Launching a Successful Airbnb Business in Vernon, BC: Key Steps and Tips
Explore The Best Areas in British Columbia for Airbnb.
Airbnb has become one of the most popular ways to travel, with many travelers opting to stay in Airbnb properties over traditional hotels. With the growing demand for Airbnb properties, many people are considering starting their own Airbnb businesses. If you are planning to start an Airbnb business in Vernon, BC, there are several key steps and tips to keep in mind. This article will outline everything you need to know to launch a successful Airbnb business in Vernon, BC.
Introduction
Starting an Airbnb business in Vernon, BC, can be a profitable venture, but it requires thorough planning, preparation, and execution. Vernon is a beautiful city in British Columbia that is popular among tourists, making it an ideal location for an Airbnb business. Approximately 45% of Airbnb guests in Vernon are domestic travelers from within Canada, with the remaining 55% comprising international visitors. The largest international markets include the United States, Germany, and Australia. Before you start your Airbnb business in Vernon, BC, it is important to do your research, understand your target guests, choose the right property, and create a marketing strategy that will help you stand out from the competition.
Research Vernon, BC’s Airbnb Market
Before starting your Airbnb business in Vernon, BC, it is important to research the local Airbnb market. Look for trends in the market and try to identify any gaps or niches that you can fill. Analyze the occupancy rates and the average nightly rates of similar properties in the area to determine if there is a demand for your property.
Listings: There are around 253 active rentals on Airbnb in Vernon. However, the market has continued to expand, with the number of listings expected to exceed 350 by the end of 2023.
Average Daily Rate (ADR): The average daily rate for an Airbnb in Vernon is approximately $175 CAD, but this number can fluctuate depending on factors such as location, property size, and time of year.
Occupancy Rate: Vernon’s Airbnb market has an average annual occupancy rate of around 67%, with peak season (June to August) reaching occupancy rates as high as 90%.
Annual Revenue: The Airbnb market in Vernon generates an estimated $7.5 million in annual revenue, with growth projections suggesting this number could rise to over $9 million by 2025.
Determine Your Target Guests
Understanding your target guests is crucial for your Airbnb business’s success. Consider the type of guests you want to attract, their interests, and what amenities they may be looking for. Determine if your property will be ideal for families, couples, solo travelers, or groups.
Choose the Right Property
When choosing the right property for a successful Airbnb business in Vernon, BC, it’s crucial to consider factors such as the property size, location, and amenities offered. Opt for a property in a safe and convenient location with easy access to transportation and proximity to popular attractions like Kalamalka Lake and Silver Star Mountain Resort. Ensuring that your property stands out from the competition with unique features, such as stunning views or exclusive amenities, will increase its appeal to potential guests.
Make Your Property Stand Out
Once you have chosen your property, make it stand out by creating a unique and welcoming atmosphere. Decorate the space with comfortable furniture, beautiful artwork, and unique pieces that reflect the local culture. Ensure that your property is clean and well-maintained, and provide your guests with all the necessary amenities, including high-speed internet, fresh linens, and toiletries.
Airbnb Essentials: Full Checklist of Supplies for Airbnb Hosts
Set the Right Price
To set the right price for your Airbnb property in Vernon, BC, it’s essential to conduct thorough research on comparable properties in the area. Analyze their average nightly rates and occupancy levels to establish a competitive baseline for your own listing. Keep in mind that seasonal fluctuations, such as the peak summer months (June to August) or ski season (December to March), can significantly impact demand and pricing. Additionally, be aware of special events, like local festivals, concerts, or sporting events, which may increase demand for short-term rentals in the area. By staying informed about local market trends and adjusting your prices accordingly, you can maximize your property’s occupancy and revenue potential while maintaining a competitive edge in Vernon’s Airbnb market.
Specific Events in Vernon, BC that Impact Airbnb Demand
In Vernon, BC, various events throughout the year can influence the demand for Airbnb properties. Here are some noteworthy events that may affect your pricing strategy:
Winter Carnival: Held annually in February, the Vernon Winter Carnival is a popular event that attracts visitors to the area for various winter-themed activities, competitions, and entertainment. This event may lead to an increased demand for accommodations in Vernon during that time.
