What are the Pros and Cons of Investing in a Family Friendly Vacation Rental in Canmore?

Vacation rental for familiesInvesting in Canmore real estate is smart for many reasons, as one of the top places to buy real estate in Alberta. If you are planning to invest in a Canmore vacation rental, your success will partly depend on focusing on your target audience. There are quite a few compelling reasons to market your Canmore vacation rental toward families, but as with anything there are pros and cons of running a family friendly vacation home in Canmore. We can help you decide if this is the right strategy for you. 

To begin searching for Canmore homes for sale that would be perfect for your investing goals, contact us any time. We are ready to help you find the right investment property for sale in Canmore. 

Do families like to vacation in Canmore?

The first question you've got to ask is if there is a demand for family friendly vacation rentals in Canmore. Demand for the product you're bringing to the market is essential for a successful investment. 

Canmore is a great place to vacation with kids, and is a popular choice both for families living in Calgary looking for a quick getaway and for families who travel from around the globe to explore the Rockies and nearby Banff National Park.

Designing a vacation rental that specifically caters to these families can be a smart strategy. If you're interest in how to attract families to your Canmore vacation rental, we have some ideas to get you started.  

What are the benefits of designing a family friendly vacation rental?

There are some distinct perks to choosing to shape your Canmore vacation rental for families and kids. 

Wider Appeal

By making your vacation rental family-friendly, you open your property to a larger pool of potential renters. Families are always on the lookout for comfortable and safe accommodations that cater to their specific needs, but the features you add to your rental to make it more family friendly may also appeal to the wider pool of potential guests. 

Occupancy Rates

Family-friendly properties tend to experience higher occupancy rates, especially during peak vacation seasons and school holidays. Generally speaking, families plan their trips well in advance, and this helps to ensure consistent bookings throughout the year. The more attractive your rental is to families, the more likely it is to stand out from the competition and become the property everyone wants to book. 

Longer Stays

Families often opt for longer stays compared to other types of travelers. This means more consistent income for you, based on reduced turnover costs associated with frequent check-ins and check-outs. 

Increased Revenue

With family-friendly features such as bunk beds, games rooms, and outdoor play areas, you can justify higher rental rates. If you are focused on maximizing your revenue potential, the upfront investment to add these popular and even essential features will pay off. 

Positive Reviews and Referrals

Providing a family-friendly experience fosters positive reviews and encourages repeat business. Satisfied families are more likely to recommend your property to friends and family members, and are also more likely to book the same property again if it was a great experience. The combination of repeat guests and personal referrals is going to lead to a steady stream of bookings.

Are there reasons to avoid attracting families to your vacation rental?

As with anything, there are some potential drawbacks to factor in to your decision. The initial investment is one of them. Retrofitting your vacation rental to make it family-friendly can require a significant initial investment, like purchasing furniture, equipment, and safety features tailored to the needs of families with children.

In some cases, a family friendly vacation rental might also require more maintenance. Wear and tear on furniture, toys, and play equipment need to be addressed promptly to ensure a positive experience for guests, and there's always the potential for kids to damage the property more than another demographic.

Finally, seasonality is another factor to keep in mind. While family-friendly properties enjoy high demand during school holidays and summer vacations, they may experience lower occupancy rates during off-peak seasons. The best way to offset this is to make sure the property is still attractive to off-season tourists by making it comfortable for other guests, too. 

Ready to find your Canmore investment property for sale? Contact us any time. 

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