What Are the Most Effective Ways of Increasing Your Airbnb Rental Income?
Airbnb rental properties are becoming among the most common types of real estate investment properties due to the high potential that Airbnb rental income can have. In many cities around the world, Airbnb rental income can be much higher than income from traditional rental properties as more people are beginning to rely heavily on Airbnb for accommodations when traveling for short durations of time. This made Airbnb rental properties a top choice for real estate investors who are looking to invest in rental properties and generate a rental income through their Airbnb rentals.
So, what are some of the most effective ways of increasing your Airbnb rental income when investing in real estate properties?
This article will go through 9 of the most effective and creative methods and techniques that can increase your Airbnb rental income significantly.
Airbnb Rental Income: Before We Get Started…
We want to remind you that the methods listed in this article do not take into consideration the different laws and regulations that might exist in your city and that could limit the viability of your Airbnb rental property. Before you follow any of these tips, make sure to do a research on the laws and regulations that apply to your Airbnb rental property in your city or state.
Listing all year long…
Can increase your Airbnb rental income drastically. Many real estate investors and Airbnb hosts tend to focus on renting out their Airbnb rental in specific seasons or times of the year while neglecting the rest of the year as they only market their Airbnb rental for certain seasons or months.
Smart Airbnb hosts that own Airbnb rentals in cities with no restrictions on the number of days that they can rent out their property realize that renting out their Airbnb property all year long can generate higher Airbnb rental income.
Some of the highest occupancy rates for your Airbnb rental could actually be in seasons that you never considered renting the property out. The best way to see what the best seasons are for renting out your Airbnb property is by actually renting it out all year long and seeing which season has managed to attract the highest number of guests to your rental property.
Hiring an Airbnb management company…
Can increase your Airbnb rental income by providing your guests with an improved experience. Airbnb management companies will handle various aspects related to your Airbnb property, raising the quality of your listing and improving the experience that your guests have by tending to them at any time of the day and making sure that they’re comfortable during their stay.
Hiring professional Airbnb cleaning services…
Similar to hiring an Airbnb management company, can increase your Airbnb rental income by providing your guests with a better experience during their stay. Keeping your Airbnb rental property clean and tidy all the time and between turnovers can be a very daunting and time-consuming task. Hiring professional Airbnb cleaning services can ensure that your rental property is always clean and ready for guests to move in without having to allocate several hours each week to cleaning and maintaining your rental property.
Catering to business travelers…
Can give you access to an additional target market that can drastically increase your Airbnb rental income. Business travelers have always been a good target market in the world of accommodations. With the rise of Airbnb rental properties, business travelers are starting to prefer staying in these Airbnb accommodations due to the increased privacy and the larger living space.
The best thing about catering to business travelers is that most business travelers do not pay for their accommodations from their own money, but their companies pay for their stay instead. This means that business travelers are less likely to step away from Airbnb rentals with a higher than average rental rate, allowing you as a real estate investor or an Airbnb host to ask for higher rents without having to sacrifice the occupancy rate.
Before you start marketing your Airbnb rental property to business travelers, make sure to read some online guides on the different installments and utilities that you can add to your rental property to attract business travelers to it, such as having a home office or a printer or a high-speed internet connection.
Making your rental property kid and pet-friendly…
Can also increase your rental income by opening up your rental property to an additional target market – vacationing families. Making your rental property family-friendly by allowing pets in it and making it a safe environment for kids can also increase your Airbnb rental income exponentially by attracting families that are traveling on vacations and providing them with a better accommodation experience than hotels.
Accommodating for more people in your rental property…
Can be a great way for increasing your Airbnb rental income. If your rental property is large enough to fit in additional guests without affecting the quality of stay for your current guests, then having a rental property that can be rented out to 3 guests instead of 2, for example, can effectively increase your Airbnb rental income by 50%.
Offering experiences in your local area…
Can also turn your Airbnb rental property into a traveling experience on its own. This can attract more guests to your rental property and increase your occupancy rate significantly.
This technique is best used when you’re renting out an Airbnb property in an area that you’re familiar with, as you will be able to provide your guests with guides and tips on having the best experience during their stay.
Improving your rental property…
Is perhaps the most common method used by real estate investors and Airbnb hosts for increasing their Airbnb rental income. Improving your Airbnb rental property can significantly raise the value of the property and help it compete with other rental properties in the area. These improvements should increase the quality of life in your rental property, or they can be visual additions that can make your property simply look better than its competition, attracting more guests to it.
Becoming an Airbnb co-host and helping others manage their rental properties…
Is the final way to increase your income from Airbnb properties. Although this will not increase your Airbnb rental income, it is a very effective method of increasing your overall income through Airbnb rentals that are owned by other hosts.
Becoming an Airbnb co-host can earn you profits in the form of commissions, and it will drastically increase your experience with Airbnb rental properties allowing you to become a better host and a better rental property manager.
Related: 6 Better Ways to Spend Rental Income
Airbnb rental properties are among the best real estate investments in our time. You can find hundreds if not thousands of online guides, articles, and books that are dedicated to Airbnb and short-term rental properties to help real estate investors, landlords, and hosts better manage their investment properties and increase their rental income.
Are you looking to find your next Airbnb rental property to purchase and invest in? Use Mashvisor for your search to gain access to listings with readily available analytics and calculations to help you find the best rental property to invest in based on your investment criteria and the returns that you’re hoping for on your real estate investment.