Edmonton Air BnBs: Everything You Need to Know About Running One
The popularity of Airbnb has shown us that many travellers want a more personalized experience than they can get by staying at more traditional hotels… and everyday people can make quite a bit of extra money by renting out their homes to travellers.
We are seeing quite a few of our current customers designing their homes with the possibility of extra income in mind.
You already know what a great place Edmonton is because you’ve chosen to make it your home, but many people love visiting Edmonton! People come to visit their relatives who live here, to see the sights, or to experience some of our fun festivals.
Whether you’re thinking about renting out a room, an apartment, or your entire house, we’ve got some tips to help you find success.
The Airbnb Basics
To become an Airbnb host, you need to agree to their terms of service and make a listing for your rental. It’s free to list, but you’ll pay the company 3 percent of the money you earn from renting your place.
Now, you do get to decide how much to charge per night, but you’ll want to set competitive pricing. It does you no good to price too high because people won’t want to rent, which your place sits empty. Browse the current listings in Edmonton to see what others are charging, then set your prices based on how your rental unit compares to others.
For instance, if you’re offering a four-bedroom house, you’ll be able to charge more than someone offering a studio apartment. However, a one-bedroom apartment in the suburbs will usually go for less than a one-bedroom apartment downtown. Take into account where your unit is located and what possible renters are looking for in terms of amenities and what they want to be close to.
Consider making use of the Airbnb Smart Pricing Tool. This tool monitors pricing and adjusts the price of your unit to fit the current market.
What Makes a Good Airbnb Host
If you have good reviews, you’ll get more people who choose your home when they come to Edmonton. So think about the little things you can do to make your place more attractive. For instance, you’ll want to be sure it’s stocked with necessities like towels, bed linens, and kitchen supplies. It’s also smart to have a few small food necessities on hand, like coffee, sugar, salt and pepper, and some condiments.
Travellers prefer homes that look and feel great, so don’t skimp when you’re furnishing your home. For instance, you should purchase quality mattresses and have decorative items that make the place feel like home. If the style of your rental unit is likely to attract families, having a portable crib or some air mattresses for the kids could be a big draw.
Perfect Sterling Homes for Airbnb
If you like the idea of earning extra money with Airbnb, think about purchasing a home that offers a great space for Airbnb clients. We think the following models have something special that attracts travellers.
The Thomas is a large, four-bedroom home. This could be a good choice for a family who travels often. You can live in the home when you need to, but can let others rent it out when you’re away.
However, if you like the idea of a bed and breakfast, where travellers are living in your space while you’re there, this is a good option. You’ll have the ensuite in your master bedroom, but there are two additional bathrooms upstairs, so your guests can have their own bathroom. Also, this model has the option of a fully separate legal suite in the basement, making it easy for you to offer it on Airbnb at all times.
The Serenity model has a flex room on the main floor that can act as a guest space to rent out, especially since the powder room has a shower. And while a finished basement in this home won’t have it’s own separate entryway or a kitchen, adding this will give travellers a bit of privacy.
The Tanner model has an option for a legal suite in the basement, with a large bedroom, full bath, kitchen area, and living room. Guests get their own space, but since you’ll be living upstairs, it’s easy for them to contact you if they need to. Alternatively, those who don’t mind renting out a private room in their home might want to consider including a spice kitchen. While people traditionally use this to cook spicy foods, it’s also a good option for allowing guests to cook their meals while you prepare something for your own family.
A finished basement in the Dawson gives guests some private space while you have your own upstairs. The basement bedroom in this layout has a walk-in closet, so it’s great for those who need to stay in the area for a few weeks. Alternatively, the Dawson is a duplex model so if you can afford it, you can purchase both sides. Your family can live on one side, and you can rent out the other side!
The Streetwise model may a bit smaller than the ones listed above but it’s also more affordable. This is a good choice for someone who’s looking for an investment property they won’t be living in. With three bedrooms, the home is likely to attract families who are travelling or larger groups of people. These people tend to be willing to pay more for a bigger space. You’ll also be able to set up a legal basement suite, so you’ll have two units that you can list on Airbnb.
Airbnb is a solid option for those who want to dip their toe into the investment property market. It’s easy to list your properties, and you can start making money right away. Talk to an Area Manager about whether or not this might be the right move for you.