For the past year and a half families and couples have been stuck inside their own homes with limited or no travel. Now that the world is beginning to open up, the lucrative business of Airbnb hosting is beginning to recover from the shockwave 2020 delivered to the travel industry. Buffalo, NY, and Pittsburgh, MI are two of the several cities seeing between a 20% and 30% increase in bookings compared to last September. Renting out a room or a home for a weekend as additional income is a path many people have taken since Airbnb first launched. The average estimated extra income for a host is around $925 a month. Airbnb hosting is still a lucrative career or side job that many people are taking advantage of as people begin to feel more comfortable leaving their homes.
Low cost upgrades
Standing out in the Airbnb market comes down to what your place or room has to offer travelers. Storage space is something every person can use more of. Additional storage spaces such as side tables, dressers, ottomans, and drawers beneath the bed are budget-friendly ways to enhance a guest’s stay. Shelling out for expensive furniture isn’t necessary. Extra space is the important part. Replacing outdated flooring can soften the sound of footsteps and add to the room’s overall aesthetic. Using laminate over actual hardwood or carpet is another budget-friendly way to enhance the look of your Airbnb space while providing an updated and clean space for guests to inhabit.
Additions and luxury features
Airbnb hosts that offer a more luxury-based space or home are able to charge more for a weekend stay. However, making upgrades in that realm can cost more. Seeking a cash-out loan in order to pay for the upgrades upfront is one way to skirt around dipping into savings. Consider updating the bathroom guests will use with a whirlpool tub or standing shower equipped with side jets and a waterfall showerhead. These features become an incentive for guests who want more luxurious amenities for their vacation to choose an Airbnb over a hotel.
Adding a coffee nook with an espresso machine or pod coffee maker for guests to use free of charge can be a feature on an Airbnb advertisement. This is a simple but beneficial addition that can make a difference when a guest is choosing between two places. Counter space while cooking is a necessity. Rollaway kitchen islands add counter space and prep space without becoming a permanent fixture. Guests who would rather cook than eat out to save money won’t have to worry about clutter.
Despite the drop from last year, Airbnb rentals are making a return for weekend getaways or the newly trending pod vacations. Experts in the field project a steady rise in Airbnb rentals for the next six months. Renting a space or home out for guests is a lucrative way to make extra income. A few home upgrades or additions, in the long run, help boost ratings thus creating more income.