During the height of 2020’s shutdowns, many families realized how valuable it was to have aunts, uncles, or grandparents live onsite with them so that parents could get some work done while still spending time safely at home. To facilitate this, many different folks chose to remodel homes or add to their properties something called an Accessory Dwelling Unit, or ADU, like a finished basement, mother-in-law suite, or tiny home on the property. According to the Homelight End of Year 2021 agent survey, these units grew in popularity even in 2021.
These intergenerational families may have decided to sustain that lifestyle even in 2021 and 2022, but some families returned to their own homes after childcare options expanded. As families found themselves with more space and less occupants, they realized that short-term rentals could be a way to add a passive income stream at a time when people were prioritizing safety and seclusion during travel. Here’s how you can do it too!
Furnish a Full Space
If your intergenerational family was sharing some component of your home, such as a bathroom or a kitchen, you’ll want to do your best to include those amenities in the renter’s space. While some people do rent individual rooms on a short-term basis, most renters want an entirely dedicated space for them. This could mean that you need to add a bathroom to your finished basement, or it could mean adding a microwave and mini-fridge as well as a little shelf to hold a coffee maker. There are many sites that showcase what is most attractive in a short-term rental, and if you just read reviews of rentals, you’ll learn a lot.
Add the Extra Touches to Catch Interest
As you discover what people enjoy about your property, you’ll play up those options. If you are willing to give the renters access to a hot tub or swimming pool, or a firepit outdoors, those things could really boost your appeal to renters. You can also add unique art to the walls, interesting furniture, or a theme. Amenities like a board games closet or bunk beds to house more people can all draw in a different kind of renter and thus up your potential payouts. Part of what many short-term rentals do is set up a basic space with all the necessities and then add to it based on the feedback from their renters over time.
Set Up A Profile on a Short-Term Rental Site
Once your property is ready to go, create a site on Airbnb or VRBO and set up your requirements. You’ll learn about how to communicate with guests, how to frame what you are offering so that people are happy with their choice, and how to block off dates when you won’t be available for rentals versus when you want to offer the rental. These sites make getting started easy and sometimes even have incentives if you get started.
With tourism through short-term rentals growing in popularity, it makes sense that people have found this to be a great source of additional income and making their homes sell quickly in the future due to income opportunity.