Phoenix and Scottsdale homeowners made an average of $1,500 in rental income every month in 2018; some even made $3,680. Many use their extra earnings to cover a substantial portion of their mortgage payments. The right short-term rental property can help you become financially independent.
But how much money you’ll get coming in will depend on how much investment you pour into your property. And when you have a vacation rental, it may need more than the usual space and look to attract lucrative bookings.
A Stand Out Vacation Space
An attractive space not only translates well on photos. It sets the first impression, compelling travelers to scroll through your listings and explore your property. So how do you decorate your vacation rental? Start with the type of travelers you want to attract.
Identify your target guests
Do you prefer corporate guests over families? Are you looking to attract a younger market? Maybe you’d rather welcome backpackers to your rental property? Whatever market segment you decide, identifying your target guests will allow you to come up with the look for the space.
Different guests will need various amenities and, consequently, furniture. For example, backpackers might get a kick out of hammock chairs in the living room, whereas families might want a sectional sofa. Once you’ve decided what guests you prefer, you’ll have a better idea of a design theme.
Define your vacation rental’s style
A design theme allows you to streamline your furniture choices. It will tell you if, for example, a massive coffee table trunk from a vintage home collection is suitable for what’s shaping up to be a Scandinavian theme in your rental. You’ll not only keep shopping short but also cost-effective. Another way to manage your decorating budget is to create a checklist.
Check out what you still need to get
Make a checklist so that you don’t overspend on furnishing the property. Unless you want to start from scratch, mark down items that could work and things you still need to buy. And when you do need to buy more pieces, go for durable ones.
Choose good quality for pieces in constant use
Expect furniture to wear out more in your rental property than in your home. A steady influx of guests, some of whom might not be as careful as you’d like, could damage some items. The sofa might get stained, and the dining table could get scratched. You could set a damage deposit, but it’s also a good idea to pick furniture that lasts a long time.
And finally, add personality with some small touches. A memorable vacation space isn’t just functional and comfortable. It also has pieces that add warmth and visual impact. You could add local art, sculptural lamps, and chairs with textured fabric.
The short-term rental property industry is lucrative as more travelers choose vacation homes over hotels. But that also means some fierce competition, so your property needs to stand out. Furnish it right, and you might just see an increase in bookings.