Aspen has long been a magnet for adventurous travelers. Whether you want to hike in the summer, ski in the winter, or just enjoy the region’s breathtaking natural beauty, the mountain city has something to offer.
Despite that fact, there’s a widespread belief that vacation rental rates — and particularly rental rates for luxury homes — are dropping. Kasey Booth, a real estate broker with Luxuri, says otherwise.
Luxuri is a vacation rental company that manages properties in Aspen, Miami, Fort Lauderdale, and Los Angeles, along with Indonesia, South Africa, and Costa Rica. Booth manages several of the company’s properties in Aspen, including The Mill Street House, a home she rented for more than $400,000 per month for the upcoming summer.
“The fact is that this home is the largest vacation rental in Aspen, sleeping 30 people total. When you have a homeowner who is willing to host the full occupancy amount, then the rates are there,” says Booth when asked what the recent lease says about the Aspen luxury rental market as a whole.
“We were able to hit over $400,000 because we allowed 16 people in the group to stay in the home. It’s the truth — I have homeowners asking for huge rental rates but limiting the number of people in the home. It doesn’t really work like that.”
The Mill Street House is a sprawling, 15,000-square-foot home with a full theater, gym, staff quarters, and ski access to Aspen Mountain. It’s far from the typical Aspen vacation rental, but it signals an important shift in the rental market: Rental prices as a whole might be cooling, but the ultra-luxury rental market remains strong.
Booth explains that supply and demand are the primary factors keeping Aspen’s luxury market going. “Aspen is one of the most desirable ski destinations with fast lift lines,” she says. “With competing destinations, you have 30–40-minute lift lines. In Aspen, it’s five minutes or less. There are only about 650 total short-term rentals, so the supply stays low while demand stays high.”
Aspen is an outlier compared to the other cities where Luxuri rents properties. It’s a much smaller city with far fewer rental properties, so finding homeowners open to working with a new agency isn’t always easy. Regardless, Luxuri manages 15 vacation rental properties in the area.
“It’s all about building trust with our homeowners as well as our clients,” Booth explains. “Due to inventory supply compounded with the Luxuri brand, hosting high-paying guests is made easy. This allowed us to break into a highly competitive market in such a small city.”
Prospective renters will be relieved to know that Luxuri has plenty of smaller vacation homes in Aspen, too. Some are quaint, two-bedroom retreats. Others are average-sized homes, and a few come close to the size of The Mill Street House.
No matter the size of your party or the plans you have for your stay, Luxuri’s selection of Aspen rental homes might offer exactly what you’re looking for this summer.
