Southern Ontario Short Term Rental Market Update (Summer 2024)

Summer 2024 - Southern Ontario Short Term Rental Update

7/2/2024

2 Bedroom Golf Course View Rental in Niagara-on-the-Lake, Ontario.

Welcome to our Summer 2024 market update. In this edition, we delve into the latest trends and insights shaping our dynamic market, offering valuable updates to help you stay ahead. We'll explore why stocking up on essential supplies can significantly reduce costs, ensuring your rental remains profitable and efficient.

Additionally, we're excited to showcase some of the stunning new listings now under our management, highlighting some of the diverse and vibrant communities we serve. Whether you're a seasoned host or just getting started, our market update newsletter provides the information you need to thrive in the short-term rental industry!

Southern Ontario Market Update

The transition from Q2 2023 to Q2 2024 has brought about a noticeable increase in estimated average revenue. The total revenue for Q2 2024 has risen by approximately 17.77% compared to Q2 2023. This positive growth can be attributed to several factors, including enhanced property management strategies, the introduction of new amenities, and an increase in demand for short-term rentals in the Niagara Peninsula area.

Between Q2 2023 and Q2 2024 shows a slight decrease in the average occupancy rate by approximately 1.17%. This minor decline suggests a relatively stable market, with occupancy rates remaining consistent year over year.
**Data pulled for all 2+ bedroom rentals Burlington to Niagara Falls**

To maximize revenue during high-demand seasons, we strategically position our short-term rentals to be among the last to book. The data shows that booking windows are often short, with guests making reservations just weeks in advance. By waiting out the initial rush, we face less competition and can command higher prices as availability decreases.

This approach ensures that our properties capture premium rates from last-minute bookings, ultimately boosting overall earnings. So, don’t worry if your summer calendar isn’t full well in advance; this strategy is designed to leverage demand and optimize your revenue.

Stock Up On Supplies To Reduce Costs

To help reduce costs and ensure smooth operations, we highly recommend stocking up on supplies and keeping them on hand at the property in a locked supply closet. This proactive approach will minimize the need for frequent supply runs, especially during the high-volume turnover periods in the summer when multiple guests check in and out each week. Additionally, it is essential to replace and restock sheets, duvet covers, and towels at least once a year to maintain a five-star level of comfort and cleanliness. By keeping these items fresh, you'll provide a consistently excellent experience for your guests, boosting satisfaction and repeat bookings.

New Featured Travelluxe Listings

Check out some of the newest listings that the Travelluxe Team is now managing in the Niagara Region, Kawartha Lakes, Norfolk County (Lake Erie), and even Ellicottville, New York.