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Renting out WKV

Ianneyan

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Since I wasn’t going to use all of my star options for 2020, I decided to rent out my home week of the premium/large 1BR side of our Kierland unit during Spring training. This is my first time doing so. It is currently listed on Redweek at what I think is a reasonable rate compared to other listings, but it hasn’t been rented yet. Should I be concerned? We are approaching the 60 day reservation cancellation window, so I am wondering what I should do. Just wait it out (do these tend to rent out within the 60 day window?) or should I cancel the reservation and bank my points?
 

buzglyd

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It looks like there are a lot of 1 bedrooms for rent vs. 2 bedrooms. What are your dates?
 

VacationForever

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You need to decide on your minimum price point which you are willing to rent out. If there are other weeks that are priced lower than yours theirs will go first. If you do not want to lower your price, then cancel it and bank your SOs before the deadline for future use. If it is me, I won't let it go pass the 60 days - drop price now if I truly want to rent it out. If it goes to about 75 days in and I don't have an offer under negotiation or paperwork in process, I will cancel the reservation. Deals can fall through even if you get an offer at 60 days.
 

Ianneyan

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It looks like there are a lot of 1 bedrooms for rent vs. 2 bedrooms. What are your dates?
There are a lot of 1 BR, but mostly studios. My premium 1BR is the lowest price for the week I have reserved, which is 3/7-3/14. I will cancel if no one reserves by 1/6 and bank those options!
 

SteelerGal

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It’s pretty slow this year, I’ve noticed. We are renting ours at SDO and no takers so far.
 

DavidnRobin

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I was able to rent our 1Bd (large) WKV on RW (Mar7-14) just the other day right after I dropped the price from $2150 to $2029. I used their ‘verified&protected’ process for the first time.

Apparently, you did not have lowest price. ;)

I still have another WKV week - but plan to use the SOs


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DannyTS

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Redweek appears to be more and more known to owners that want to rent and I seem to see more listings than before. Unfortunately only the registered members can check the inventory and this keeps the number of potential renters very low. If the trend continues, owners will start to wonder why they are paying the listing fee.
 

DavidnRobin

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Redweek appears to be more and more known to owners that want to rent and I seem to see more listings than before. Unfortunately only the registered members can check the inventory and this keeps the number of potential renters very low. If the trend continues, owners will start to wonder why they are paying the listing fee.

It has always been this way, and RW has worked for me for over a decade.
A larger issue for renting issues is the availability of AirBnB - this is causing prices to decline. IMO


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Ianneyan

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I was able to rent our 1Bd (large) WKV on RW (Mar7-14) just the other day right after I dropped the price from $2150 to $2029. I used their ‘verified&protected’ process for the first time.

Apparently, you did not have lowest price. ;)

I still have another WKV week - but plan to use the SOs


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I was at 2150 as well, and just dropped my price down to 1950, so I am currently the lowest. We’ll see what happens!
 

DannyTS

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It has always been this way, and RW has worked for me for over a decade.
A larger issue for renting issues is the availability of AirBnB - this is causing prices to decline. IMO


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Despite airbnb, hotel prices have been going up
 

grgs

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I don't always find airbnb to be a great deal. I was looking to rent a Mar. spring break week in Palm Desert. There were very few options available on airbnb--I think the city of Palm Desert may have just restricted short term rentals. There were more available in Palm Springs, but we wanted to be in Palm Desert. A lot of those were for rooms or a casita at someone's house--not a fully private place and without the resort amenities. Anyway, the best deal I found was a timeshare rental from an owner on RW.
 

DavidnRobin

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I was at 2150 as well, and just dropped my price down to 1950, so I am currently the lowest. We’ll see what happens!

It is a risk, but likely will rent as long as lowest price. I have never had to wait to the 60-day cutoff. It has gotten tougher to rent over the years. I have been reserving/renting our large 1Bd WKV since 2007.
MFs have gone up - Rental prices have come down. In my experience.
Good luck.


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I think it depends on whether you are willing to pay the cancellation fee and can make use of restricted options in 2020 if you don't get a bite. In November, for the first time ever I let one of my Redweek listings (WLR IBR Week 1 44K SO) go past the 60 day mark with the intention of cancelling at 7 days if nothing came up. Luckily I got a renter at around 30 days after slowly dropping the price and still ended up with about a 30% yield over maintenance fees so I'm happy. I won't be doing the same if I don't get a bite on our 2BR WKORVN (148K SO) for the 4th of July week.
 
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