The booming short term rental (STR) market has been attracting property owners looking for a lucrative source of income. Annual earnings of $150,000 or more are the reality for 1.35 million American STR owners, and in Minneapolis, they earn an average of about $150 per booked day.
If you’re investing in a short term rental apartment or other type of property, you of course want to get the highest returns possible. Fortunately, some of the choices you make about your property can send those numbers soaring.
The way you opt to design your rental, for example, has a dramatic impact on its profitability.
How you compose and furnish the space can transform the property and make all the difference in attracting travellers. It has the power to differentiate your rental among the many others on the market, making it one of the most desirable.
So how do you ensure that your design will win over travellers and justify higher booking rates? Consider our team’s expert advice below.
Design with Experience in Mind
You’re not just selling a property, you’re selling an experience. It’s all about location, location, location!
Travellers want more than just a place to lay their head for the night. They want to spend time in a place that feels like a special getaway, one that embodies the spirit of the locale.
Therefore, your design should enhance the experience of their stay, not clash with it. For instance, a hip downtown loft would be perfect for city visitors, while a cozy country cottage would be ideal for those wanting a serene lakeside retreat. So when you consider your design, first ask yourself what kind of trip the typical traveller will have when they visit your area.
Getting a polished, well-planned design for your rental is the ticket to repeat bookings and good reviews. It may be a bit of an investment, but if it’s done right, it will lead to higher prices and overall short term rental ROI.
Don’t Skimp on Amenities
Speaking of guest experience, it’s important to note that the best short term rentals are lucrative because they are designed in a way that meets all guest needs.
To accomplish this for your property, you’ll need to remember that this is a home away from home for travellers – they should feel comfortable in this space, not inconvenienced. Big-ticket amenities include a well-supplied chef’s kitchen, cozy entertainment zones, outdoor seating, blackout curtains, and even practical essentials like hairdryers, integrated USB chargers, and well-placed outlets and light switches.
Lighting is also a major part of the amenity package, but it’s often overlooked. Not only should lighting enhance the atmosphere of your design, it should also complement its function.
Think practically: no guest wants to have ill-placed or too-bright lighting interfere with the way they want to spend their time at your property. Give your guests the comfort of a softly-lit reading nook, or a well-illuminated desk space where they can get some work done. With thoughtful lighting, you can give your guests the chance to fully enjoy everything your space has to offer.
Get Photos that Put Your Design in the Best Light
Renters get their first impression of your property by the photos showcased on the booking website. This means that the way your design is photographed can have a huge influence on whether or not they choose to book it.
Even the best design can look underwhelming if it’s not photographed well. Whether it’s because of poor lighting, unflattering angles, or bad camera quality, lackluster photos of your property can make potential renters look elsewhere.
Give your place a presentation that attracts renters by hiring a skilled professional photographer and having your designer on site during the shoot. This will ensure that you get beautiful, advertisement-quality photos.
As your photographer is working, be sure to point out your rental’s biggest selling points. Capturing these highlights will show off your property’s best design features, and also shine a spotlight on the luxurious amenities provided.
Bear in mind that aside from getting a good photographer, there’s another important aspect of getting good photographs: making sure your rental has all the finishing touches perfectly placed.
That’s where we come in… our team of expert designers is obsessed with getting the details just right in architecture and design.
We Can Help Turn Your Property into a Money-Making Destination
Professional help can get you the design that will justify the highest booking prices, and make your property a popular destination. Here at BPC, we serve as a one-stop-shop that can handle everything, from property selection and building, to final furnishings and details.
When you recruit the help of our team before investing, we’ll do the research needed for you to get a well-placed rental with an income-boosting design. From amenities to local market demands, we will help you pinpoint your biggest opportunities to stand out from the crowd and become a traveller favorite.