Vacation Rental Owners

How to Increase the Value of Your Vacation Rental Property (Maximize Your Average Daily Rate)

Increase the Value of Your Vacation Rental Property

In search of adjustments for your vacation rental that will take the guest experience to the next level? Want to make your listing stand out as more valuable than the competition? After COVID 19 vacation rental is one of the hottest travel trends. More and more travelers are looking for this type of private home during their vacation. So if you have a vacation rental then you should grab this opportunity. But to take your guests’ attention and stand out from your competition you need to do some extra things.

If you increase the value of your vacation rental property, it can lead to higher rental income, improved guest satisfaction, and long-term success. Here we’ve compiled a list of cost-effective strategies to enhance the value of your vacation rental property to make it more attractive and maximize your profit.

11 Ways to Increase the Value of Your Vacation Rental Property

These 11 steps will make your guests feel more welcome and comfortable in your vacation rental. It will also increase the value of your vacation rental property as well. Let’s discuss:

1. Step Up Your Curb Appeal

Step Up Your Curb Appeal

The entrance to your vacation rental sends a message to guests about what the inside of the property will be like. Even if you have a beautiful, clean interior, a messy-looking exterior can deter guests. Imagine a dingy, poorly maintained entrance with dead flowers versus a freshly painted door with attractive decor and healthy potted plants. Which would you choose, and would you be willing to pay a few extra dollars to stay there as opposed to the other location?

An attractive exterior is one way to increase the value of your vacation rental property. Luckily, it’s pretty easy to step up your curb appeal, and you can even do it with limited time and budget. For example, you could set aside one day to give the front door and window trim a fresh coat of paint, replace any dead plants, pull weeds, and declutter the entryway. This, by itself, will make a huge difference in the overall appearance of the outside of your rental property!

Other ways to improve your curb appeal are maintaining your lawn and landscaping, installing landscape lighting, and adding a few potted plants. Even small changes like upgrading your mulch can make a difference.

Your property’s exterior should be featured in your listing, so make sure it’s photo-ready! Curb appeal is a great way to entice potential guests to choose your property, and a well-maintained exterior can often allow you to charge a bit more for your daily rate.

2. Enhance Your Decor

Enhance your decor to increase rental property value

Upgrading your decor can also make a notable difference and increase the value of your vacation rental property. There are many ways to decorate your rental home that are small and budget-friendly; think DIY wall art, swapping out drawer pulls for stylish statement pieces, and purchasing a few throw pillows (make sure to trim off the tags).

Local art and souvenirs are one way to improve the overall design scheme of your vacation rental property and make it more cohesive. Another small change is adding hooks in the kitchen, hall, bedrooms, and bathrooms. These can be handy for towels, clothing, jackets, and other items, and they don’t take up any space at all.

3. Create an Accent Wall

An accent wall is eye-catching and has a huge influence on the design scheme of your vacation rental. Even though it can be an inexpensive DIY project, it has the potential to increase your average daily rate thanks to the effect it has on your property as a whole.

You can create an accent wall by choosing fun wallpaper or even creating a design using tape and paint. Geometric patterns are fun as well. However, try not to use too many bright colors; while it is an accent wall, stick with more neutral tones if possible. You want guests to feel relaxed in the space, so finding a balance between striking and subtle is key.

Another way to create an accent wall is to add a backsplash to the kitchen. A stone wall is impressive and can be a stunning interior design detail.

4. Design the Ideal Work Setup

“Workationers,” or guests who work from your vacation rental, are sure to appreciate a nice space to get their work done. You can create a work setup pretty easily with either a desk or a table (make sure it’s totally flat and doesn’t wobble!). The ideal location is near a window and plenty of outlets. You can use an extension cord and power strip if needed. Of course, you’ll want to be sure to have a stable WiFi connection for your guests, whether they’re planning to work from the property or not.

Design the ideal work setup in your vacation rental

A flat surface to work on paired with a height-adjustable ergonomic chair is sure to earn you some great reviews. Bonus points if you have a plant, creative wall art, and a bucket of complimentary office supplies nearby as well. Those who plan to work from your vacation rental will be happy to shell out a few extra dollars per day if it means they’ll have a better work setup than your competition is offering.

5. Optimize the Bedroom for a Good Night’s Sleep

A good night’s sleep is essential to a great stay at a vacation rental property, and guests are often willing to pay extra for a more luxurious bedroom that provides a relaxing atmosphere. Invest in a high-quality mattress, new pillows, crisp sheets, and soft blankets. Add nightstands and lamps near the bed for late-night reading, and the room is complete.

