First, let’s look at several statistics on short-term vacation rentals in the city of Palo Alto, courtesy of AirDNA:
- Number of active rentals: 894 (53% entire home rentals)
- Average daily rate: $213
- Average occupancy rate: 72%
- Average monthly revenue: $3,221
As of this moment, the Palo Alto, CA vacation rental with the highest asking price on Airbnb runs $2,750/night. Believe it or not, the one with the lowest price goes for just $10/night (as one might expect, it’s a shared situation, including a shared bath).
A glance at these statistics tells us many Palo Alto, California property owners can significantly improve their average daily rate, occupancy rate, and monthly revenue. How? Well, the easiest and fastest way may be by choosing the best Palo Alto vacation rental property management service available.
The right full-service vacation rental management service for Palo Alto property owners will also enable you to keep from being immersed in the details of local regulations. They’ll know which Palo Alto districts prohibit short-term vacation rentals. And ensure you pay the proper transient occupancy tax, and pay it on time, to avoid substantial penalties.
One Fine BnB, an innovator in vacation rental property management, can relieve you of a big burden by doing it all: enhancing your listings, broadening your exposure, converting your inquirers, satisfying your renters, improving your reviews, raising your income, and yes, reducing your stress. So you largely sit back and collect a direct deposit each month.
Download our complimentary educational guide, Capitalizing on the Vacation Rental Boom: 8 Keys to Success.
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