6 Tips for a Profitable Rental Property

The last several years have seen major shifts in how people view life, travel, and leisure time – and one of the more significant trends is towards Airbnb and vacation homes over traditional hotels. Given that Sarasota is a popular destination for millions of Americans, a rental property may be an excellent investment for those looking for additional income.

Private rental apartments or homes provide more space and amenities, but travelers admit to feeling safer than booking a crowded hotel. Companies like VRBO and Airbnb make it easy for tourists to book the types of rental properties that they prefer.

Charleston Cabinet Bed

Most Sarasota properties enjoy bookings over the winter, but with a few upgrades, you can maximize your profits and justify higher rental fees.

Making Your Rental Property Stand Out With Amenities

An Airbnb survey revealed that 97% of U.S. travelers considered the available amenities a significant part of their experience. Offering extra perks doesn’t have to be tedious or expensive – renters are willing to pay more for a safe and clean property.

The extras go a long way to optimizing profit and increasing the rate of return guests to your rental property.

The most desired amenities on Airbnb include a pool and/or jacuzzi or hot tub, kitchen and laundry facilities, free onsite parking, high-speed internet and television, and central air conditioning. Although not every property can accommodate pets, pet-friendly places tend to remain booked.

Amenities To Boost Income

  • Outdoor Gathering Space: Whether a couple of porch swings, a patio set, or a stone fire pit, providing a comfortable seating area for people to enjoy their mornings and evenings is always a crowd-pleaser. Providing a barbecue or grill with everything they need to cook is also a fantastic addition.
  • Storage for Clothes and Luggage: Even if your property is small, utilizing multi-functional furniture can help visitors settle in and not feel cluttered. Closets, armoires, and dressers with empty drawers can all provide needed space for your guests. A Murphy bed can offer shelving and bookcases for daily use.
  • Grooming and Household Products: The simple act of providing soaps, shampoo, toothbrushes, and toothpaste can go a long way to impress guests. Should travelers forget any of these items, you can save them an emergency trip to the grocery store. Makeup remover wipes are also convenient for guests – and can protect your towels from stubborn mascara stains! If you have a kitchen and laundry, provide dish soap and laundry detergent as well.
  • Coffee Maker / Coffee Bar: For many people, coffee is non-negotiable – so providing their morning cup of coffee is high on the list of amenities. If you have a traditional coffee maker, leave instructions. Surveys show travelers prefer a Keurig-type machine with various coffees, teas, and even hot chocolate.
  • Bikes & Beach Equipment: Depending on where the property is located, you may provide leisure items that will help to enhance your guests’ vacation. This may include bicycles, kayaks, fishing supplies, sand toys, and towels for use at the pool or beach.

Add Rental Property Capacity for More Guests

When family or friends travel together, they often have to book several places to ensure everyone has a bed. You can facilitate their plans and increase your own revenue by increasing the sleeping capacity of your property. Many property owners will offer a cot or sofa bed for more sleeping accommodations, but these can be uncomfortable – even for the short term.

A good night’s sleep is one of the most attractive amenities you can provide guests. The number of beds available in a vacation property is a top search for those looking to rent a property. Typically, the search focuses on the number of beds – not necessarily the number of bedrooms. Therefore, a Murphy bed is an excellent investment to add capacity to your property easily.

Guests will enjoy additional full-size, comfortable sleeping space without sacrificing floor space during the day. You will enjoy more bookings as you increase your ability to accommodate more guests.

To learn more about installing a Murphy Bed in your vacation home, call Monarch Murphy Beds today. We are happy to help you to identify the best areas of your property to add capacity and enhance your business.