How to Turn Your Property Into a Profitable Rental Space For Guests

Do you travel a lot and need to earn extra money?

Maybe you have a rental property that hardly anyone stays in, and you’re looking for a side hustle. Then again, maybe you’re just going home to visit family for a while, and you want to make some extra cash while you’re away.

If any or all of these reasons are the case, consider renting your home to a traveler in need of a place to stay.

How do I share my space?

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Airbnb is a popular lodging choice, especially among Millennials and Gen Z. You may think that you need a lavish beach house in order to become a host, or maybe that you need to live in a major city.

The truth is, you don’t. According to the Airbnb website, you can be a host if you have an available, clean space with basic amenities. Even if you don’t live in Los Angeles, New York City, or Tokyo, your city or town may have something to offer to travelers.

With Airbnb, you are able to rent out your entire living space, or just a room. Either way, your main focus should be style and comfort. You want your place to look stylish to attract potential renters to choose your space out of other nearby listings.

You will also want to focus on comfort because you want your guests to be comfortable while staying there.

Run a Bed and Breakfast

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You can always run a bed and breakfast to let some guests stay in. Turning your property into a Bed & Breakfast might be the way to go if you have multiple private rooms and would like to optimize your rental revenue.

Renting out many rooms in your property on a nightly or weekly basis might be far more profitable than renting by the month. Design a proper plan of bed and breakfast in your mind and make the house accordingly.

Make it clear what you’re giving and how you’ll manage guests’ demands. Choose good accessories for the bedroom and the best bathroom linen that you would choose for yourself.

Make a mental note if you reside in a region where creatures and harmless insects are abundant. If your building lacks an elevator, make sure to indicate that it is a walk-up. Take beautiful pictures to attract people.

Style

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Updating your decor isn’t a bad idea here. There are many different decor styles that are in right now, such as minimalist, boho, industrial, glam, and farmhouse.

Minimalist is probably the safest way to go since it’s a very simple and clean style, but you can throw in some elements of other styles to give your space a unique look.

Just remember not to add too many things into your space, especially if it’s smaller. Smaller spaces can easily be perceived as cluttered with too much decor.

Comfort

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Comfort is also key. You want your guests to have a nice, relaxing time while they’re on vacation. If reviews on your space say that it’s not a comfortable place to stay, then you’re not likely to have anyone else willing to rent your space.

You will want the bedding for your hosts to be clean as well as comfortable. It is widely known that memory foam mattresses offer some of the best comfort and support to sleepers. You can even find mattresses for as low as $70.

In addition to comfort, you will want to make your living space as clean and as sanitary as possible. Here is where bamboo sheets come in.

Being that they are hypoallergenic, bamboo sheets and pillowcases are less likely to cause any adverse reactions; they’re also antibacterial, but you still need to thoroughly clean all bed sheets, pillowcases, and blankets between guests.

How Much Can I Earn?

The Airbnb website states that whatever you charge is your own decision. Of course, you don’t want to overcharge either.

You want to be within the same range as the other rental spaces in your area. To determine how much money you could potentially make, here’s an Airbnb revenue estimator.

Each country, state, and even city has its own short-term rental regulations, so you should be familiar with those as well.

If you’re willing and able, sharing your space or even just a room is a great way to make some extra cash.

One benefit is that you don’t have to take care of money physically, as whatever you charge your guests is deposited directly into your bank account. There is, however, a service fee charged.

When becoming a host, remember to stay professional, and communicate openly with your guests. Be truthful in your listings online, even if you think guests won’t like what you have to offer. There are many people out there who may not have experienced home like yours!

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