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“With the vacation rental industry growing at such an incredible rate, more vacation home owners and prospective buyers are curious about the rental income they can generate,” said Evolve CEO Brian Egan. “As the vacation rental management service for over 6,500 properties throughout North America, we are in a unique position to create regional reports that make it easy for people to understand the earning potential they have.”
created the Vacation Rental Performance Reports using proprietary booking
data and broader industry analysis. These reports will serve as valuable
tools for owners who are considering listing their vacation homes as short-term
rentals, as well as prospective buyers who are thinking about purchasing
a vacation rental property.
Here are some of the findings from the 2018 Smoky Mountains Vacation Rental Performance Report:
Gatlinburg, Pigeon Forge and Sevierville vacation rentals average 50% occupancy annually - The average vacation rental in the Smoky Mountains’ top tourist towns generate a reliable income year-round with guests in residence at least half of the time.
Occupancy rates surpass 80% in July - Summer months are the high season for the Smoky Mountains region with occupancy rates soaring past 80% for the average vacation rental and above 90% for top performers in the area.
Two-bedroom properties make up 36% of the vacation rental inventory - The majority of vacation rentals in the Smoky Mountains Area are two-bedroom properties, and they command an average daily rate of $175.
5-bedroom vacation rentals have the widest performance gap - A 5-bedroom vacation rental in the 50th percentile makes $70,710 per year, while a property of the same size in the 75th percentile generates $89,719, marking the biggest performance gap across same-size homes.
Evolve is on a mission to make vacation rental easier for everyone. By creating these reports, Evolve is offering vacation home owners and prospective buyers the critical data they need to make informed decisions about their income potential with short-term rentals.
Visit the Evolve blog to download the full report.
Evolve Vacation Rental Network