You have to have an accommodating property that caters to your guests and an ability to sell the benefits of the local experience.
Here are some expert tips to transform your property into a short-term rental that attracts guests and outshines the competition.
Short-Term Rental Market Overview
The growth in the short-term rental market has been driven by remote work, increased travel, and the demand for unique travel experiences. Short-term rentals are affordable, versatile, and accommodating for business and pleasure travelers, but you need to bridge the gap.
Travelers are looking for amenities to suit individuals and remote teams, families that require temporary housing, and unique travelers. Just like the real estate market, short-term renters are looking for green initiatives and sustainability.
How Is a Short-Term Rental Renovation Different from a Flip?
Flipping a property to sell versus renovating one as a rental presents similar challenges. However, they are different renovation projects. Guests have different expectations from short-term rentals than from a home, so you have to accommodate that.
Durability is one of the most important aspects of a short-term rental renovation. You want attractive materials, but you want them to be easy to clean and stand up to the abuse from short-term guests. For example, vinyl flooring may be a more cost-effective choice than hardwood.
Focus on Durability
Think about how the property will be used. Are you renting in wine country? Choose materials that are resistant to wine stains. If your property is on the beach, you may want waterproof flooring instead of carpet to minimize damage.
Consider options like scratch-resistant flooring, scuff-resistant primer for painting, and furniture that walks the line between comfort, durability, and design. Your guests likely won’t notice the difference between mid-tier and high-end leather couches or sheets, but you will when you have to replace them.
The last thing you want to do is harass guests because they broke a glass or spilled something on the carpet. It’s better to be more conservative with your choices and cut your losses, replacing materials and furnishings as needed.
Make Cleaning Easy
When guests rent someone else’s property, they’re concerned about cleanliness. The place not only needs to be clean but look clean, which takes some forethought and planning.
Choose materials and furniture that are easy to clean at every stage of the renovation process. Avoid options like white surfaces and light wood furnishings that stain easily. You should also avoid any materials that can’t be washed and sanitized easily, such as high-end upholstery or dry-clean-only bedding.
Renovate for the Guest
You may not think you need to renovate to list your rental, but you have to think about the guest experience. Try to achieve a consistent, timeless style. You don’t want to have to remodel every few years to keep your rental updated.
Consider attractive, neutral color schemes. It’s much easier to change small details, such as furniture and décor. If you have unique aspects to your property, such as a lot of natural light, high ceilings, or exposed brick, let those aspects shine in your listings.
You should also think about the typical guest who will be attracted to your rental. Are you focused on remote workers or business travelers? Make sure you have a quiet designated workspace or office. If you’re focused on families with children, consider childproofing and adding family-friendly amenities like cribs, high chairs, and toys.
Depending on the location, you should consider practical amenities that all guests may use, such as in-unit washers and dryers for laundry, a dishwasher, and a coffee machine. Some people cook on vacation, so make your rental kitchen as functional as possible.
Upscale Additions
The amenities you’d include in your own home often differ from what you’re looking for in a rental. Vacationers and business travelers appreciate a little luxury, such as a patio or deck, to take advantage of the nice weather or views. If you have that space, add tables, chairs, or a fire pit for
outdoor entertaining. If you don’t have a patio or deck already, consider adding one.
Guests may enjoy entertainment features as well, such as a pool table, board games, an in-home theater, or a smart TV. If you have multiple bedrooms, consider putting a TV in each of them.
Hot tubs are another great way to enhance your property. They are less of an investment than an inground pool, but they can be appealing for guests – especially in cold climates. However, hot tubs are expensive to maintain, so consider the return on investment.
Make It Pet-Friendly
Pet-friendly travel is rising in popularity. Many cities offer pet-friendly restaurants, cafes, and retail locations, making it easy and comfortable for travelers to bring a pet along for the trip.
If you live in a pet-friendly city, or you just want to be inclusive to pet owners, think about what they’ll need in your renovation. For example, many dog owners will appreciate having a fenced-in yard to allow their dogs to play outside without worrying about them running off.
You can also provide amenities specific to pet owners, such as food and water bowls, crates, and toys. Provide a list of local pet-friendly locations and pet services, such as local emergency veterinary clinics, pet daycare, and pet grooming.
Ready to List Your Property?
Renovations can take a long time, but the upfront investment can pay off in rental properties that stand out and provide an exceptional guest experience that earns you repeat stays. Use these tips to make a smart investment and design your property to cater to your guests’ needs, bringing them back again and again.
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Image credit: short-term rental market by envato.com
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