September 12, 2023
Case Study: Arizona Elite Properties, BookStayHop, and Clemson Vacation Rentals
Experiences of Growth and Success with Rented
Rented is a full-service revenue management company using Art, its automatic rate tool bult by industry pros for vacation rentals. Art guides managers to set the right price for every property, by season and by day. Rented offers two solutions: allowing property managers (PMs) to use Art on their own, or work with Rented’s highly skilled team of dedicated arevenue managers. The goal is to save property managers and their team time while still staying in control, all the while pricing confidently.
Profiles
Arizona Elite Properties
- Location: Phoenix and Central Arizona
- # of Units: 92
- Go-live Date: April 2019
- Challenge: Occupancy in a competitive market
BookStayHop
- Location: Southern Oregon
- # of Units: 111
- Go-live Date: Came back June 2023
- Challenge: Lacking in-house resources
Clemson Vacation Rentals
- Location: Southern Oregon
- # of Units: 18
- Go-live Date: April 2022
- Challenge: Dynamic and aggressive pricing needs
Challenges
Market factors have been driving occupancy and RevPar lower. Responding to these market dynamics quickly and profitably is a real juggling act.
In a saturated and competitive market, Phoenix-based Arizona Elite Properties needed a solution that would help them maintain high performance so their company could thrive.
BookStayHop began partnering with Rented in 2020 with a portfolio of 20 properties. They performed very well for the next couple of years and increased their portfolio to 159. However, in 2022, the company made the decision to bring their revenue management in-house. The company thrived under Rented Revenue management. However, without our revenue managers’ expertise, they struggled to maintain performance.
Despite trying to manage their revenue independently for about six months, BookStayHop realized that the in-house approach wasn’t working.
Clemson Vacation Rentals faced a different challenge. Their market is highly seasonable and event-focused. One of the primary drivers of occupancy is Clemson football games. It’s vital that properties produce high rates for football games as they play a significant factor in total revenue.
Results
Arizona Elite Properties
Saw a 25% increase in the number of short-term rentals (STRs) in their market compared to the same period last year. Since implementing Rented, Arizona Elite Properties has been doing exceptionally well, consistently outperforming their peers’ average occupancy by an impressive 8.5%. Their revenue per available room (RevPar) exceeds the market average by $11.
BookStayHop
Despite trying to manage their revenue independently for about six months, BookStayHop realized that the in-house approach wasn’t working. They decided to give Rented another shot starting in 2023. Since then, their RevPar has increased by an impressive $13, and their occupancy rates have seen a rise of 4.5%.
This positive outcome underscored the value of Rented and restored BookStayHop’s confidence in its revenue management.
Clemson Vacation Rentals
Their solution is to implement an aggressive renting plan on certain games, which has paid off greatly. For instance, when they saw Notre Dame on the schedule, they knew it could be a prime game based on how good both schools have been over the last few seasons.
The results have been phenomenal:
The Cane Creek property average football ADR in 2022 was $1,117 and is currently at $3,308 for 2023 football weekend ADR. Another property, Slice of Heaven, saw an average football ADR of $2,000 and is currently at $2799 for 2023 for football weekends. As a result of improved football performance, the company has seen a 12% increase in annual ADR, a 17% improvement in overall occupancy, and a 31% increase in RevPar year over year.
In addition, clients of Clemson Vacation Rentals are exceedingly satisfied with the service provided by the company.
Conclusions
Rented software is an invaluable tool for managing revenue in a dynamic market. With its comprehensive suite of features and user-friendly interface, Rented empowers property managers to efficiently manage bookings, streamline revenue management, and maximize occupancy. The success stories of companies such as these speak volumes about the software’s effectiveness.
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