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Vacation rentals in AC - occupancy rate

Posted By: Lauraf

Vacation rentals in AC - occupancy rate - 03/20/10 09:40 PM

Hello everyone!

I'm building a house later this year on AC, and I was just curious if there are any owners of vacation rental properties who could help me out with some information.

I'm curious as to the occupancy rate you tend to have on your properties. I'm considering whether I will rent out my own (soon to be built) home and just curious on average what % of the time I would find renters.

Thank-you very much for your help and advice!
Posted By: ron

Re: Vacation rentals in AC - occupancy rate - 03/20/10 10:07 PM

You need to let people know where the house is, location does make a difference. What would comparable places be. Some houses have a lot more house than others. Ac, pool, toys available(e.g. kayaks, etc) also make a difference. Who will handle the rental while your sitting watching your money. There is a thread going now on cost to build. Build at the $100 per sq. ft level will rent for much less than one built for $350. You would be probably best served my contacting either real estate agents or rental agents directly rather than a few individuals on this board. There are several agents on this board who I'm sure would be glad to talk with you about the rental market. I have my house on CC not in AC nor do I rent my house out, but I doubt the occupancy rate is very high. Good Luck with your project.
Posted By: Lauraf

Re: Vacation rentals in AC - occupancy rate - 03/20/10 10:12 PM

Thanks Ron!

There are so many variables to consider! You make a great point about the cost per square foot relating to the cost that it will rent out for.

I'm hoping for a 25% occupancy rate, with my own dates of when I will be in AC being very flexible, so I hope that I'm not reaching to far!
Posted By: CaptOneIron

Re: Vacation rentals in AC - occupancy rate - 03/21/10 05:15 AM

Have a look at 'Journey's End' and 'Belize Legacy' and there are probably a few more in similar situations. I would think 25% is very unlikely unless your property is truly different than others (in a good sense) available.

Not trying to be discouraging but if you are counting on this money from rentals I would be very cautious.
Posted By: Phil

Re: Vacation rentals in AC - occupancy rate - 03/21/10 04:03 PM

Location is key. If beachfront perhaps more so. Number of bedrooms too. I would think 20% is achieveable.
Posted By: Lauraf

Re: Vacation rentals in AC - occupancy rate - 03/21/10 05:19 PM

Thanks everyone for the tips! I do have a few ideas of how to make it a bit "different", and in adding in some extra amenities for renters. Also, I'm not counting on the money from renters, but certainly hoping for some! In the meantime, I'm trying to balance out what to expect. We are building on the west side, on a waterfront lot near the new Marina.

I've been looking at the availability calendar's on VRBO and some other similar sites and it seems that most of them are are booked for a reasonable amount of time, however I have no idea how much of that time is booked due to owners time in Belize, and how much time is taken up by renters.

CaptOneIron - thanks for the two suggestions, though I'm not sure if that is the same situation as those are developed properties and I would be looking to rent out a single home.

Thanks for the help!
Posted By: CaptOneIron

Re: Vacation rentals in AC - occupancy rate - 03/21/10 05:57 PM

You are most welcome. The reason I mentioned those is that I own property next to each of them. I have a house between Journey's End and Las Terrazas and a lot on the beach next to Legacy. I think the other area where you need to be careful is who you have looking after the place while you are not there. They can make a big difference depending on how they prepare for a renter before arrival and get your place back in order after departure.
Posted By: Lauraf

Re: Vacation rentals in AC - occupancy rate - 03/21/10 06:18 PM

Thanks! I'm still in the planning stages, so once the house is actually up I may PM you to ask for suggestion on who to have look in on it for me.

Can I ask, what percentage of the time do you have your places rented out for?
Posted By: CaptOneIron

Re: Vacation rentals in AC - occupancy rate - 03/21/10 11:04 PM

I really have no idea what the percentage is. However ours is pretty high end and probably not a good guide. You can have a look at: http://absolutebelize.com and see the house and the rates. My house is Solaria II and so far this year it has been rented approximately 15 days though it is already booked for another 15 between now and May sometime. So let's say one month out of five or 20% but a more realistic would I think be probably 40+ days out of 365 perhaps even as many as 60 but I doubt it. Of course we only began renting it this year and I would expect to get some repeats and some referrals.
Posted By: Lauraf

