What Increases an Airbnb’s Value?
The value of an Airbnb listing consists of a variety of considerations and factors. Ultimately, the better overall guest experience you can provide, the more you can charge and the more guests are willing to pay.
Providing the best environment possible for your guests and building a strong reputation are foundational steps. Host trustworthiness is a powerful influencer when potential guests are looking to book. High ratings and glowing guest reviews certainly help you stand out from the crowd.
Achieving 5-star hosting status starts with ensuring a well-designed, functional, clean, and safe Airbnb property. According to research from Boston University, “Airbnb guests pay higher rates for space, quality, friendliness, and unique experiences” when compared with traditional hotels.
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Top 7 Unexpected Ways to Increase Airbnb Revenue
While some Airbnb guests just want a clean and comfortable place to lay their heads while traveling, other vacation renters seek out extra perks and unique experiences.
With a little bit of creativity, optimizing your listing to offer a few memorable experiences and special amenities can drive your revenue skyward. Let’s take a look at 7 clever ways to increase your Airbnb revenue.
1. Rent Out Extra Storage Space
One simple way to increase your Airbnb revenue is to repurpose your property’s extra space.
Through the power of the internet and the popularity of the sharing economy, almost anything can now be listed to be rented and can serve as an easy way to earn additional income. Many different companies now make this process simple and safe.
One possibility is listing an extra storage space to act as a private storage locker for someone else.
Neighbor provides an easy-to-use marketplace where you can list your space and connect with people looking for a less expensive alternative to traditional storage units. This storage-sharing marketplace streamlines the process by taking care of logistics, such as payment and paperwork, and even providing liability insurance to limit risk.
Who knew that an unused closet, garage space, or shed could earn you extra cash every month? This can be a great option for Airbnb hosts to increase their revenue, and with a little pre-planning, can be leveraged without affecting guests’ experiences.
2. Rent Out Extra Parking
Whether you have an unused lot or an open space on your property, there may be the potential to rent out what you aren’t using and make some money from the space.
One great example is CurbNTurf. They are a listing and reserving platform that allows property owners to rent out their private land or parking areas to RV travelers. According to CurbNTurf CEO Aaron Rawlins, “the RV industry is selling a million additional RVs each year.” As demand increases, the need for parking grows as well.
With this platform, you can list any available space you have, from a single parking spot to a vacant lot. This can be a great way to essentially double your tenants — and income — overnight.
RV travelers bring their own home, and “RVs can provide their own power, water, and waste collection,” says Rawlins. However, those that offer these amenities are more enticing and can provide a greater cash flow.
Similarly, JustPark allows you to rent out an extra parking spot for cars, trucks, and SUVs. Especially if you live in a city or somewhere where parking is in short supply, renting out an extra parking space can help you earn hundreds of dollars per month without lifting a finger.
3. Make Use of a Large Yard or Acreage
If you have a larger yard, there are many cool ways you can use this to your advantage.
For example, expanding your Airbnb strategy to include glamping can be a game-changer for increasing revenue and attracting a wider range of guests. Imagine transforming your yard into a luxurious outdoor retreat, complete with cozy tents, comfortable bedding, and all the amenities of a five-star hotel. This unique offering opens up a whole new world of possibilities for your property.
Moreover, glamping allows you to maximize the usage of your property. Instead of letting your yard sit idle, you can turn it into a profitable asset by converting it into a glamping site. This not only generates extra revenue but also adds value to your property by making it more versatile and attractive to potential guests.
Another way you can utilize a large yard is by providing guests with tailored outdoor experiences. Think about your target market. Do you cater to families with children, adventurous couples, or business travelers? Enhance your listing by using your outdoor space for exercise equipment, playground toys for kids, and other outdoor-friendly amenities. Your ideal guests will appreciate and pay more for an Airbnb that has additional on-site offerings.
