About two decades ago checking into a hotel was the only option that people had when going on a holiday (especially overseas). There is nothing wrong with hotels except that they make holidays quite expensive. For this reason, few people went on holidays and those who did would go on fewer overseas holidays.
However, Airbnb opened up, taking the hospitality industry by storm and more people started getting accustomed to the idea of a short-term rental. While this also made holidays more affordable to most, it also gave those who previously stayed in hotels the opportunity to experience the authenticity of the place they visit by living among the locals, like a local. And in a weird twist of fate, people actually liked it.
In all honesty, there is nothing traditional about the properties being listed on Airbnb these days. While it started as a cool way to make some extra cash off that extra room in your house, it's no longer the same. Judging by the listings on the site, it looks like the tables have turned and people are freeing space to list on Airbnb, from treehouses to luxury tents. Airbnb has long passed the days of air mattresses and single-room properties.
So, the short answer for that is, as long as the building rules allow it and you have a set of house rules that don’t allow your guests to disturb your neighbors, you are good to go. If you are a newbie in the vacation rental business, check out the steps to starting an Airbnb.
Just like listing any other vacation rental on Airbnb, considerable thought must be given to the key pointers listed below:
Building rules are high, up on the list since you’ll be breaking a rule by renting it if your building doesn’t allow it, you will find yourself on the lookout for a different property as going against could get you in trouble and can have you out in the market looking for a different property anyway.
Apartments are ideal for people traveling in small groups, perhaps a family of 5-7 people. This group is too small to have an entire house to themselves, but if they opt for a hotel, they’ll have to go for about two to three hotel rooms, increasing the cost of their trip so apartments make sense for them.
Business travelers are another group to target. Business travelers need properties for long periods ranging from a couple of weeks to a few months in one go. It would help them cost-wise to have most of their meals, so an apartment with a fully functioning kitchen goes a long way. They'd also like to entertain occasionally, making apartments the ideal stay for them.
If you are targeting the first group it helps to be located around theme parks and shopping malls where there is something for every member of the family having a historic site in the neighborhood and indicating its distance from your vacation rental in your description could really boost things for you location-wise as well.
The second group would prefer central locations close to their place of work, so being located around business hubs and office spaces mostly occupied by foreign companies will help. You could even charge a premium based on your proximity, given that you have the amenities to match it.
Amenities can make or break an Airbnb listing. Make sure all the amenities you have listed in your description are available and fully functioning. If you find quite a few guests requesting or inquiring about an amenity, consider including it on your property or find a roundabout way of providing the service. For example, if you think a washer and dryer are too expensive to maintain, consider introducing clients to a local laundry and dry-cleaning service that won’t charge an arm and a leg for it.
You have the option of listing your properties as a multi-unit on Airbnb, if you have multiple apartments in the same building that:
Meaning you can list all your properties as one property and the booking engine will not show you as fully booked until all properties are booked at the same time.
For example, if you have five properties and only three of them are booked for the weekend, Airbnb will not say your property has been fully booked until you have all five properties booked for that weekend. So, with less effort you’ll have more listings, hence make more money. To find out more about multi-listings read our blog article on the same.
Once you have the location and target audience figured out, come up with a description for your holiday rental with a list of your amenities. If you are looking to target business travelers, here’s a blog post that can point you in the right direction.
A description is incomplete without pictures to prove it for a full guide on vacation rental photography check out this blog post.
Finally, if you find yourself stumbling on how to price your property, you can opt to use Airbnb’s smart pricing tool or check out our pricing partners who will help you with all your pricing-related problems including dynamic and seasonal pricing.
It seems like Airbnb has a flavor of experience for every appetite for adventure there can be, and serviced apartments are one of the more underrated listings.
Since an apartment is a tailor-made solution for holidaying families and business travelers alike, more people look for it as a more sensible and cost-effective option given the circumstances. If you have multiple apartments and are having trouble, managing them talk to us and we’ll help you out. Request a demo and witness how we help property managers around the world with their vacation rentals.