Want to charge more for your short-term rental? Just not bringing in the bookings like before? Upgrading your amenities might be able to help. But be careful: Not all amenities are created equal.
According to AirDNA, a short-term rental data platform, some amenities are much more effective than others -- particularly at increasing rental rates, occupancy levels, or both.
Are you looking to take your property to the next level? Here are the best amenities you can invest in, according to the data.
Allowing pets on your property is a surefire way to bring in more revenue. Not only do pet-friendly rentals have higher average daily rates, but they also have higher occupancy rates -- meaning more bookings and revenue, too.
As a host, leveraging this trend might be as simple as changing your policies. If you really want to appeal to pet owners, though, you could also install a doggy door, add food and water bowls to the home, or install a scratching post. It's the little touches that go a long way.
If your rental is located in a mountain town or a colder climate, a hot tub can be a smart choice. Homes with hot tubs claim a much higher average daily rate than those without, and they also increase occupancy rates, too (at least in mountainous areas).
Be careful about adding these elsewhere in the country, though. While they might increase your average rates slightly, hot tubs do come with considerable cost -- both upfront and over the long haul. Make sure you weigh these before installing one on your property.
Fireplaces offer similar perks. They increase daily rates across all regions, and in destination towns and rural areas, they improve occupancy rates, too. They're not super helpful in suburban or urban properties, though, so if your rental doesn't already have a fireplace and is located in one of these markets, adding one probably isn't worth the cash.
Installing a washer and dryer on-site can be a great way to bring in more per booking. According to the data, washers and dryers increase daily rates across every locale (most notably in resort and destination towns, though). They also increase occupancy, too -- everywhere but urban locations, at least.
Just remember that a washer may add considerable water costs to your property, especially if guests are there for longer stays. Be prepared to foot the bill for this -- as well as any upkeep and maintenance on the appliances as well.
It seems too easy an answer, but apparently, adding a TV to your property can mean much higher daily rates and better occupancy as well. TVs are especially helpful in smaller cities and rural areas, where they tend to be less prolific. (About 14% of rentals are TV-less there.)
Two not-so-helpful amenities
Not all amenities -- even seemingly important ones -- can improve your bottom line. Air conditioning, for example, doesn't increase daily rates or occupancy in most markets.
On-site gyms are similar. Though they can lead to slightly higher daily rates in some areas, they don't help occupancy at all. And a rental that's unoccupied? That's not making money anyway.
The bottom line
The right amenities can make a big difference in how successful your short-term rental is. But remember: While adding some of the above upgrades could certainly help your bottom line, they won't come for free. As an investor, make sure to consider the costs and upkeep of each amenity before installing -- particularly bigger ones like washers, dryers, and hot tubs.