Common Characteristics of Airbnb’s Most Successful Rentals
Comparatively speaking, Airbnb is still a relatively young business concept, with its roots growing deeper into the sharing economy each year. The short-term vacation rental’s youthfulness means there are still no hard and fast rules that renters and hosts have to abide by, which means that one person’s renting situation may look drastically different than another’s. With such a wide variety of Airbnb options out there, let’s look at some of the common qualities that set the most successful Airbnbs apart from the rest.
1. Size really does matter.
It’s a pretty obvious concept that a host who is only offering one room on Airbnb will generate significantly less income than a host who is offering an entire home or apartment. But did you know that a multi-room rental will generate nearly 100 times more profit than a single room?
Also, it appears there is a significant increase in success for hosts who have multiple listings available, compared to having just one listing, with nearly one half of all Airbnb bookings going to hosts with multiple properties listed (i.e., as a “commercial user” or a “professional host”). In the simplest terms, those who offer more (as in more than one room or listing posted) generate more.
2. Location, location, location.
While not every city will demand Airbnb popularity like others, and while it is unlikely that you are reading this and thinking about uprooting from your home to meet the demands of the most popular cities in the world, there are a few common characteristics of certain “hotspots” of the Airbnb world. Recently, Miami and San Diego were ranked as the top two most productive Airbnb cities in America. Both coastal cities boast warm weather and relatively affordable homes, and this appears to be a winning combination in the short-term vacation rental industry.
3. Rentals that look good, do good.
Hosts who invest time and money in professional photographs of their rental properties generate significantly more income than properties that offer no photos or only feature amateur snapshots of their available spaces. Time after time, renters and rental agencies have seen an overnight increase in traffic and interest in rental properties with the addition of well-shot, professional pictures. So take the time to research a local short-term vacation rental photographer, invest the money, and rest assured that your investment will pay off big in the long run.
4. Focus on the experience.
Change your mindset a little. Shift the paradigm from “I am simply renting out my room/basement/house” to “I am selling an experience.” Remember that travelers are interested not just in seeing the famous churches or museums that your town is known for, but also having a truly “local” experience. Think about preparing something similar to a guesthouse guidebook that highlights some of your favorite restaurants in town, or suggests fun things to do/see within walking distance of your home. Add a few extra lines in your description about why you love your neighborhood so much, and what makes a stay at your house unique and special. A little bit of forethought and personal insight goes a long way toward impressing and enticing potential guests, and boosts your ranking and overall success rate.