Estimating Occupancy Rates for Short-term rental

[Eric Byington]

Hi all, 

New member here and posting for the first time! My partner and I just bought our first property in Denver and we have a cottage on the property that we're going to use as a rental. We're debating whether or not to go long-term rental vs. short-term (Airbnb, VRBO, etc.). I'm wondering if anyone has any recommendations or strategies for estimating occupancy rates. I've scoured other properties and looked at their booking calendars, but I don't feel like I'm getting a solid grasp on what the annual occupancy rate might look like. 

Thanks in advance for any help or suggestions! 

Eric

[Matt M.]

You might as well start short term to try it out before looking at locking it up long term.

Just a different POV on lowering rates to fill: A client of mine in Breck STRs his place. He lives in there and moves out to his condo while people use it. He doesn't discount and is often the highest available for the comps by far. His home is rented about 1/3 of the year yet he clears more than most. His "prime" rates are extremely high, but what he's noticed is he is the "last home standing" in the rental pool. So his place gets used less (less wear and tear) and he is making more. I realize Breck is a different animal, but I just wanted to share a different angle.