The travel industry suffered greatly, thanks to the COVID-19 pandemic. Lockdowns, travel restrictions, and consumers’ desire to keep a safe distance by sheltering in place made it difficult for those in the travel industry to generate income. Hotels and restaurants in tourist destinations took the hit, as well as short-term rentals like Airbnb.
Why Airbnb Rentals Still Make Sense in 2022
As the economy slowly starts to shift and more people get vaccinated against the virus, more consumers are slowly leaving their homes searching for places they can relax and unwind after two years’ worth of staying at home. They no longer want to deprive themselves of travel and want to experience the perks of going on trips yet again. But while many are eager to start packing their bags, most people are still reluctant to travel far to satisfy their cravings for travel.
This means a lot to owners of Airbnb rentals. Many owners depend on their short-term rentals to generate additional income. This makes some people wonder if they would pursue their plan to start an Airbnb or not.
Despite the threat of the virus, many people are now planning their next trip. They want to experience the perks of traveling while enjoying their stay on a comfortable, aesthetic but cheaper rental. This is one reason why Airbnb rentals are slowly regaining their popularity during the pandemic.
In high-demand areas, Airbnb rentals can generate higher profits. This does not necessarily mean you can no longer turn your home into an Airbnb or make an Airbnb investment if your location is not in a hot tourist spot. But like any type of business, there is a need to consider the pros and cons.
Pros of transforming your house into an Airbnb
- Earn passive income
- You won’t lose money even if a room stays vacant
- Qualify for a tax-free allowance
- Meet new people from other cultures
Cons of transforming your house into an Airbnb
- Responsibilities of a landlord
- Share your space with strangers
- The need to make your rental less personal
- Collect value-added tax from guests
Transforming Your Home into an Airbnb Rental
If you ever decide to make your home into an Airbnb rental, there are a few things you need to keep in mind first. These two tips are the major considerations that can help you optimize your Airbnb rental.
Think About the Details
Airbnb guests are all about the experience. They want a safe, clean, and aesthetically pleasing living space they can enjoy for the next few days. If you can offer just that, you can make good revenue from your rental.
This goes to show that you need to think about all the details that can influence your guests’ experience. For one, you want to make sure the place is safe and wall-maintained. It helps if you can improve the space to make it more beautiful both in real life and in pictures so that you can also create a lasting impression.
Consider improving your space while keeping cleanliness and aesthetics in mind. For one, start with the bedroom, as this is the first place guests will check in a rental. Invest in low-maintenance but beautiful furniture, beddings, and surreal lighting.
Next, consider improving the kitchen and bath. Check if replacing your kitchen countertop, appliances, and floors makes sense. You want to make these two spaces as beautiful, sanitary, and energy-efficient as possible.
Don’t forget about your outdoor living space. Many Airbnb guests care about their rental’s curb appeal. The more appealing your outdoor living space, the more areas your guests can enjoy snapping pictures for their social media.
Invest in Your Hosting Services
What do you do to ensure your guests’ experience from start to finish is worth it? For most guests, this translates to quick response time, reasonable pricing, and effortless booking. If you can provide all these, you can increase your chances of Airbnb rental success.
You can start by posting your rental’s quality photographs and videos on numerous platforms. This can include your rental’s social media accounts, tourism websites, and even vacation rental forums. Make sure you are actively marketing and responding to inquiries in a timely manner for every platform you use.
It also makes sense that you create an efficient booking and cleaning schedule. This way, you can ensure the cleanliness of your Airbnb even if guests come one after the other. Another thing you need to consider is alternative payment options.
Many consumers now prefer paying online to using cash to pay their rent. You can use this opportunity to green your business by reducing your paper waste. Instead of simply accepting cash and checks, consider online payments to make it more convenient for your guests.
Running an Airbnb is no easy task. But if your plan is to generate passive income while staying inside your home, you can still make it work by turning it into an Airbnb. Educate yourself and do enough research so you can boost your chances of Airbnb success.