The short-term rental market is booming. Making some home improvements can significantly improve your rental property’s appeal and allow you to raise your rate. Keep in mind that some renovations might count as a business expense that you could possibly write off your taxes (be sure to confirm with a tax expert). If you’re looking for ways to increase your rental income while making your home more livable and giving guests more to rave about in their reviews, here are 10 different ideas to look into.
1. Hot tub, Jacuzzi, or Pool
If you have the space, consider adding a hot tub, jacuzzi or pool to your home. This investment will draw in more renters who want to enjoy a nice swim or those who want to relax after a long day. Keep in mind that extra amenities like these can make your listing stand out and even be a deal breaker. These features can add instant value to your home.
2. Outdoor Living Space
Expand the living areas in your home by enhancing an outdoor area. Many guests will appreciate this extension of your home when they prefer to be outdoors without having to go out. Ideas to consider are adding a cooking area, dining space, firepit, or a pergola. If you want to take your rental home to the next level and maximize your booking rate, this is a home improvement to seriously consider.
3. Modern Kitchen
Refresh your kitchen’s appeal without remodeling. You can renew its look by upgrading to better appliances like stainless steel stoves, refrigerators and dishwashers. Ensure the kitchen is fully equipped with everything your guests need such as a cookware set and cooking utensils. Other appliances like mini ovens, microwaves, blenders, toasters, coffee makers, or teapots can be nice touches as well. Any of these changes or additions will instantly make your kitchen feel more modern and make renters feel at home. This will be a good investment since the kitchen is one of the most commonly used rooms in your home.
Furniture are statement pieces for your living room but can make your whole house feel more welcoming. A lot of travelers are looking for a home away from home and it’s important to them to not feel like they’re in a hotel - after all that’s why they booked your house. You can add decorative pillows to your existing set up or consider getting some new items. If you’re on a budget, there are plenty of secondhand places where you can find reasonable prices for great finds. Bonus tip: A pull out couch is a great investment so you can have an extra bed should your guests need it.
Comfort is a priority for many guests. A good mattress can make a difference for them to get good rest during their stay. You can upgrade your mattress or add extra cushion/bed firmers/memory foams on top of your existing mattress. You don’t have to replace your whole bed, updating the pillows and comforters is a nice alternative. Bonus tip: be sure to put away personal items like family photos or belongings as many guests prefer not to feel like they’re intruding on someone’s personal space.
Enhance your rental’s technology by adding automated systems like digital keyless entrances to make it easy for travelers to check in and check out. Nest systems are also a great way for your guests to control the temperature in your home while also conserving energy. Adding streaming services like Netflix or Roku is appreciated by your guests who just want a relaxing night in. Any of these will make your home even more appealing and drive the amount your renters will be willing to pay.
Adding decor is a great way to elevate the rooms in your home without any construction or demolition. Items like art, rugs, or plants can make your space feel even more open and inviting. This can also help boost your listing photos and increase the amount of interest in your home.
8. The little things: potholes, cracks, drawer pulls/knobs, paint
If your budget is a bit tight, small fixtures and details make a big difference at minimal expense. Increase your rental’s appearance by simply repairing potholes or cracks and upgrading knobs, faucets, window coverings, or even paint touch ups. Updating your lighting to an automatic system or LED lighting can also make for great upgrades.
9. Pet-friendly Features
A lot of guests prefer to travel with their pets, so another way to raise your rental is to add pet-friendly features. A pet bed and bowls for food and water are always nice. Small items like chew toys or treats will make your furry guests feel like they’re on vacation too. If you want to take it to the next level, create special experiences for your guests furry friends like updated sleeping spaces, outdoor play areas, etc. This unique accommodation will surely make your listing stand out.
10. Bonus Ideas
The best hosts go the extra mile. Here are some ideas to make your rental one-of-a-kind and receive raving reviews. Consider having a welcome kit that includes wifi and appliances info, property manager content info, a guide for local businesses, a handwritten note, or guest book. Provide extra items like chargers, blankets, sheets, wine opener, batteries, and a first aid kit. These bonus ideas will make your short term rental stand out among all the listings and increase your ratings.
Want to make some upgrades on your short-term rental today? Figure can help! Apply in just 5 minutes and get funding in 5 days² so you can improve your home not only for your guests but also for you. Find your rate here.