Are you planning to invest in Park City vacation rentals but are apprehensive about whether it’s a wise decision or not? In this article, we offer a comprehensive guide to Park City real estate. Find out everything you need to know before talking to a Park City realtor. Keep reading to see what benefits await you when purchasing a vacation rental in Park City.
Newest Trends for Park City Vacation Rentals
The COVID-19 pandemic has led to some significant trends in the vacation rental industry. Unsurprisingly, the market for Park City vacation rentals is not exempt from these trends.
Fewer people are visiting Park City for a traditional vacation. They are working from home while their children are taking online classes, allowing for long-term mobility and a desire for changes in scenery. Many still prefer to take advantage of Park City’s trails, open restaurants, and other amenities than remain trapped in a city.
These situations have led to visitors preferring to stay in larger properties and extend their stay. Park City Rental Properties (PCRP) stated that these visitors stay 28% longer.
People from Arizona, Nevada, Texas, California, and other states are also driving to Park City instead of flying. Not needing to rent a car makes more remote vacation rentals a reality, resulting in an increasing number of visitors staying in Park City vacation rentals.
Which Amenities Matter To Visitors
For any Park City vacation rentals, a stable Internet connection is a necessity. Given the current changes from the pandemic, more people are now working or studying online.
As we aim for maximum comfort when staying in vacation rentals, we also expect that air conditioning is available during hotter months. Access to a pool would also be ideal for summer. Meanwhile, a hot tub and fireplace would be perfect amenities for any time of year.
While typical Park City real estate might prohibit bringing pets to the property, allowing them would be a big plus. Those who stay for several days or weeks will want to bring their furry friends with them.
What Visitors Prefer in a Vacation Rental Property
Visitors look for Park City vacation rentals that have been upgraded within the last 5 to 10 years. To maximize ROI, your rentals should be among the best on the market. It is much harder to rent or sell Park City real estate that is outdated or in need of renovation.
Give guests the highest form of convenience possible by providing a kitchen complete with the necessary items. These include pots, pans, cups and plates, utensils, a coffee maker, a toaster, and any other necessities you would find in a kitchen.
Outfit your rental with at least one king-size bed and flat-screen TV. Currently, many vacation rentals’ TVs come with various streaming platforms, like Netflix. This gives visitors more ways to maximize their vacation rental experience.
What’s in It for You: Benefits of Owning a Park City Vacation Rental
Park City Real Estate’s Value
While 2008 proved to be a financial fiasco across the board, real estate economic recovery happened much faster than other aspects of resort communities. Home values have consistently risen since then at reasonable rates.
Consistent Stream of Income
Purchasing a vacation home and turning it into one of the most competitive Park City vacation rentals is a wise decision. You can enjoy the home yourself and then make some money when you’re not using it.
Start with daily rents or make it seasonal. Reliable Park City realtors can help you effectively manage the property. Let them take care of the vacation rental and maintain it while you focus on other things and reap the benefits of your investments.
Choosing Profitable Park City Vacation Rentals
Choose Nearby Ski Slopes
Starting with nearby ski slopes is one good way to invest in Park City vacation rentals. Choose a property that is close to at least one of the three ski resorts in Park City. A ski-in ski-out property is ideal if you want to target skiing guests.
Pick a Property Close to Main Street
Park City realtors would recommend picking a property that is close to Main Street. This allows visitors to enjoy various activities around the city, urging them to stay a little bit longer in your Park City vacation rental.
Some visitors may want to walk to historic Main Street. If the property is not within walking distance, it should be near Park City’s bus system. Weigh your options as proximity to Main Street and ski slopes could also mean higher prices.
Select a Modern and Spacious Property
Various Park City hotels offer visitors the convenience and luxury that they need. Park City vacation rentals should remain updated and contain similar amenities to attract renters. Properties with a pool, hot tub, fireplace, and bigger sets of bedrooms will give you that competitive edge over other properties.
Invest in Park City Vacation Rentals Now!
Learning about Park City real estate, the trends of Park City vacation rentals, and getting the right help from Park City realtors will make your investment in vacation rentals worth it. Visit our website to learn more real estate–related tips.