Creative Chaos Craft Show: This annual craft fair takes place in June, showcasing a wide range of handmade goods from local and regional artisans. The event draws tourists and locals alike, potentially increasing the demand for Airbnb properties in the area.
Sunshine Festival: Held in June, the Sunshine Festival is a free, family-friendly event that features live music, street performers, food vendors, and children’s activities. This festival may attract additional visitors to Vernon, resulting in a higher demand for accommodations.
Funtastic Sports Society Slo-Pitch Tournament & Music Festival: This annual event in late June or early July combines a slo-pitch tournament with live music performances, drawing a large number of participants and spectators. This event can lead to an increased need for accommodations in Vernon.
Okanagan Wine Festivals: The Okanagan region hosts several wine festivals throughout the year, with the Spring and Fall Wine festivals being particularly popular. These events showcase the area’s renowned wineries and attract wine enthusiasts from around the world, potentially increasing the demand for accommodations in Vernon.
Silver Star Mountain Resort Events: Various events take place at Silver Star Mountain Resort throughout the year, including ski races, mountain biking competitions, and other seasonal activities. These events can attract additional visitors to the area, leading to higher demand for accommodations.
When setting your Airbnb property’s prices in Vernon, BC, consider these events and their potential impact on demand. By adjusting your prices according to local events and seasonal fluctuations, you can optimize your property’s occupancy and revenue potential.
Create an Airbnb Listing
Creating a compelling Airbnb listing is essential for attracting potential guests. Your listing should include high-quality photos, a detailed description of your property, and information about the surrounding area. Highlight the unique features of your property and showcase its amenities.
Develop a Marketing Strategy
To stand out in Vernon, BC’s competitive Airbnb market, you need to develop a marketing strategy that will help you reach your target audience. Consider using social media platforms, paid advertising, and search engine optimization (SEO) to attract potential guests. Utilize your existing network of friends and family to spread the word about your Airbnb business and offer them incentives for referring their friends and family to your property.
Promote Your Airbnb Listing to significantly increase Airbnb bookings
Ensure Your Guests Have a Great Experience
To maintain a successful Airbnb business in Vernon, BC, it is crucial to ensure that your guests have a great experience. Provide them with detailed instructions on how to access your property and ensure that they have everything they need to enjoy their stay. Be responsive to their needs and requests, and ask for feedback to improve their experience.
Handle Legal Considerations
When handling legal considerations as an Airbnb host in Vernon, BC, it’s crucial to ensure that your short-term rental (STR) is operating within the city’s zoning and licensing guidelines. A legal STR must operate in a zone that permits short-term rentals, and the proposed business licensing structure is based on existing neighborhood district boundaries outlined in the City’s Official Community Plan and Zoning Bylaw #5000.
Under this proposal, any property within the city would be eligible for an STR Minor business license. To qualify for an STR Major license, a property must be located in the Hillside Residential and Agricultural District or Waterfront Neighborhood Plan Area. Upon approval of these regulations, the City will develop an interactive map to help the public determine their property’s eligibility. As an Airbnb host, it’s essential to comply with these zoning and licensing requirements and stay informed about tax obligations to ensure the successful operation of your STR business in Vernon, BC.
Useful link:New Regulations for Short Term Rentals.
Secure Proper Insurance Coverage
To protect your Airbnb business in Vernon, BC, it is important to secure proper insurance coverage. Consider obtaining liability insurance and property insurance to protect yourself from any potential accidents or damages that may occur during your guests’ stay.
Final Thoughts
Starting an Airbnb business in Vernon, BC can be a lucrative and rewarding venture, but it requires careful planning and execution. Follow these key steps and tips to launch a successful Airbnb business in Vernon, BC, and stand out in the competitive market.
Read about Beginning of an Airbnb business in Coquitlam and Why Investing in Prince George’s Airbnb Market is a Smart Decision.