4. Provide Pet-friendly Accommodations
By welcoming pets into your Airbnb property, you can tap into a lucrative market segment and maximize your revenue potential. Many travelers, especially pet owners, actively seek out accommodations that welcome their four-legged companions. By catering to this demographic, you can attract more bookings and increase your occupancy rates.
Pet owners are more likely to book longer stays at pet-friendly vacation rental properties since they have the flexibility to travel with their pets without worrying about accommodation restrictions. Longer bookings mean more revenue, as you can charge nightly rates for an extended period as well as a pet fee, resulting in higher overall earnings.
Also, consider Sniffspot, a marketplace that allows you to list an outdoor space as a private dog park. Sniffspot can help you attract pet owners looking for safe and secure outdoor spaces where their furry companions can play and exercise freely. Pet owners, even if they aren’t your guests, are often willing to pay for access to private areas for their pets to roam and play.
5. Craft Unique Airbnb Experiences
Offering curated services and add-on experiences is a great way to provide a customizable experience that can increase the rates you’re able to charge.
Services such as home-cooked meals, tours of the surrounding area, or rental of equipment like bicycles can be another easy way to increase the income potential from your Airbnb. These creative additions also contribute to increased customer satisfaction during their stay, helping you gain new customers and increase your revenue with each stay.
Airbnb Experiences is another great option to make use of your knowledge of the local area or to share your hobbies and passions with your guests. Offering an Airbnb Experience is convenient because hosts can offer unique and interesting experiences for guests or tourists through one centralized platform.
6. Optimize Property Features and Amenities
Boost your revenue by leveraging property features and amenities such as pools, hot tubs, fire pits, outdoor kitchens, and bars. These attractions enhance the overall guest experience and attract more bookings, especially during peak seasons and holidays. Pools and hot tubs, in particular, are sought-after amenities that can significantly increase the value of an Airbnb listing.
By installing a pool or hot tub, you appeal to guests looking for relaxation and leisure during their stay. These luxury amenities provide a unique selling point that sets the property apart from others, leading to higher demand and occupancy rates. Additionally, guests are often willing to pay a premium for access to private pools or hot tubs, allowing you to charge higher rental rates and maximize earnings.
Furthermore, platforms like Swimply offer the opportunity to rent out pools by the hour to guests in the local area – monetizing your pool investment. This allows you to generate additional income from your pool when your property is otherwise unoccupied.
With an Airbnb swimming pool and/or hot tub, you can offer special packages or amenities for guests to purchase. Items like sunglasses, sun hats, additional towels, sunscreen, and aloe make for perfect pool and hot tub-related amenities. The same concept can be applied to having an outdoor kitchen or bar! Adult beverage mixers can be a great addition to your Airbnb property’s amenities, allowing guests to enjoy refreshing drinks while lounging by the pool or relaxing in the hot tub.
7. Become an Airbnb Consultant
Being an Airbnb host can be difficult and stressful at times, especially for those who are just starting out.
If you are an experienced host, then you likely have valuable knowledge that would be helpful for new hosts trying to find success. Your insights and knowledge on how to successfully run an Airbnb business is information that other people would likely pay money for. If this sounds up your alley, consider starting your own Airbnb consulting business.
The main role of a consultant is to provide an objective evaluation of the operations and strategies of a business and help them to improve. For Airbnb hosts, some common points of improvement revolve around the content and photos of their listing, pricing strategy, not understanding reviews and competition, and trying to handle everything on their own versus implementing tools to automate operations.
Being a third-party observer who has experience in the game, and providing crucial insights, can help you form a profitable side business that builds out from your hosting experience.
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When it comes down to it, it just takes some creativity and a bit of extra effort to increase your Airbnb earnings.
“More options means more opportunities. Not everyone vacations the same way, and having a versatile offering may bring more returning customers who appreciate the flexibility you provide that others don’t.”
– Aaron Rawlins, CurbNTurf CEO
We hope this list provides you with some new ideas to make extra income with your vacation rental business. That said, one of the best ways to increase your Airbnb revenue is to focus on the experience that you are offering, and that starts with ensuring consistent and quality cleaning.
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