Thanks to platforms like Airbnb, homeowners are diving into the world of home holiday rentals with enthusiasm as a means to earn extra income. Just this one platform accounts for 640,000 hosts and 4 million listings in over 65,000 cities and towns across the world – earning hosts an average of $924 a month! Of course, key to making a profit off holiday and short-term rentals are two important factors – the location and the quality of your space.
Is Texas in Demand for Short-Term Rentals?
Texas and the Austin area in particular are seeing an increase in Airbnb user adoption, a good indicator that demand for short-term rental space is on the rise. In the past three years alone, available listings in Houston, Dallas and Austin have seen the average occupancy for listings increase by 11.5% as well. As for earnings, the average rate for Austin is around $286.79, while Houston and Dallas are sitting at $138.88 and $151.01 respectively. So, if you decide that short-term holiday and business rentals may be the perfect way to help your home earn extra income, what’s the next step?
How to Design a Great Short-Term or Holiday Rental Space
Just as with hotels, the quality of your space and what you have to offer goes a long way in terms of making your short-term rental attractive to travelers. This means spending time and money to ensure that you’re delivering the quality accommodation and services that business travelers and holiday makers are looking for. Here are some tips from our team to ensure that your guests keep coming back for more!
- Be practical: When improving your space, think first in terms of practicality and second in terms of décor and little details. First, make sure that the space is in good, sound condition – no damage to the floors, doors and windows in good repair, air conditioner and heating system working well, sufficient (and working) electrical outlets, working Wi-Fi, a functional kitchen and bathroom space, and so on. Often, it’s a good idea to create a private entrance if your space is attached to your home, so guests have privacy and can come and go as they please.
- Have storage: Storage is important especially if your target clients are holidaymakers, especially when you consider that many short-term rentals are pretty small. Consider solutions like beds with built-in storage, a coffee table that is also a trunk, or built in storage that can hide away bulky suitcases. This also lets you keep all the linen and extras you need for the listing out of the way so that guests have sufficient space for their belongings.
- Invest in new linen: Speaking of linen, treat your space as if it is a hotel. Buy new linen for each bed and make sure that you invest in a few sets, so you’re covered if one gets damaged or if you have back-to-back bookings. The same goes for towels – and many guests prefer to have two towels each. One good idea is to go with plain white linen and towels of high quality. They’ll last longer, are easily interchangeable and you’ll never struggle to find replacements. They’re also the top choice of leading luxury hotels, so it looks especially attractive to guests! If your space is in a holiday spot near beaches or lakes, it’s also a good idea to include beach towels.
- Include luxury extras: New soaps, paper towel, tea, coffee and other extras are sure to win over your guests by making their stay even easier. Choose locally-made, top quality items and single serving portions so that it’s easier for you to manage and always looks great. Some short-term rental hosts like to take this as an opportunity to go the extra mile for their guests – for example, including a bottle of champagne for honeymooners, some chocolates or wine for regulars and newcomers, and small festive treats over the holiday season.
- Think about your décor theme: Have fun by adding a theme to your space! You want it to look unique and interesting, so do some research online and look around for pieces in shops and vintage stores with personality. It’s important to keep clutter to a minimum, so try find a few pieces that are practical as well as creative, like bedside lamps or a vintage coffee table, or some statement art. Fresh flowers and a house plant or two add some life as well. One important tip is to keep the space clear of personal mementos, so move any family photos or precious sentimental items out of the space. As for color, it’s usually best to go for a light, neutral color paint palette where you can easily add touches of bolder colors through cushions, throws and accessories. This makes your space feel lighter and brighter, and also makes it easy and affordable to update the décor with current trends.
- Make a guest information file: This is a wonderful, practical idea that will be of endless help for guests! Include rules about your space, the Wi-Fi password, local transport links/companies and emergency numbers – but don’t forget the fun stuff too. List your favorite local sites, restaurants and service providers including spas, hair salons and other treats. This way, your guests know exactly where the best spots are even if it’s their first time in the area.
Whether you’re looking to invest in a short-term rental property or are creating your own space in your current property, we wish you all the best with your new venture and hope our tips have helped!