How To Increase Your Rental Income in 2022

Dated: December 14 2021

Views: 59

How to Increase Your Rental Income This Year

1. Take Better Photos

 

The photos of your property are the MOST important part of your listing. Potential guests will look at many different properties before choosing where to book, so you want to leave a strong visual impression. It is recommended to use a professional photographer and stage the property beforehand. Here's another tip: According to VRBO, users generally stop browsing after the seventh photo, so put the most memorable photos in the first seven slots.  

2. Create an Experience

Don't simply host a rental. Get creative and think of ways you can make your guests' stay more comfortable, convenient, and fun. Here are a few ideas:

 

- Provide beach gear (boogie boards, towels, toys, sunscreen, etc.)
- Welcome guests with a basket of snacks
- Choose a fun theme and plan your decor around it
- Equip your TVs with a way to watch Netflix, Hulu, etc.

3. Have a Plan for the Off-Season

Research what seasonal events, festivals, and attractions there are in the area that are likely to bring in guests. You'll also want to think about hosting 30-to-90-day rentals, and marketing your place towards people who want to rent for that length of time.

 

Another great way to make the most of the off-season is to use this time to make improvements to your property. Renovations, proactive maintenance, and decor/furniture updates can significantly boost the value of your rental and allow you to set higher nightly rates.

 

 

4. Constantly Optimize Your Pricing


You should be assessing your rates at least once a week. Look up comparable properties to observe their pricing and availability. If the demand is there, increase rates on the weekends and lower them on weekdays. Know which local events, attractions, and holidays will allow you to charge a premium rate. You'll also want to pay close attention to the commissions and fees charged by the differing booking sites you use.

 

 

5. Minimize Damages 

There are a lot of ways to do this. Number one is to always charge a deposit. You want to host guests who have respect for your home. A renter who has a problem with paying a refundable deposit is likely not someone you want staying in your place.

 

Inspect your property frequently to detect issues before they arise. Pick stain-resistant furniture. Put fabric covers on your couches and chairs. Store breakable items out of reach of children. Include a strict no partying policy in your rental agreement. Vet potential renters by reading other hosts' reviews. It is inevitable that things will break and messes will be made, but doing all of the above helps to keep those accidents in check, and to make sure you're covered when they do happen.

Blog author image

Connect Coastal Vacation Rentals and Sales

Connect Coastal Vacation Rentals & Sales is a real estate and property management company locally-owned and operated in beautiful Galveston, Texas. Our office sits right at the heart of the Island: di....

Latest Blog Posts

How To Increase Your Rental Income in 2022

How to Increase Your Rental Income This Year1. Take Better Photos The photos of your property are the MOST important part of your listing. Potential guests will look at many different

Read More

New Development near Magnolia & Todd Mission - An example of opportunity

The growth continues.  This is a new article outlining broadly a new development in the far Northwest of the Houston marketplace. The developments continue toward college Station, closing

Read More

Trends in Real Estate - The seasonality of Houston Single Family Home Transactions - Nov2021

The seasonality of single family home transactions is visible when you look at the data.  I find it easier to produce a picture of that data.Generally, every year follows the same pattern.;

Read More

TIPS TO LIGHT YOUR HOME

Lighting is such a crucial aspect of your home and can affect the ambiance, energy, and vibe in each room. However, sifting through the various styles, bulbs, and placement options can feel

Read More