Renting Your Home for the World Equestrian Games - How Much To Charge?


Due to the scarcity of lodging in some cities during special events, most hotels and vacation rentals elevate their rates. It's the simple principle of supply and demand: A large number of travelers seeking a smaller, somewhat fixed number of rooms will drive up prices to a rate that only the most motivated travelers will pay.
 
Research hotel rates:
When setting your rental rate, you should first research hotel rates in your area. If a hotel comparable to your home is charging $500/night during the event, you can likely charge at least $500/night for a one-bedroom home. If your home is two-bedroom or larger, you can probably charge at least an additional $200/night per room. When comparing your home to the hotels in your area, keep in mind that your home likely offers considerably more living space and amenities like a kitchen, big-screen television, etc. that could justify charging slightly more per night than a hotel room.
 
Factor in your location:
Location is another factor to consider when pricing your home for an event. If your home is within walking distance to the World Equestrian Games & the Kentucky Horse Park, you can likely command top dollar for a stay. On the other hand, if your home is located in the suburbs thirty miles away, you probably can't charge the same as rentals and hotels right in the thick of the action.
 
Determine your emotional price point:
Your emotional price point is the minimum amount of income that will quiet your qualms about renting your primary home and is often higher than the going rate for accommodations. If you don't feel comfortable renting your home for anything less than $1000/night, set your rate at $1000/night. But if you're charging more than the average price for lodging, be sure to temper your expectations for all outcomes, including not finding anyone to rent your home.


Use A Calculation To Determine Rental Price

Some people prefer to charge a daily rental fee based on the value of your home using a multiplication factor between .0050% and .0040%.  For example, if your home is valued at $300,000, you may choose to use a factor of .0050% --  $300,000 X .0050 = $1,500.  In this example you would charge a rental fee of $1,500 per day.

You may decide to adjust your rental rate based on additional factors such as:
 
1.  Condition of your home
2.  Proximity to the Horse Park
3.  Extra amenities in your house (game room, hot tub,swimming pool, etc.)
4. Availability of amenities such as stalls, paddocks, barns, etc.
 
Please keep in mind that you can adjust your asking rental fee on the website at any time.