Case Study

Averaged 234% Increase in Revenue in the First 8 Months

This owner-built property in Old Colorado City has been a short-term rental for the past two years. Located on a scenic bluff, the property offers stunning 360-degree views of the surrounding mountains and downtown area.

Highland Heights outdoor photo

Highland Heights

The Challenge: Seasonality Struggles

This client’s main issue was a one-size-fits-all pricing strategy. Peak summer months saw high occupancy, but at rates that didn’t reflect the property’s true value. Winter, on the other hand, meant significant vacancies and lost income.

Static Pricing

Setting a fixed nightly rate. This approach is easiest to manage but may miss out on potential revenue during peak seasons or leave money on the table during slower periods.

Lack of Time

As our client transitioned into retirement, their priorities shifted towards increased travel and a more hands-off approach to property management.

The Switch to Renjoy

As the owner planned for more travel and less day-to-day management, he needed a reliable property management solution. However, the concept of dynamic pricing (adjusting rates based on demand) initially caused apprehension. Seeing lower winter rates to fill vacancies was a hurdle. Additionally, the owner wanted to stay involved in certain aspects like landscaping and hot tub maintenance. Striking a balance between owner involvement and professional management was key.

The Results

Renjoy unlocked a revenue surge for the owner by implementing a dynamic pricing strategy. This approach maximized summer rates while boosting winter occupancy, leading to a significant financial win. Through open communication and a collaborative approach, Renjoy established a clear division of responsibilities that provided the owner with both peace of mind from professional management and the ability to stay involved with his property.

9% to 68% Occupancy

Owner achieved a staggering increase in winter occupancy, jumping from 9% to 68%.

234% Increase in RevPar

During the first 8 months, the owner saw an average RevPar increase of $268 to $627!

Self Manage VS Renjoy

Occupancy -Winter Months

Self Manage VS Renjoy

Revpar - Last 6 Months

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Revenue Management for the first three months.
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