Short Stay Apartments: Pro Tips for Hosts’ Success

Nothing can be more exciting and fun than having a brief vacation. That’s why individuals, friends, and families plan to book their next homes for short-term rent. They are looking to escape the city’s hustle and bustle and have a relaxing ‘staycation.’

Meanwhile, what does this mean for landlords or property owners? It’s time to conduct a comprehensive market analysis for your short-term rentals. Then, you can spruce up your brief-stay apartments, welcome potential tenants, and earn some business profits.

Looking to rent out your short-stay apartments? This page shares some professional tips for every host. Continue reading to learn what it takes to succeed in your short term lease apartment or real estate business.

Top Tips for a Successful Short-term Rental of Your Apartments

The real estate industry in general is thriving, and so is the short-term rental segment. Take it from the Grand View Research report:

The global short-term vacation rental market is projected to grow from $109.76 billion in 2022 to 256.31 billion by 2030. It’s forecasted to expand at a compound annual growth rate (CAGR) of 11.2%.

Many entrepreneurs invest in real estate, even those with little or no money. Then, they rent out their properties, whether a studio-type apartment, studio 2 beds, or studio 3 beds leases on short term. Meanwhile, most of the clients or tenants opt for a short-term apartment for rent. They do so without a lengthy commitment just for a brief relaxing vacation.

But as a property manager, you should be wise and strategic in your approach. Consider various aspects of your rental business, from marketing and advertising to finance and legalities. More importantly, stay on top of these to maintain your properties, attract qualified tenants, and boost your profits.

Don’t worry—This page covers key areas to consider for your rental business. That said, here are pro tips for every host to ensure real estate success:

1. Marketing and Advertising

If you own some apartments for rent, you’ve got to invest in marketing and advertising. Marketing entails reaching out to prospective tenants and engaging with regular clients. Meanwhile, advertising involves promoting your properties, including the short-term units with amenities and services offered. 

You don’t expect clients to visit your place and rent for two weeks or two months. You’ve got to promote your properties and sell what you have to offer. That said, here are a few recommendations for every host:

Start with property listings online.

List your apartments on short-term rental websites, such as Airbnb, VRBO, and Booking.com. However, optimize your listings with relevant keywords, attractive photos, and compelling property descriptions for search engine optimization (SEO) purposes. That guarantees your online visibility and website traffic.

Create a business website.

This site serves as the online representation of your rental business. As such, show actual photos and videos of your apartments. Disclose your location, market your offers, and highlight your amenities, such as bedroom balcony and many others. It won’t hurt to take online space for promoting your rental business. 

Leverage social media.

Anthony Martin, Founder and CEO of Choice Mutual, suggests harnessing the power of social media for marketing and advertising. “These channels are where people live and breathe. Publish positive rental reviews and post apartment pictures on social media. Then, make sure to engage with potential clients.”

Employ digital marketing.

Digital marketing has become all the rage these days, and this applies to the real estate industry. Implement SEO and pay-per-click (PPC) advertising for your online visibility and website traffic. Likewise, perform email, content, and social media marketing for real estate promotion and client engagement.

Invest in professional photography.

Photos are the closest things people can get to your short-term rental apartments online. These images have the power to attract and entice potential clients. As a means to an end, these photos can go as far as skyrocketing your occupancy rate.

2. Cleanliness and Maintenance

Rental properties require regular upkeep to maintain their aesthetic appeal and structural integrity. Not only should you keep them clean and tidy, but you should also inspect and maintain your apartments long-term. 

Spotless apartments attract potential clients while well-maintained properties make these tenants stay for good. That said, here are a few suggestions for every host:

Set strict cleaning protocols in place in your dog-cat-friendly apartment

As a property owner, you should make cleanliness a top priority. If possible, hire a cleaning staff responsible for keeping your properties spick and span regularly. Likewise, set house rules for guests as well, especially if you offer dog-cat-friendly units. 

Require regular maintenance on site

Ryan Zomorodi, Co-Founder and COO of Real Estate Skills, recommends regular upkeep of rental properties. “Inspect and maintain your apartments before and after the short-term stay. You want to ensure your apartments are in top shape and working conditions. You want to promote the overall well-being of your would-be tenants.”

Perform repair and replacement, such as your unit washer dryer or walk-in closets

In line with regular maintenance, take two crucial steps. First, fix damaged parts or properties as soon as possible. You don’t want them to escalate to major issues which can be costly and time-consuming. Second, consider replacing them altogether. However, you’d only do this if this move is more cost-effective than simply repairing them. 

Consider property upgrades

The real estate trends are ever-changing, and this applies to rental properties. As a host, you want to keep up with these trends for your clients’ benefits. As such, consider upgrading your rental apartments, that is if your budget allows. Why not? The ROI you’ll earn will be worth the money you spent on upgrades.

Invest in quality furnishings

When doing so, strike a balance between quality and affordability. Consider purchasing and installing furniture, curtains, carpets, and decorations, especially if you offer fully furnished short-term units. Quality furnishings are cost-effective which last longer than usual.

3. Aesthetics and Amenities

The aesthetic appeal should be on top of mind when promoting rental properties. Of course, it draws potential clients to your apartments and keeps them coming back. But while at it, offer amenities that most guests need for term apartments for rent. 

