How Much Money Can I Make Renting My Home?

The question I keep being asked by homeowners interested in making their property available for weddings is “how much money can I make renting my home?”

It’s hard to put an exact number on this question considering our backyards rent anywhere from $500-$5,000+ a day.

Let’s take a look at some of the factors that would alter the chargeable price of a property

Here are several factors to consider when deciding a price:
— Location: Where is your property located?
— Capacity: What would the event capacity be?
— Accessibility: Is it easily accessible?
— Features: Are there any unique features?
— Amenities: What amenities are included and what would need to be provided?

Lets dive into each one and provide you with more detail…

Where is your property located?

Is your property on an oceanfront cliff near town or in a residential community 3 hours from the nearest hotel? Location, Location, Location (it really is a HUGE factor in pricing a venue).
Here are 3 examples where the location of the venue will greatly influence the price.

1. Coromandel beachfront holiday home

One of our most popular requests from couples is a private home with beach access or an oceanfront view.

Large properties that are sitting on prime oceanfront real estate will be extremely desirable and people will be willing to pay more for the view.

Many beachfront properties do not have a whole lot of land so neighbors tend to be very close, and this will most likely limit the amount of events this particular home may be able to have (i.e. due to noise violations, and other laws).

So if you have a home that is located right on the water and is also relatively close to neighbors (note: very rare to have an oceanfront property without neighbors close-by, if you do, then your property just became more desirable), you would be looking at being able to safely rent your property about 8 days a year for a price tag in the range of $800-$1500 a day.
If you offer accommodation and rain shelter then you can double it.

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2. Farm/Lifestyle block in Nelson

You may have a beautiful home on acres of land, but it may be difficult to get to or it may be inconvenient for out-of-town guests (i.e. far from hotels, restaurants, shopping, etc.).

Don’t worry too much because there is definitely a large market for your property. The great thing about your home is that you can rent it more frequently at a more affordable rate.

These types of locations often attract locals or people who live in nearby cities.

A lifestyle property located in Nelson will range from $500-$1000 per wedding.

3. Penthouse in Auckland CBD

With Auckland city growing and with more and more conventions coming into town, Auckland CBD is a highly desirable location as it offers great views and unique photo locations.

Although penthouses tend to have small capacity limits (usually 50-70 guests) these properties can still demand a high price tag.

A penthouse in central Auckland, or any major city, will typically rent from $800-$2000 per day, depending on its views and deck size.

What is the capacity and how does it affect the price?

The capacity of a location can vary greatly and properties that can accommodate more guests can often charge a higher rate for a higher guest count.

The majority of our locations vary in price depending on the guest count.

— Up to 50 guests- $300
— Up to 100 guests- $800
— Up to 150 guests-$1000
— Up to 200 guests – $2000

So for a location that can only accommodate 20-50 guests, you may not be able to fluctuate the price based on guest count, but if the location can accommodate 300+,  the property fee would increase accordingly.
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Is your location easily accessible?

Accessibility is a key factor for many people when choosing a location. Is the property difficult to find, are there narrow/windy roads, difficult access points, no parking or no place for a shuttle to drop-off and/or pick-up guests?

If couples can’t find it, then you have to think about their 100 guests who are from out-of-town.

If it becomes too much work for a potential couple to plan the logistics of transportation then they may decide the property is not worth the hassle.

Or if there are extra fees associated with renting open lots, creating appropriate signage, etc. then the location needs to consider those added costs when determining the location price.

Are there any unique features to your home?

There are many wow factors in many of the homes listed on backyardweddings.co.nz, but properties with really unique features or a great story behind it, are often more desirable than just a pretty home (although we love pretty homes too).

Some great selling points are ocean views, beautiful pools, waterfalls, indoor reception spaces, built in bars, covered terraces, established gardens, overnight accommodations for large groups, etc.

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Another factor to consider when pricing out a home is what amenities are included and what would need to be provided (i.e. what needs to be hired to make this “event venue ready“).

Is there access to restrooms?
If you don’t offer access to any restrooms, couples will need to rent them. Luxury restroom rentals can range from $500-$1,500 depending on the size and delivery fees. The couple will consider this added cost when making their decision.

Is overnight accommodation available?
Overnight accommodations add a lot of value to a location (big bonus for this).
When people choose to get married at a holiday home or lodge they envision the wedding weekend full of celebrations.
To offer a place to host the rehearsal, wedding and Sunday brunch is a huge bonus.

Is there enough power on property to properly execute an event without issues?
A generator is often needed to handle a large scale event, however, if the property is restricting access to a power source, the couple will need to factor in a large commercial generator which can cost $1,000+.

Are guests allowed to use the interior of your home?
If guests are limited to the outside only, then a designated place for the bridal party to get ready will need to be factored into the price in addition to a back-up plan for rain.

A tent is almost always needed as a backup plan, even for properties with interior access.

However, if the guests have no interior access they will need a sequence of tents to accommodate all activities (note: this can get extremely pricey).

Final Thoughts…

So as you can see, there is a lot that goes into determining the rental price (and there is more, we just wanted to provide you with some key factors) of a private venue and we are here to help determine that.

If you have any questions and would like to know what you can hire your home out for, please contact us today or feel free to ask your question in the comments below.

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