Short-Term Vacation Rentals Remain Popular Option Local News
SHERIDAN – Whether you’re a traveler or an owner, you’ve probably heard of short-term vacation rental.
âIn June 2021, statewide, the number of available listings increased 11% from the previous June and an occupancy rate of 71%,â said Piper Singer, head of public relations and media for the Wyoming Tourism Board.
Statistics show that longer stays in larger units and properties were gaining popularity even before the pandemic hit. But overall, short-term rentals still only make up about 4% of Wyoming’s tracked home inventory. Hotels make up the rest, according to Singer.
There are 97 active short-term vacation rentals in the Sheridan area, and they are rented for the average daily rate of $ 136, according to AirDNA, which collects vacation rental data nationwide.
The average annual occupancy rate is 67%. In July, these rentals are 90% occupied and in February at 39%. Only a quarter are listed on VRBO and 65% are listed on Airbnb. Rental growth has grown 38% quarterly since 2018, according to AirDNA.
In comparison, rental growth has stagnated in Denver, with 0% quarterly growth since 2018. The market could be saturated with 3,922 active rentals, although the annual occupancy rate is 81%. Similar to Sheridan, the average daily rate is $ 148.
When it comes to the impact of these properties on the local economy, guests who book Airbnb listings located in Wyoming are required to pay certain taxes. These include 4% Wyoming sales tax, 5% Wyoming lodging tax, local sales taxes which vary by county, and local lodging taxes. However, some say companies like Airbnb can raise the cost of living and reduce the quality of life for existing residents by turning residential areas into de facto hotels. Many communities restrict stays: some states limit overnight rentals to 28 days if the owner does not live in the home themselves. But regulations aren’t always the answer either, say others.
Enter the local manager who, in Sheridan, is Concept BNB – Stays & Management, created in early 2020.
âA little over a year ago, we launched a new brokerage,â said Dalton Goodyear of Concept BNB, as well as Concept Z Home and Property. âWhen I got my real estate agent license, I had experience in vacation rental, AirBNB type properties. I saw the industry move in that direction, saw it picking up and wanted to find a way to bring value to local owners.
Building one property at a time, Concept BNB now owns properties in Dayton, Big Horn, Story and throughout Sheridan.
âThere has definitely been an increase in demand,â Goodyear said. âThe Sheridan Market really intrigues meâ¦ there has been a spike, but I see it in waves. Sometimes the trend is downward because it is a lot of work.
Managing a short-term rental takes time, and most Concept BNB owners started out as traditional Wyoming real estate investors, buying a property with the intention of putting a year-round tenant there. . The responsibilities are therefore to be on call in the event of a problem and to ensure that the mortgage is paid.
âWith short-term property rentals, you could have interactions with your tenants and guests potentially every day of the year,â Goodyear said. âOur average stay is 3-5 days, but you have to come in and make sure that when they rent it it’s spotless and when they leave it’s spotless.â
Short-term vacation rental owners – or managers – should ensure a seamless check-in process, ensure wi-fi is working, provide clean linens and soaps, and an authentic experience.
“Our tagline is ‘Escape, Experience, Lifestyle’, and it was born out of an investigation where we found out why most people go on vacation, not just to Wyoming but anywhere?” said Goodyear. âThey want to escape their job, their current way of life. Why would they choose a house over a hotel? They want the experience.
âThey want to know what it’s like to live in Sheridan, Wyoming, Story or Dayton. They want to feel a little more at home. And third, the lifestyle is really for our owners, and travelers, but mainly for our owners to enjoy the lifestyle of owningâ¦ owning the property, making sure the mortgage is paid. and we make them as much money as possible. “
Concept BNB started, Goodyear said, because he liked the idea of ââtracking data, partnering with local businesses, and capitalizing on the way people travel today. For an owner, the process is straightforward, he said. He will assess potential homes for their unique features, such as a great view or a perfect location, which could make them a successful vacation rental. After a series of steps, Concept BNB makes a full social media and Google launch, and will hang a sign outside the house, an old-fashioned but necessary touch that bridges the gap between technology and the real world.
And even through the challenges of 2020, it paid off.
âThis summer we have been very busy so far. We were at 99% occupancy at our properties, about 100% in June, âsaid Goodyear. “It’s great to see him come back, and I’m curious to see what next summer will be like.”