Adirondack vacation market overview - Adirondack Rent-A

Adirondack Park vacation rentals market overview
©  Adirondack Rent-A-Cabin LLC 2013.
www.AdirondackRentACabin.com Adirondack Park vacation rentals market
…at a glance
  5000 - estimated inventory of vacation rental
homes
  estimated annual revenue per property $25,000
– $30,000
  more than half of the owners are out of state
(51%, locals are 49%)
  almost all owners have 1 property (98%)
  renting out for an average of 5-7 years
  “hot” rental destinations (winter/summer)
Owners profile
more than half
of the vacation
rentals owners
come from
outside
Adirondack
Park
This number is
likely to
increase in the
next years
ADK locals are
49%
*Others include: US states with fewer than 1% representation, Canada and international owners.
Properties (features)
waterfront?
accepts pets?
MAYBE
4%
NO
54%
YES, FOR A FEE
6%
YES
36%
0%
10%
20%
30%
40%
50%
60%
Tip: most common pet fee is $50-$100
Properties (bedrooms)
Most of the properties (one third) have 3 bedrooms,
followed by 2 bedrooms (23%) and 4 bedrooms (19%).
These are most “marketable” layouts for a vacation rental.
Others are uncommon.
Properties (sleeping capacity)
Most of the properties can comfortably sleep 4-6 or
6-8 persons. Bigger sleeping capacity (8-12 persons)
can be found in each fourth rental. Smaller homes
accommodate 2-4 people and are less common.
Properties (bathrooms)
Compared to sleeping capacity, bathrooms are somewhat in
shortage – 40% of the homes will have only 1 or 1.5. Another third
will have 2 bathrooms. Tip: Investing in bathrooms construction/remodeling for
rental property may bring good return for a buck. Policies
minimum stay?
security deposit?
Tip: common security deposit is $200-$300 for daily
and $500 – for weekly rentals.
daily rates
Most common daily
rates are between
$120 and $280 with
noticeable regional
and seasonal
dependencies.
27% of owners will
increase the rates
for holidays/
weekends by 2-3
times to maximize
the profit.
weekly rates
…55% will do the
same for weekly
rates.
Less than 5% owners
will accept payment
other than cash,
personal check or
paypal.
Tip: acceptance of credit cards will make for more convenient booking experience seasonal availability
___fully booked
___partially booked
___no bookings
___not available
most busy ADK destinations
(based on year-round occupancy rates)
Upper
Saranac
Lake 32%
Otter Lake
31%
Keene Valley
34%
Diamond
Point 39%
Warrensbur
gh 32%
Loon Lake
30%
Ausable
Forks 31%
Lake
Pleasant
31%
Raquette
Lake 31%
White Lake
32%
Minerva
30%
Tupper
Lake 29%
Adirond
ack 27%
Lake George Region
Saranac Lake Region
High Peaks Region
Gore Mountain Region
Old Forge Region
Gore Mountain Region
Central Region
Tupper Lake Region
Speculator Region
Old
Forge
26%
Lake
George
Village
27%
First Lake
29%
Long
Lake
25%
Pilot
Knob
29%
Duane
28%
most busy winter destinations
  Lake Placid/Wilmington
  Keene/Keene Valley/Jay/Upper Jay
  Garnet Hill/Johnsburgh/North Creek/Minerva
most busy summer destinations
Lake Placid/Wilmington
Keene/Keene Valley/Jay/Upper Jay
Indian Lake/Long Lake
Lake Pleasant
Star Lake/Tupper Lake
Adirondack/Schroon Lake
Chestertown/Loon Lake/Friends Lake
Diamond Point/Bolton Landing/Hague/Huletts Landing/Lake
Luzerne/Pilot Knob/Ticonderoga/Silver Bay
  Duane/Loon Lake/Rainbow Lake/Saranac Lake
  Eagle Bay/First Lake/Fourth Lake/Hinckley/Otter/Raquette
Lake/Old Forge
…and any other that has word “lake” in its name :)
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communications
Only 17-20% of owners have websites to
promote their property
Tip: a website or social media profile is a powerful means of promoting your “cabin”.
57% of tourists use internet to research the area
and lodgings before starting the trip.
renters profile
 ages predominantly 30-70
 mostly couples, families w/children, friends
 many from large northeast metropolitan
area  office professionals or skilled workers
 household income $50,000-$150,000
 60% - returning visitors
market trends 2013-2015
increasing number of vacation rental properties
increasing number of seasonal residents
growing tourism appeal of the region
better infrastructure (cellular coverage, broadband)
more tourists, frequent and longer stays
tourists shift from hotels to vacation rental homes to get “more room for the buck” visiting gaps for more vs. less “touristy” places disclaimer
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Adirondack Rent-A-Cabin LLC.
This overview is based on data collected by Adirondack Rent-A-Cabin LLC from publicly available sources, as
well as via proprietary research and analysis. Adirondack Rent-A-Cabin LLC expressly disclaims all warranties, express or implied, statutory or otherwise,
including, without limitation, any implied warranties of fitness for a particular purpose or as to accuracy,
completeness or adequacy of information. Users recognize the uncertainties inherent in any analysis or
information, and acknowledge that this overview is not a substitute for their own independent evaluation
and analysis and should not be considered a recommendation to pursue any course of action. Adirondack
Rent-A-Cabin LLC shall not be liable for any actions or decisions that Users may take based on any
information or data contained therein. Hope this was informative.
Do contact us if any questions!
Sincerely yours,
Adirondack Rent-A-Cabin Team
[email protected]
www.adirondackrentacabin.com