Vacation rental owners are often seeking ways to increase their bookings and the amount they are asking per booking. Many of these VR owners will ask me what vacation rental renovations result in the highest ROI, how can I increase the demand for my vacation rental and so on. My answers differ from market to market, because in some of these locations these renovations matter more than others, and it also all depends on the type of clientele you are trying to attract. In regards to the latter, many VR owners will try to make additions to their home that will attract their desired tenant, which may be a family, couple, young adults and so on. This is an important thing to keep in mind being that certain amenities will attract certain guests. If your goal is to attract a family then a pool is a great addition, for couples, a balcony or renovated master bathroom might be your best bet. One thing we noticed however is that their is one particular addition that seems to attract almost all renters and increase your booking regardless of location…a hot tub.
Hot tubs seem to be a hit for all types of renters, whether they be a couple, family, or group of friends. They allow guests an oppertunity to socialize and relax and also give them that vacation feeling. Being that most people do not have a hot tub at home, lounging in a hot tub while staying at your VR will create the ultimate vacation experience. Not to mention that VR’s with a hot tub tend to book 20% more than those without. If you are having trouble renting your property during off seasons or wanting to ask for more during peak season then a hot tub is a great way to go. In fact most VR owners make their money back on the hot tub in just a couple years because of increased bookings.
Rick at Patio Splash Hot Tubs & Spas in Northern Colorado and Wyoming has supplied many of the Colorado vacation rental properties with hot tubs and says that is a growing trend among VR owners in that region.
Hot tubs have become a staple for Vacation Rental owners in Colorado -Rick Smith
In fact he has noticed that most Vacation Rental owners will switch out their hot tub every three years to keep up with the newest models and ensure they maintain the demand for their property in more premium destinations like Vail, where renters are more particular. However he mentioned that many VR owners don’t bother to upgrade their hot tubs and have no trouble regularly renting out their properties.
One thing we thought was interesting was that he said many of these property owners noticed an increase in positive reviews after installing a hot tub. It seems as though hot tubs improved the quality of the stay so much that they felt more inclined to leave a positive review.
In regions like Colorado during the winter a hot tub can be a deal breaker for many guests who will not even bother to consider a property without one. Although that is not always the case, it does put you in a better position to compete for higher paying guests who put a hot tub as a requirement.
What about summer rental properties
Hot tubs are not just for ski destination vacation rentals. Hot tubs are still in demand for guests staying in more tropical locations or staying during off seasons. Hot tubs don’t just warm you up, they are also therapeutic and relaxing. All though there are instances where adding a pool to your VR will offer a better ROI. Depending on space, budget, and location, mot often a hot tub may be the best investment you ever make in your vacation rental.