While your properties’ aesthetic appeal attracts potential tenants, your amenities will keep them coming back. That said, here’s what to consider for your next home rental business:

• Ensure proper branding. The vacation rental market has been booming; however, the competition has become stiffer than ever. As such, you must identify your unique selling points (USP) that sets you apart from other competitors. Your USP will make your properties stand out and make a difference in your real estate success. 

• Have an immaculate presentation. Your rental properties don’t have to be over the top, with simple furnishings and stainless steel appliances. More than just being aesthetically appealing, they should be spotlessly clean and well-maintained. After all, most people look for a place to stay and relax for a short-term rental vacation.

• Focus on interior designs. When it comes to interior design ideas for Airbnb, there are many possibilities. But as mentioned, identify your brand and USP to create a design theme for your rental properties. Would you like a contemporary, traditional,  industrial, mediterranean, eclectic, or nature design theme for your properties?

• Invest in vital amenities. For example, your clients might need high-speed internet, a walk-in closet, a unit washer-dryer, and cookware for convenient living. Likewise, utilize energy-efficient tools, fixtures, and appliances for cost savings. Then, you can use a real estate calculator to check your property value and price accordingly.

• Balance between aesthetics and functionality. Aesthetics is what draws potential tenants to your rental properties. They’d love an IG-worthy place to stay for a few days or so. However, what you have to offer is what will make them stay. Who knows? They’ll keep coming back due to the ease, convenience, and comfort your apartments bring.

4. Customer Service and Property Management

Solid marketing and aesthetic appeal can make a difference in your rental apartment business. But nothing beats the actual experience of the guests during their stay. 

Customer service is how you take good care of your tenants or clients during their stay. Property management goes beyond this. It includes apartment upkeep, property marketing, tenant screening, and rental collection. 

That said, deliver exceptional customer service and robust property management. How do you ensure these? Here’s how:

• Offer 24/7 customer support. It’s best to have a staff on shifting schedules to assist your clients round the clock. However, you must ensure prompt communication and action for top-tier client support. Your team should be ready to serve your guests all the time!

• Personalize the guest experience. If you employ a staff responsible for dealing with your clients, consider training them in customer service. What better way to boost your service than to customize their experience? Some examples include giving handwritten welcome notes, offering local tips, and providing unique tokens.

• Stay on top of tenant issues. No matter how your staff takes good care of your clients or tenants, things can inevitably happen. Chances are, they lost their items, got into fights with other tenants, or encountered broken pipes. Your staff should always be prepared and ready to handle such circumstances. Needless to say, train them!

• Ensure safety and security. Start by ensuring your clients will stay in a friendly neighborhood close to public markets, a fitness center, and commercial establishments. Consider installing CCTV cameras, smoke detectors, fire extinguishers, and first aid kits, among others. Lastly, clearly communicate emergency procedures. You want to ensure your tenants have a safe stay in your rental apartments. 

• Hire a property manager. Jim Pendergast, Senior Vice President at altLINE Sobanco, highlights the importance of property management. “This is especially true if you have multiple units. A property manager can stay on top of almost everything, from maintaining your apartments to attracting clients to managing your finances.However, ensure you hire a highly reliable and competent one”

5. Finances and Legalities

Your rental business’s financial and legal aspects are crucial to your real estate success. When it comes to finances, there’s a need to maintain your cashflow. This means spending less than you earn on your rental properties. 

Meanwhile, you should follow the laws and regulations required for running your rental business. Otherwise, you might face legal consequences and financial losses if you fail to comply with these.

As such, learn how to manage your finances and submit legal requirements, whether you rent out a studio with a commitment find a short with two beds or a studio 3 beds. Take note of the following:

• Provide competitive pricing. Set the rates of your rental apartment based on your location, property value, and other crucial factors. The key here is to ensure they are not too affordable and not too costly. You can also offer flexible rates like discounts for longer stays. Ultimately, you must ensure transparent fees and fair transactions. 

• Offer easy payment processing. Most people usually book online for accommodation, whether for hotels, airBnBs, or condo units. For your short-term apartments, you want to offer several payment options and an easy processing scheme. That way, you won’t have clients bouncing off and leaving your page without making a successful booking.

• Manage your business cash flow. When doing so for your rental properties, strike a balance between your income and expenses. The goal is to earn more than you spend on your properties. Otherwise, you’d have to consider getting a homeowner loan for expenditures like apartment renovations and remodeling projects.

• Ensure legal and regulatory compliance. Mark Pierce, CEO of LLC Attorney, advised understanding the legalities required for a rental business. “It’s best to consult legal experts about business permits, building codes, and tax obligations. More importantly, you must comply with state laws and local regulations to avoid legal ramifications and financial losses.”

• Stay on top of tax and Insurance. Rental property owners are responsible for paying real estate taxes. Make sure you file, report, and pay your tax obligations on time to avoid legal implications and hefty fines. Meanwhile, it’s best to get business insurance for your rental apartments. That will protect you from financial losses and legal liabilities should there be unforeseen circumstances.

Final Words

The short-term vacation rental market is booming. As a property owner, you should capitalize on this market growth to boost your profits. But as a host, you should do what it takes to succeed in your short-term rentals.

Consider the pro tips above for marketing, maintenance, aesthetics, customer service, and finances. Stay on top of all these areas to attract more clients, improve their experience, and satisfy them completely.

With all these tips, your next home or short-stay apartment will be poised for real estate success!