Pricing your Newport, Rhode Island Rental Property for the 2022-202 Season.
I’ve been having this conversation a lot this month.
As you may know the City of Newport has made a number of changes in their enforcement and regulation of vacation rentals. (30 days or less = vacation or guest house).
00:00 Introduction
00:30 What changed?
01:18 How can you navigate the new norm?
01:40 Price Setting Strategy
At one point in the late spring of 2021 there were roughly 300 properties identified as non-conforming, unlicensed and unpermitted “airbnb” type properties. The City sent out hundreds of Summonses and fined unpermitted Airbnb operators/property owners $400.
As a result, HUNDREDS of properties that were operating in a non permitted status as Airbnb properties switched from the vacation (less than 30 days) to a Summer/Winter schedule.
When supply goes up, demand is easily met and the price goes down.
To strategize your pricing you’ll want to look at your competition and beat them, whether it’s on location, amenities, or price.
Don’t get stuck on a price in your head.
Unless you truly would rather be vacant that have tenants in at a lower price, be nimble and responsive in your pricing. For MOST of us $X is way better than $0.
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Sandi Warner, Esq. | Managing Broker | Team Lead
Harbor to Hill Real Estate Team | Warner Realty Group, LLC
358 Broadway, Newport, RI, 02840 Cell: 401-662-7204 | Office: 401-236-8685
SandiWarner@WarnerRealtygr.com
RhodeIslandListings.com/Sandi-Warner/