6. Add an Extra Place to Sleep

By increasing the maximum capacity of your vacation rental property, you also increase the value of your vacation rental property! Adding another place to sleep is simple: You could consider a pull-out couch, a trundle bed, or a set of bunk beds in one of the bedrooms.

A blow-up mattress is another way to provide extra sleeping arrangements. With additional places to sleep, larger families and groups will be able to consider your rental property as their vacation destination.

7. Transform the Bathroom into an Oasis

With a vacation rental bathroom, you have a huge opportunity to increase the value of your property. Replace your showerhead with one that has adjustable pressure, and make sure the bathroom is fully stocked with towels and toiletries.

Depending on your budget, you could truly transform the bathroom into an oasis by choosing a soothing color palette, flattering lighting, and accent tile on the floor or in the shower. A heated floor is an especially luxurious touch.

Transform the vacation rental property bathroom into an oasis

Another nice addition to the bathroom that can increase your vacation rental’s daily value is the gift of wine, candles, and a bubble bath for each guest to enjoy. This is especially nice if your rental caters to couples.

8. Upgrade the Kitchen

Upgrade the Vacation Rental Kitchen to increase value

A couple of small changes that will leave your kitchen looking fresh and new are painting the cupboards and updating the hardware. If there’s room in your budget, granite countertops are an impressive and beautiful, yet durable and heat-resistant choice.

You could also purchase some small novelty appliances like an air fryer, electric wine bottle opener, and small wine fridge for your guests to use. Showcasing these features in your listing can enable you to increase your daily rate.9.

9. Make your Vacation Rental Smarter

Incorporating smart home technology into your vacation rental is an effective way of increasing its value to guests. If you don’t have one already, a smart lock is a great addition to your vacation rental property because it enables self-check-in system and check-out for your guests. Plus, it’s much more convenient than passing off a physical key and hoping the guests don’t misplace it during their stay!

Other smart technology to consider includes a smart thermostat, home security system, and automated lights with sensors and dimmers. A smart thermostat enables you (and your guests, if you wish) to control the temperature of the vacation rental with a smartphone.

With a smart security system comes peace of mind, and automated lights can even help you save on your electric bill. Be sure to mention all of your vacation rental’s smart features in your listing.

10. Provide Extra Amenities for Entertainment

You might assume that most guests will only be at your vacation rental to sleep while their days are filled with fun activities in the area. This isn’t always the case! When considering guest amenities, imagine that your property is your guests’ ultimate destination.

Streaming services, DVDs, books, gaming consoles, puzzles, and board games are sure to appeal to guests, especially families. Outdoor games like cornhole, as well as frisbees and footballs, are sure to be a big hit.

11. Pay Attention to the Outdoors

Pay attention to the outdoors

An outdoor seating area adds tons of value for guests and can be adjusted to fit your budget. If you don’t have much to spend, a plastic table and set of chairs are better than no seating area at all. A large umbrella to provide shade is also valuable to ensure your guests can enjoy the outdoors while being shielded from the sun’s glare.

Adding a fire pit can be an easy DIY project, or you could purchase one that meshes well with your landscaping. Either way, guests will be excited to sit around the fire and enjoy one another’s company. Be sure to add some lighting outdoors so guests can sit outside at night without being stuck in the dark. Other amenities that are sure to add value include a deck or patio and a hot tub.

Wrapping Up: Little Gestures Can Go a Long Way

If you increase the value of your vacation rental property it doesn’t mean you only increase the rate. It means you’re raising the stake of your property by improving every sector both physical improvements and enhancing guest experiences.

As we discussed in this by investing in curb appeal, interior comfort, upgrading bathroom and kitchen, and amenities, you create a property that stands out in a competitive market and commands higher rates.

Main Takeaways

These small changes can increase the value of your vacation rental property:

  • Improve curb appeal with paint, lawn maintenance, and simple landscaping.
  • Choose decor that gives your vacation rental property a cohesive design scheme.
  • Create an accent wall to leave a lasting impression.
  • Design the ideal work setup for guests who plan to work remotely from your rental.
  • Optimize the atmosphere in the bedroom to encourage a good night’s sleep.
  • Add extra places to sleep with bunk beds, a trundle bed, or a pull-out sofa.
  • Make the bathroom into an oasis and keep it fully stocked with toiletries.
  • Upgrade the kitchen with paint, tile, or fun appliances for guests to cook with.
  • Invest in smart technology for your vacation rental property.
  • Provide extra entertainment amenities, especially if you want your rental to appeal to families.
  • Set up an outdoor area perfect for conversation and enjoying time together.
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