Short-term property rentals have surged in popularity across the United States, offering homeowners a lucrative way to generate additional income. Platforms like Airbnb and Vrbo have transformed the home-sharing economy, providing individuals with a reliable avenue to turn vacant homes into money-making accommodations.
In fact, according to this report from Thrillist, the average Airbnb host in the US earns about $44,235 annually, with hosts in states like Hawaii and Tennessee seeing even higher earnings. This booming trend showcases the potential for profit in the short-term rental market.
However, not everyone has a full vacation rental property to offer. Recognizing this, Airbnb has made significant strides to promote room rentals, opening up opportunities for more individuals to tap into this income stream. A Forbes article notes that the push for private room rentals aims to provide greater affordable travel options while allowing homeowners to make money on the side.
But before you jump into listing your guest bedroom on Airbnb, here are several strategies to consider that can help maximize your bookings and, consequently, your profits.
Invest in High-Quality Furniture
First impressions matter, and the quality of the furniture in your rental can significantly influence potential guests’ perceptions. High-quality furniture not only improves the room’s aesthetic appeal but also ensures durability and comfort, which are critical factors for guest satisfaction. While cheap furniture from Amazon can seem more affordable, you must factor in the replacement cost if it breaks.
Aside from the product’s price, you will likely have to block rentals as you wait for replacements to arrive, affecting your income.
An excellent way to find quality furniture without breaking the bank is by scouring trusted secondhand retailers like Kaiyo and AptDeco. Kaiyo, in particular, evaluates and cleans each piece before shipping and carries pieces from high-end brands, including Crate & Barrel and Restoration Hardware.
Set up a Workspace
With the rise of remote work, many travelers now seek accommodations that have functional workspaces. A dedicated workspace in your guest bedroom can attract business people and digital nomads, broadening your potential customer base.
As discussed in a previous post, an effective home office should have good lighting, a comfortable ergonomic chair, and enough desk space to work productively. If the space permits, consider placing the work area near a window, as natural light is known to maintain alertness. Add a good office chair like the Union & Scale FlexFit Hyken Mesh Task Chair, which reclines and has a breathable mesh fabric. Finally, provide high-speed internet. According to Airbnb’s website, Wi-Fi speeds of 50 Mbps or above unlock the “fast Wi-Fi” amenity on your listing page, ultimately enhancing your rental’s appeal.
Upgrade the Bed Size
The bed is the focal point of any bedroom, and its size can impact your guests’ comfort and overall experience. Upgrading to a larger bed, such as a California king, can be a game-changer. This article from House Digest explains that with a king-sized bed, you can stand out from the competition and target two vital demographics – luxury couples and young families. Opting for a bigger bed also makes your listing more attractive for visitors who usually book king suites in hotels.
If you’re searching for luxurious California king bed sets, this site showcases the wide array of options available to you. Check out the Austen Black California King set for a hotel-like feel, featuring a wood and upholstered headboard. This set has two matching nightstands for a cohesive look and a USB port for easy device charging.
Incorporate Local-inspired Elements
Travelers often seek unique experiences that reflect the local culture and ambiance. Incorporating decor inspired by your location can provide an immersive experience that sets your listing apart. This could include local artworks, crafts, or themed decor highlighting the region’s history and culture.
For example, if you’re located in Florida, you can paint the walls using coastal or sunset-themed hues and decorate them with rope lamps and rattan chairs. This can make your guest’s stay more memorable while showcasing your attention to detail and commitment to providing a one-of-a-kind experience.
Bring in the Outdoors
Biophilic design, which integrates natural elements into interior spaces, is a surefire way to create a welcoming atmosphere in a rental space. This deep dive by PopSugar details that incorporating greenery indoors can reduce stress and improve mental well-being. Research suggests that having indoor plants can boost air quality, as well.
To turn your rental space into a serene oasis, incorporate low-maintenance plants like snake plants, cacti, and Boston ferns. You can purchase these plants from online stores like Lively Root and Plantology USA. These elements can make your room stand out in listings, attract nature-loving guests, and increase the likelihood of positive reviews and repeat visits.
Make it Picture-perfect
Humans are very visual creatures, so it should be no surprise that high-quality photos are crucial for attracting potential guests. Before you snap some photos, ensure your guest bedroom is clean, well-lit, and beautifully staged.
Consider hiring a professional photographer to capture the room at its best angles. Use these photos to highlight the key features, such as the bed, workspace, and decor. Professional shots can significantly boost your listing’s visibility, increasing bookings and rates.
In fact, one study states that Airbnb encourages hosts to prioritize images, noting that high-quality images are a great way to showcase your space, set guests’ expectations, and increase bookings. As such, the company offers professional photography for hosts, claiming that properties with professional, verified photos are booked 2.5 times more than those without and bring hosts an average of $1,025 per month.
As the short-term rental market grows, homeowners who adapt and optimize their spaces are well-positioned to take advantage of this lucrative opportunity. Whether you’re offering a full vacation rental or just a spare bedroom, implementing these tips can help you maximize your earnings and create a memorable experience for your guests.
Cover photo credit: Unsplash
