with a lot of people, their high demands, and the general traffic and high energy that comes with festival season.
As Palm Springs property managers, we’ve been through a few festivals over the years. We know that it can be lucrative for owners and also stressful. We’re here to help you navigate your busiest times as a rental property owner.
Let’s explore how to maximize what you earn and keep your guests happy when renting out your Palm Springs property during festivals.
Put Together a Festival Schedule
Plan ahead with festival dates - It's important to plan ahead and be prepared for the periods of time that are going to bring you high demand. You don’t want to under-value your property during these festivals just because you don’t know they’re happening. Subscribe to community newsletters, develop relationships in the community, and work with your local property managers to ensure you know when the festivals are happening and how many people can be expected to attend. You’ll want to know what kind of crowd is expected in town so you can understand how to best present your property and market the home to prospective guests.Set a Rental Price that Reflects Demand
During festivals, there's always a high demand for property rentals, and your visitors will usually book way in advance. This means you can earn more than usual, as long as you understand the market and how it responds to special events like these. You’ll absolutely charge more than your regular nightly rate. Depending on the expected attendance and the other properties that are available in town, you can likely charge twice or even three times the amount of your normal rate. However, it's important to set a fair and competitive rental price that reflects the festival demand. Don’t overprice your property so that it’s the last one that people decide to rent. Prospective guests will do their research and know what a reasonable rental amount is. Do some research so you know what competing landlords are setting their rental values at for that period of time.Market Specifically to Festival Attendees
It's always crucial to market your property effectively and find reliable guests, especially when you’re renting out a vacation property that has to be consistently advertised in order to maintain the occupancy numbers you want. For festival periods, you should do all of your usual marketing, and also introduce some unique strategies that will target the potential guests. Make sure your property is listed on all of the popular rental websites that are affiliated with the festival, and make sure you’re leveraging a strong social media presence. There will almost certainly be hashtags for sites like Instagram and Twitter and Facebook and even TikTok. Post videos of your property using those festival hashtags so attendees looking for a place to stay will have an easy time finding you.Offer a Desirable and Well-Maintained Property
You’ll have an easy time attracting guests when you’re offering a property that stands out. You’ll be able to charge more money, too. With more than one group of renters coming and going from your property during festival season, there should be some additional attention paid to your property during the turnover periods between guests. It’s also important to keep it well-maintained and make sure that everything is perfect ahead of their arrival and the beginning of the festival. This includes cleaning the property thoroughly before and after each guest and checking appliances and amenities for any damage or wear and tear. It's also a good idea to have a maintenance plan in place in case any issues arise during the rental period. You’ll want to be responsive and prepared for anything that might go wrong.Partner with a Palm Springs Property Manager
Managing a vacation rental home is time-consuming and often challenging, especially considering the number of details that are involved and logistics that are required. Managing a vacation rental home during a well-attended festival is even more complex. If you're finding it difficult to navigate the seasonal demand and manage your property during festival season, you can leverage the services of a Palm Springs property management company.
You can take advantage of expertise and resources around:
- Marketing and advertising.
- Tenant management.
- Bookings and rent collection.
- Maintenance and upgrades.
