Boost Airbnb Profitability

How to Increase Airbnb Revenue in 5 Unexpected Ways

Running an Airbnb can be a great investment to start generating passive income. Depending on your location, however, you may not be getting the biggest bang for your buck. To help, we’ve compiled some outside-of-the-box ideas that you can take advantage of to increase your Airbnb revenue in the new year.

by TurnoverBnB

Is Airbnb Hosting Still Profitable in 2022?

Despite the unexpected nature of the current pandemic, Airbnb hosting is still a very lucrative business.

One prominent trend jump-started by the pandemic is the increased popularity of remote working. With fewer restrictions on where people have to work, Airbnb has reportedly seen an uptick in rentals as people make use of this newfound freedom.

According to Airbnb’s third-quarter earnings call, longer-term rentals, which are stays lasting longer than 28 days, now make up as much as 20% of bookings. Longer stays are typically more desirable for hosts as they mean fewer vacancies and less turnover between guests.

Due to a combination of these factors, Airbnb saw record-breaking levels of revenue in 2021, which is a direct representation of the success that Airbnb hosts are having. In fact, some hosts earn six figures a year by renting out their homes.

What Increases an Airbnb’s Value?

The value of an Airbnb listing comes from a variety of factors. Ultimately, the better experience you can provide, the more you can charge and the more people will be willing to pay.

Focusing on providing the best lodging possible for your guests and working on building a strong reputation is the first step. Being able to trust a host is a big factor in whether or not a listing is booked. For this reason, having glowing reviews or a Superhost status can be a big plus to help you stand out from the crowd.

Another very important part of establishing a good reputation is having a clean and liveable Airbnb.

According to extensive research from Boston University, “Airbnb guests place more value on space, cleanliness, number of photos, handicap accessibility, family friendliness, free breakfast, location, and unique experiences.”

As guests come and go from your property, proper and thorough cleaning is needed before allowing the next guests in. TurnoverBnB is a great tool to help you provide consistent cleanliness. Our platform automates the turnover process by pairing you with a quality, professional cleaner so you can get your property ready before the next booking.

Top 5 Unexpected Ways to Increase Airbnb Revenue

Some Airbnb guests just want a clean and comfortable place to lay their heads while traveling, but some renters seek unique experiences.

It takes some creativity to optimize your listing to offer these special experiences and amenities, but doing so can greatly increase your revenue. That said, learn about our top 5 unexpected ways to increase your Airbnb revenue.

1. Rent Out Extra Space

One simple way to increase your Airbnb revenue is to make use of any extra space that you may have in your property.

Through the power of the internet and the popularity of the sharing economy, almost anything can now be listed to be rented and can serve as an easy way to earn additional income. Many different companies have popped up to make this process simple and safe.

One possibility is listing any extra closet or storage space to act as a private storage locker for someone else.

Neighbor makes this process easy by providing an easy-to-use marketplace where you can list your space and connect with anyone looking for a cheap alternative to traditional storage. They make it easy for you to do business by taking care of all the logistics, such as payment and paperwork, and even provide liability insurance to ensure that there is limited risk.

Who knew that extra closet in your house could be earning you an extra $30 a month? This is a great option for Airbnb hosts to increase their revenue, as it takes little to no effort and can be done without affecting guests’ experiences.

In addition to storage, there are other ways to utilize unused spaces you have on your property. For example, Swimply helps you to rent out your pool by the hour, and Sniffspot is a marketplace that allows you to list your yard as a private dog park.

2. Rent Out Extra Parking

Whether you have an unused lot or an open space on your property, no matter the size, there is the potential to rent out what you aren’t using and make some money from it.

One great example is CurbNTurf. They are a listing and reserving platform that allows property owners to rent out their land or parking to RV travelers. According to CurbNTurf CEO Aaron Rawlins, “the RV industry is selling a million additional RVs each year.” As demand increases, the need for parking grows as well.

With this platform, you can list any available space you have, from a single parking spot to a vacant lot. This can be a great way to essentially double your tenants — and income — overnight.

RV travelers bring their own home, and “RVs can provide their own power, water, and waste collection,” says Rawlins. However, those that offer these amenities are more enticing and can provide a greater cash flow.

Similarly, JustPark allows you to rent out an extra parking spot for cars, trucks, and SUVs. Especially if you live in a city or somewhere where parking is in short supply, renting out an extra parking space can help you to earn hundreds of dollars per month without lifting a finger.

3. Make Use of a Large Yard

If you have a larger yard, there are a multitude of ways you can use this to your advantage.

For example, if you’re able to make an initial investment, you can use your yard as a “glamping” site or build a tiny house. This gives you the potential to rent out an extra living space in addition to your short-term rental.

Another possibility is to tend to a garden. This is a great way to enhance the guest experience at your Airbnb, as you can offer fresh produce, and it is an aesthetically pleasing addition to the home. If you choose the right types of plants and produce to grow, selling the excess can prove to yield a nice profit as well.

4. Offer Add-On Services

If you live near or in one of the rooms of your Airbnb rental, you can monetize your time and add to your guests’ experiences. Offering add-on services is a great way to provide a customizable experience that can increase the rates you’re able to charge.

Services such as home-cooked meals, tours of the surrounding area, or rental of equipment like bicycles can be another way to increase the income potential from your Airbnb. These creative additions can help to increase customer satisfaction during their stay, help to gain new customers, and increase the amount you earn with each stay.

Airbnb Experiences is another great option to make use of your knowledge of the local area or to share your hobbies and passions with your guests. Offering an Airbnb Experience is convenient because it allows hosts to offer unique and interesting experiences for guests or other tourists through one centralized platform: Airbnb.

5. Become an Airbnb Consultant

Being an Airbnb host can be difficult and stressful at times, especially for those who are just starting out.

If you are an experienced renter, then you likely have valuable knowledge that would be helpful for new hosts trying to find success. This knowledge on how to successfully run an Airbnb is information that other people would likely pay money for. If this sounds up your alley, consider starting your own Airbnb consulting business.

The main role of a consultant is to provide an objective evaluation of the operations and strategies of a business and help them to improve. For Airbnb hosts, some common points of improvement revolve around the content and photos of their listing, pricing, not understanding reviews and competition, and trying to handle everything on their own.

Being a third-party observer who has experience in the game, and providing crucial insights, can help you form a profitable side business that builds out from your hosting experience.

Maximize Your Airbnb Revenue Today

When it comes down to it, it just takes some creativity and a bit of extra effort to increase your Airbnb earnings.

“More options means more opportunities. Not everyone vacations the same way, and having a versatile offering may bring more returning customers who appreciate the flexibility you provide that others don’t.”

– Aaron Rawlins, CurbNTurf CEO

We hope this list provides you with some new ideas to make extra income with your vacation rental business. That said, one of the best ways to increase your Airbnb revenue is to focus on the experience that you are offering. One of the first places to start is having consistent and quality cleaning.

TurnoverBnB makes keeping up with cleanings a breeze by managing scheduling, payments, and messaging all in one place. Download our host app today.