Today’s renters are looking for more than just a bed for a few nights when they’re away on business or taking a vacation – that’s what hotels are for.
Short-term rental should provide a home-away-from-home experience that’s comfortable and feels familiar.
Home renovations can be a great way to achieve this vision. Making thoughtful upgrades, based on what travelers actually want, can turn an ordinary rental into a place people can’t wait to book.
Below, I’m going to provide some smart options for your rentals to help you maximize ROI on your renovation investments.
DURABILITY AND EASY MAINTENANCE
Rental properties tend to see a lot of people using the unit for business or leisure purposes. This is where easy-to-clean floors and surfaces come in handy. This is both practical and cost-effective.
An example of a great upgrade choice would be luxury vinyl plank (LVP) flooring. Unlike hardwood, LVP is both durable and waterproof. This means you can worry less about spills or heavy furniture – LVP is built to last.
Quartz countertops offer the same practicality. They can withstand abrasive liquids and scratches and they won’t stain.
While materials like these may seem to have a high initial cost, they are much more economical in the long run since they reduce the costs required for maintenance and repair.
KITCHEN AND BATHROOM UPGRADES FIRST
Kitchens and bathrooms are likely to be the biggest value adds for any rental.
Modernising these spaces increases guest satisfaction and makes the property more functional.
Smart remodeling options for your kitchen or bathrooms could be faucet replacements, new lighting, or upgraded cabinet hardware.
You do not have to start a full-scale remodeling project to improve your property’s value. Smaller modifications in strategic locations make the property more attractive to a wider pool of renters.
THE WOW FACTOR
Making your rental more appealing than your properties in your area is important. This is considered the “wow” factor and can significantly increase your booking frequency.
Consider the types of guests as well as the region you are located in when deciding what extras to include.
For example, a hot tub or a fire pit can be perfect for attracting guests if you are located in areas known for temperate climates and with scenic views.
If you are targeting business clients, having a dedicated workspace is a smart investment, while a gaming space might cater more to families. The goal here is to offer more than just the bare minimum when it comes to amenities. This will increase renter interest and help you to gain repeat customers.
MAXIMISING SPACE AND FUNCTIONALITY
Making your rental appear larger than it is, and keeping things well organized is important for achieving a comfortable stay. Consider smart storage solutions, such as built-in shelving or multi-function furniture to help achieve this.
The furniture arrangement you use should encourage guests to set the room in a way that is most comfortable for them.
Wherever possible, open concept designs can help to make a space feel larger and more welcoming while making spaces more accessible to use for all types of guests.
ENHANCE KERB APPEAL
Kerb appeal is important for setting a good first impression. This can be improved with proper landscaping, adding a fresh coat of paint, and keeping the entrance clean. Improvements to the exterior help increase the value of the property while helping to give a good impression of what the interior looks like.
Short-renters often only have pictures to go off of when booking a property. The better your kerb appeal, the more likely you are to book more stays.
RIGHT LIGHTING
It’s important to use the proper lighting in your rental space. Different areas of the rental should have a good mix of accent lighting and well-lit public areas. The type of lighting you use can set the tone of a room or workspace and is another important element when taking photos when listing a rental property.
Along with colour temperature, you should also pay attention to the amount of energy your lighting choices consume. Smart LED lighting can be a great way to create more flexible lighting solutions for a property while saving a significant amount on energy bills.
PROFESSIONAL PHOTOGRAPHY
Outstanding photos are vital for an online rental listing. They are the first thing a prospective tenant notices and significantly influences their impression of your rental.
A professional photographer is a great investment, as they will help you photograph your rental in a way that shows it off for everything it’s worth.
Take the time to research photographers in your area who can provide you with commercial-quality images.
Finding individuals with experience in staging properties is also helpful. This helps to add more form and function to the images on your listings. Clean and purposeful images will help you gain more views, inquiries, and ultimately, more bookings on your rental properties.
TRACK YOUR ROI
It is crucial to decide on a reasonable budget for your renovations. This helps to avoid overspending in the wrong areas. The upgrades that offer the most positive value should be prioritized over “nice-to-have” that don’t really guarantee a good return on investment.
Make sure to monitor all your spending and income from the rental. Doing this allows you to see how the renovations may have impacted your earnings.
Smart renovations can turn your rental property from a “nice” place to stay to a “preferred” space to stay.
By improving the guest experience and upgrading features in bathrooms, kitchens, and other essential areas, you’ll be able to significantly boost your short-term rental revenue.