Re: Vacation rentals in AC - occupancy rate - 03/21/10 11:52 PM

Thanks for the estimate!
Posted By: Dane

Re: Vacation rentals in AC - occupancy rate - 03/22/10 01:59 PM

Nobody mentions the price. Here on Caye Caulker there is a substantial market for private homes at modest prices which drops off big time as the price goes up. We rent in an unusual way, often do not advertise and stay full 12 months a year.Our house on CC rents for US$800/ month longterm, but when we are here they move to our house in Maui for the same price.No manager needed.The last couple decided to stay in Maui so we are on the market again. They set the bar high-these were wonderful folks.
We had NO wear and tear. They fixed up the garden in a lovely way.
Renting day rate you will find some not so wonderful clients at times, surely have wear, and the total return can easily be less than the $9K/yr we get.
Posted By: Lauraf

Re: Vacation rentals in AC - occupancy rate - 03/22/10 08:14 PM

The house I'm building is located in DFC subdivision near San Pedro, it is a waterfront lot with a small beach, and it will eventually have a pool. It is located very close to the marina.

Ideally I think between $200-$350/night (depending on the season) would be a fair asking price as it will be two separate 1200 sq ft units, one with two master suites, and one with three bedrooms.

My hope is to rent it out for about 20% of the year initially, though if that is being to grand I may need to rethink some of my planning...
Posted By: Phil

Re: Vacation rentals in AC - occupancy rate - 03/22/10 09:51 PM

US$ or Bz$.
Posted By: Lauraf

Re: Vacation rentals in AC - occupancy rate - 03/22/10 10:05 PM

USD
Posted By: seashell

Re: Vacation rentals in AC - occupancy rate - 03/22/10 11:03 PM

Someone is bound to say it sooner or later, so it might as well be me that takes the flack. I'd be very surprised if you can get rates like that in US or BZ dollars for that location.
Posted By: Hon

Re: Vacation rentals in AC - occupancy rate - 03/23/10 12:53 PM

May be doable if rented location unseen but I doubt there would be many, if any, return customers considering what is available in that price range, or less, on the reef side.
Posted By: sweetjane

Re: Vacation rentals in AC - occupancy rate - 03/23/10 01:08 PM

we rent a really nice, newer 3 BR, spacious, REEF view beachfront home (walking distance to town but no pool) for around $125-150+ a night. i am mentioning this just for comparison's sake, to give you an idea.
Posted By: tacogirl

Re: Vacation rentals in AC - occupancy rate - 03/23/10 01:59 PM

I have seen the Place Jane rents and it is really nice inside and great view / location.

Posted By: JZB

Re: Vacation rentals in AC - occupancy rate - 03/23/10 02:28 PM

lauraf, I don't think you'll get 20% occupancy at that location for that rate. You may want to try lowering your price and renting to longer term visitors (1 or 2 months). For the price you suggested, visitors can stay beachfront within walking distance to town.
Posted By: GBZ39

Re: Vacation rentals in AC - occupancy rate - 03/23/10 10:52 PM

My opinion is not to plan on having any rentals and make your plans accordingly.

Take a ride/walk north of the Bridge and see the number of unoccupied buildings......some of these are rental properties there are few if any lights on during the high season.
Posted By: Three_Palms

Re: Vacation rentals in AC - occupancy rate - 03/23/10 11:46 PM

You might find that rental rate for that location to be unattainable. That location is far more suited for long term rentals. Without seeing the property I could not tell you how much it could rent for. The HIGH end of rentals in that area typically rent for around $1000 USD per month and the tenant pays there own utilities, cleaning fees, ect... This will significantly lower your expenses and increase your bottom line. You should check out my website below or one of the classified ad sections for comps. Good luck.
Posted By: Big Mike

Re: Vacation rentals in AC - occupancy rate - 04/02/10 06:39 PM

Originally Posted by Lauraf
The house I'm building is located in DFC subdivision near San Pedro, it is a waterfront lot with a small beach, and it will eventually have a pool. It is located very close to the marina.

Ideally I think between $200-$350/night (depending on the season) would be a fair asking price as it will be two separate 1200 sq ft units, one with two master suites, and one with three bedrooms.

My hope is to rent it out for about 20% of the year initially, though if that is being to grand I may need to rethink some of my planning...


Lauraf, am I reading this right? $200-350 per night in the DFC? That's $6-$10,000 per month. There is no way that anyone will ever pay that. You can get a number of beach front mansions north and south of town for that price or less.
Posted By: captjeff

Re: Vacation rentals in AC - occupancy rate - 04/03/10 06:39 PM

lauraf.all above Have said it like it is .The DFC.is not prime location even with A small beach and pool.I am sure you did your homework ?? But it could be A fun place for your self .But not the type of place tourist would run to ....Again we all have our own thoughts on investments !!! Good luck with your dream .
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