I’m considering renovating my flooring from some old and scratched wood tile to a more durable and visually appealing hardwood. I’m curious how much similar renovations have allowed you to increase your nightly rate and keep about the same rate of booking.
@CatskillsGrrl actually added a whole new bedroom and found that with AirBNB’s downward pricing pressure, she hasn’t been able to increase her prices as much as she had expected.
Even if you can not increase your price dramatically, refreshing your space might make you more competitive. Depends on your market of course.
I added an entire bathroom and private entrance and gained zero pricing power. However I was able to double the number of bookings. It made what was going on in my life way less important and I discovered tons of guests don’t want to live like a local and chat with you, they want their privacy and late arrivals.
It also increased my ratings because new = clean in many minds. If your floor is scratched it probably looks dirty.
I think a lot depends on where you are, your target market, your competition. I’d say renovate for your own pleasure not because you can up the price. I would guess that flooring is fairly low on most guests list of “must haves.”
My weekend prices are up, although not significantly so. I made more last year than years before, true, but if I had added on a 60K addition solely for the additional rental income I would have been sorely disappointed.
I credit my increased business and bookings partly on the addition, yes, but also Beyond Pricing and listing’s increased unique appeal.