Peak-season (June-August) rates for Smith Mountain Lake waterfront vacation rentals run from $400-$4000/week, with size and amenities (rather than geographic location) the primary determinant of cost. During peak season, you'll typically need to check in and out on a Saturday, rent for a full week, and supply your own linens.
Mid-season (4-6 weeks preceding and following summer) you can expect warm pleasant weather, fewer visitors, modest discounts from peak rates on your Smith Mountain Lake vacation rental, flexible check-in and check-out dates -- plus weekend and daily rate options.
Low-season (generally mid-October through mid-April) you can expect mild weather, very few visitors, discounts of 20%-50% on your SML vacation rental, flexible check-in and check-out dates -- plus weekend, daily, and monthly rate options.
Many SML lakefront vacation rentals include a dock; ask if you need one for your boat. Public Smith Mountain Lake boat launching ramps are usually nearby. If you can't bring your own boat, marinas rent pontoon boats for about $175/day. Most other motorboats are far more expensive -- including PWCs (Seadoo, Yamaha, etc.) and ski boats.
Houseboat rentals are also popular on Smith Mountain Lake. Most have a 3-day minimum and a peak-season weekly rate of $1200-$2900 (plus gas) depending on size and length of rental. Try Adventures on House Boats and Parrot Cove Boat Rentals. For youth camping, large conferences and retreats, consider the 4-H Conference Center with 440 beds and 120 acres on the waterfront. Bernard's Landing and Mariner's Landing (above) also accommodate large conferences and retreats. Smith Mountain Lake State Park offers cabin rentals (when available; book ahead) at 800-933-7275.