Top Tips on Choosing a Property for the Airbnb Market
Thinking about joining the Airbnb property market? According to a 2020 survey by Vanquis Bank, a property rented for only one day a week could still bring in £4056 a year.
But do you know what to look for when choosing a property for the Airbnb market? We can help with that. As part of Qrter, Air360 has over 50 years’ experience in the hospitality sector, so we’ve learned a thing or two about how to choose the best Airbnb property.
Four key things to consider when purchasing a property for Airbnb rental:
1. Check that the lease agreement will allow short-term renting: you will be able to find information about this in your head lease. Remember, many managed buildings have a "no short term letting" clause so this is an important one to look out for. In buildings with multiple flat owners, having a chat with the other owners before following this route is a good choice, so that they will not raise an issue further down the line once you have invested time and money into your project. Buying a self-contained property usually means these issues are avoided.
2. Don't select a flat in a managed building where only one specially-issued fob can be provided. Airbnb property management companies like Air360 require three sets of keys in case of damage or loss of keys. If there’s only one fob and it’s lost by guests, it could mean a significant loss of revenue while the apartment sits empty until a replacement fob is sourced – not to mention bad reviews and general inconvenience!
3. Choose a property with a light and open living space – ideally one big even for a sofa bed to be extended. This means you can welcome more guests and charge a little more per night. It also means your property will be attractive to a wider range of potential visitors.
4. Make sure to ask questions about the plumbing in the building. If the bathroom is operated using something non-standard like a macerator toilet and regular plumbing cannot be fitted, this can cause issues further down the line. Guests usually have more issues with systems they’re unfamiliar with, which can lead to high call-out fees to fix problems – and bad reviews.
Four key property features that are popular with guests and add rental value:
1. Parking and transport: If possible, pick a property with parking. It’s a great draw for guests travelling within the UK. If you can't find a property with a parking space or free on-street parking, prioritise properties that are near transport hubs like train or bus stations.
2. Outdoor space: Guests love to book properties with balconies, patios, gardens or terraces. These also look great in photographs – especially if they catch the sun in summer.
3. Unique features: Many guests choose Airbnb because they are looking for a more interesting experience than a generic chain hotel. Therefore, properties with interesting features are some of the most popular. Are there period features such as tiled fireplaces or ornate decorations? Wooden beams on the ceilings? What about floor-to-ceiling windows? Look for something that makes the property stand out from the rest.
4. Views: One of the benefits of an Airbnb over a hotel is that guests have access to a larger space where they can spend more time. If there’s a view to look at, even better! Properties with views over local landmarks, large open spaces or even a beautiful garden will attract more guests.