5 Vacation Rentals Business Success Stories [2024]
Vacation rentals host travelers for a short period. Often located in top vacation destinations, vacation rentals feature spacious rooms and a cozy lifestyle and are cheaper than booking a hotel.
Building or buying a vacation rental is a smart way of creating a passive income without much involvement in the business.
To make money through the vacation rental business, ensure a strategic location, often nearby attractions. Choose an area that is easily accessible and desirable all year round and create a beautiful space for your guests.
Stand out by optimizing the vacation rental listing online and featuring all available amenities.
In this list, you'll find real-world vacation rentals business success stories and very profitable examples of starting a vacation rentals business that makes money.
1. Tiny Away ($3.54M/year)
included well-known travel bloggers and the local media. This press launch generated significant buzz and media coverage, resulting in a surge of bookings and inquiries. We also strategically partnered with various eco-tourism organizations and promoted our offerings through social media campaigns, resulting in a steady increase in awareness and bookings. Through effective marketing strategies and a unique and appealing offering, we were able to successfully launch Tiny Away and establish ourselves as a leading player in the tiny house hospitality industry in Australia.
How much money it makes: $3.54M/year
How much did it cost to start: $300K
How many people on the team: 40
Tiny Away, a network of eco-friendly 'tiny houses' across Australia, has grown to over 75 private locations and brings in an average of $156,000 in monthly rental revenue, appealing to city dwellers seeking unique and comfortable accommodation experiences.
2. Vacation Home Help ($1.44M/year)
cleanliness increased overnight. We lost some hosts. To address this, we implemented a rigorous vetting process for cleaning services and prioritized quality and consistency. We also implemented a feedback system where hosts can rate and review the cleaning services they work with. This helped us identify and address any issues promptly. In terms of customer acquisition, word of mouth has been our biggest driver. We provide exceptional customer service and go above and beyond to meet our customers' needs. We also leverage social media platforms and online communities to connect with potential customers and share valuable content. Additionally, our podcast has been a great tool for attracting and educating potential customers about the vacation rental industry and our services. Overall, our focus on quality, customer satisfaction, and providing valuable resources has been key to attracting and retaining customers.
How much money it makes: $1.44M/year
How much did it cost to start: $800
How many people on the team: 3
Former banker builds a vacation rental cleaning service from $800 to gross over a million dollars a year, providing opportunities for underserved communities to provide income through connecting top-rated cleaners to hosts in need through a referral model offering cleaning services, marketing, sales, accounting, bookkeeping, technology and more while empowering cleaners to provide fair and sustainable pricing, offering free resources and education through a short term rental podcast, and expanding to help as many hosts and cleaning services as possible.
3. StayFi ($960K/year)
Arthur Colker, the Founder and CEO of StayFi, came up with the idea for his WiFi marketing and management company after working as a marketing consultant for a short-term rental operator. He realized that there was a need for a solution that could collect marketing data from guests in rental properties, as the booking platforms didn't share this data. He built an MVP version of the product for his client and then expanded it to other operators in the industry.
How much money it makes: $960K/year
How much did it cost to start: $150K
How many people on the team: 6
StayFi CEO Arthur Colker founded a WiFi marketing and management company that operates in almost 10,000 short-term rental properties from 600+ companies across 10 countries, with a focus on helping customers to introduce their brand and market to guests to book directly.
4. Cardiff Vacations ($150K/year)
Julio and Alison Sanchez came up with the idea for their vacation rental business, Cardiff Vacations, after inheriting properties from Alison's parents. They decided to remodel the properties and rent them as vacation rentals to share the beauty of their beach homes with people from all over the world. With an average revenue of $50k per year and property, they continue to focus on their online presence and targeted marketing strategies to attract more guests.
How much money it makes: $150K/year
How much did it cost to start: $30K
How many people on the team: 12
This case study explores how a couple turned their childhood homes into vacation rentals, welcoming around 3k guests annually and generating an average revenue of $50k per year and property by focusing on a strong online presence and organic traffic.
5. Send me South ($18K/year)
Marcia Solis launched Send me South in 2012 after realizing there was a need for legal services to assist expats looking to relocate to Costa Rica. The idea stemmed from her associate's frustrating experience navigating the country's immigration process, leading them to offer personalized services to guide clients through residency applications. While Send me South is not a profitable enough venture to make a living, its success lies in its commitment to providing top-notch service and a seamless relocation experience for clients from around the world.
How much money it makes: $18K/year
How many people on the team: 0
Send Me South helps people relocate to Costa Rica by providing customized services for residency and property purchasing, with clients from all over the world, counting the United States of America, Canada, England, Jordan, UAE, Belgium, and Spain.
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Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
