Helping You Find the Right Airbnb
Airbnb from recent trip to Biddeford, Maine
When I first started C. Tucker & Co., I had an emphasis on helping people buy and then list homes as Airbnbs. I still like to do this and have a client looking right now, but I have moderated the emphasis for a few reasons. Interest rates have definitely affected the profit margins on a newly bought property. Regular rent rates are so high that often a traditional rental will bring in almost as much money as an Airbnb without the work if you are looking for a good investment property. There are also ethical considerations. We have a shortage of affordable housing throughout our country. Airbnbs are arguably one of the reasons for lessened supply for buyers looking for a home to live in and for higher long term rent rates. I have three Airbnbs and am working on a fourth so how do I justify keeping that housing stock off the market? Simply, none of my Airbnbs would be great full time homes for either renters or buyers. Here is why.
Vacation Properties are Rarely Full Time Homes for Anyone
We share a mountain home in NC that we bought with family during the pandemic. It is a gorgeous home overlooking Mt Mitchell and a golf course. Check it out HERE. But, with its remote location and steep driveway it is more of a seasonal home even for locals. The previous owner only lived there part of the year. VRBO has been around a long time and makes sense. It almost works like a time share. You get to enjoy the house however many weeks a year for your vacation. Instead of it sitting empty the other weeks, other families get to enjoy it which offsets the costs and oftentimes making it pretty much pay for itself.
Airbnbs in Cities and Towns
What about properties that are not in the mountains or at the beach? I have two properties that I Airbnb in town. One in Watkinsville (see private cottage here) and one in Athens (historic 2 bedroom here). Our Watkinsville rental is a guest house in our back yard that was purposely built for guests; whether that be family friends or Airbnb guests. Our Athens Airbnb makes a wonderful spot for guests but would not be great for a family for a few reasons I’ll outline below. Finding those homes that are less desirable for someone living there full time answers the ethical question of removing it from the housing stock.
things that matter when you’re buying a home that don’t matter as much when you are staying in an Airbnb.
Storage. Obviously you travel with way less than you own. No need for Christmas decoration storage or even a pantry full of food. Our Athens Airbnb has two small closets, empty dressers and a fridge for storage. Perfect for a weekend or even a week away but hardly sustainable to store all our day-to-day needs.
Bathrooms. Most families and even couples want more than one bathroom to juggle getting ready for work and school. Most people also want to option of a tub even if just used occasionally. Whether you stay in a hotel or an Airbnb, you typically are fine with just one bathroom that only has a shower.
Large kitchen. When vacationing in an Airbnb you are often eating most meals out. You want a place to store leftovers, cook one or two simple meals, and make coffee. A simple kitchenette will work for an Airbnb but not for a home.
Smaller bedrooms. When you are staying at an Airbnb, you are pretty much just sleeping in the bedroom, not spending tons of time. As long as there is a comfy bed with a place for your suitcase and bedside tables, you will be fine.
What kind of school district it’s in. I’ve never even considered the school district when renting an Airbnb. For anyone with kids, the school district can be a big factor when deciding where to live.
What does matter in an Airbnb?
When I’m looking to stay in an Airbnb in a town or city, I want a place that is walkable to at least a restaurant or coffee shop. Some kind of street parking is important. However, I look mostly at the Decor. I like to stay in unique, beautiful spaces. My personal favorite aesthetic is mixing vintage/antique, either in furniture or fixtures, with modern and comfortable. Here’s some of the places we have rented recently:
None of these stays were done with expensive items. I see this type of art and furniture regularly while scrolling facebook marketplace or going to Junk in the Trunk or Scott Antique Markets. The other thing I look for on Airbnb when I rent, is Superhost status and great reviews. If you want to be an Airbnb host, then you need to provide great customer service. C. Tucker & Co offers consulting services if you would like to find an Airbnb to buy or if you want to do what Airbnb was originally designed to do: rent out one space in your home or rent your home occasionally for things like graduation weekend or UGA football games. Visit our Airbnb Consultation page for more information.
I would love to know what you look for when you stay at an Airbnb!