Not too long ago, many vacationers would have found it questionable to rest their head after a long day anywhere but a traditional hotel. But… the times are changing! With the use of technology and an Uber-esque business model, Airbnb has joined the hospitality big leagues and puts the rental power in YOUR hands.
In fact, over 140 million guests have stayed at Airbnb properties since the site’s founding in 2008. They also have no plans on slowing down considering its cash flow is expected to reach over $3.5 billion by 2020. Now that’s an opportunity!
You’re probably wondering what makes a great Airbnb rental and where can I find one?
The answer is simple. Location is definitely one of the most important qualities to look for in a lucrative rental. Properties near tourist attractions, business centers, shopping, dining and public transportation will give you the most bang for your buck. Keep in mind the time of year is another important aspect to consider as you may make the bulk of your profit in certain months depending on your location.
There are all kinds of properties on Airbnb ranging from 1 bedroom condos downtown, to single family homes with multiple bedrooms. The nightly rates vary so it’s a good idea to focus only on what you can afford and which properties are probable to give you a return on your investment when the yearly numbers are crunched.
Take a look at our list of handpicked properties that would make great Airbnb rentals and be sure to read our top tips for being a good Airbnb host under the properties below.
Top Tips to Being a Good Airbnb Host
- Always be honest and transparent about the condition of the property and price it accordingly
- Consider extras you can offer to make your listing stand out such as breakfast, a guided tour or a discount for longer bookings
- Most of your guests will be wonderful and respectful as long as you vett every booking request you receive
- Consider requiring a minimum stay so that you don’t have to constantly clean and do laundry for one night bookings
- Keep all payments and messaging within the Airbnb app so that you don’t leave yourself vulnerable and you stay protected by the insurance provided through the company
- Create a document full of fun things to do in your area, transportation tips, coupons or anything else you think your guests could benefit from
Want to get your Airbnb real estate investor story started now? Contact me here for more information!