So You Bought an Airbnb Property, Now What?

You can’t rent out an empty Airbnb, here are five ways to furnish it on a budget.

Airbnb has become a popular choice for travelers who want to stay in unique, comfortable, and affordable accommodations. As an Airbnb host, you can earn extra income by renting out your spare room or your entire apartment or home. It’s worked for millions of others.

According to a recent study by iPropertyManagement, an organization dedicated to educating landlords and tenants, there are over four million Airbnb hosts with over six million properties. In 2021, the average host earned about $13,000 from their rental property. That passive income can make a huge difference. While making that money during the pandemic would’ve been extremely difficult, Airbnb saw a 280 percent increase in net income in 2021.

Those millions of listings show that there is a lot of competition in the Airbnb market, and as a host, you need to make your listing stands out. One way to do that is by properly furnishing the property. Here are some steps to make that happen without breaking the bank.

Plan your budget

Before you start shopping you need to set a budget. Determine how much you’re willing to spend on each item and stick to that. You can find affordable furniture and decor at second-hand stores, garage sales, and online marketplaces like Facebook Marketplace. You can also look for discounts and coupons at furniture stores.

Prioritize the essentials

These include a comfortable bed, clean sheets, pillows, and towels. Guests will appreciate a comfortable and clean sleeping space, so invest in a quality mattress and bedding. If you’re on a tight budget, you can find affordable bedding at discount stores or online retailers.

Keep it simple

Keep the decor simple and neutral so that it appeals to a wide range of guests. Avoid bright and bold colors or patterns that may turn off guests. Go for neutral colors like beige, gray, or white, and add pops of color with accent pillows or artwork. You can also add some greenery with indoor plants, which can make the space feel more welcoming. It’s fun to add personal touches to your property, just be mindful of the fact that what you find appealing isn’t necessarily appealing to the general population. Besides, keeping it simple can help keep costs low.

Multi-purpose furniture

Another way to save money on furnishing your Airbnb is to invest in multi-purpose furniture. For example, a sofa bed can serve as both a seating area and a sleeping space. A coffee table with storage can also be used to store extra blankets, pillows, or towels. A folding table and chairs can be used for dining or as a space for guests who need to work while on vacation. Not only does this help you save money, but it also saves space which is great for a smaller Airbnb property.

Repurpose and recycle

Repurpose and recycle items you already have. You can turn an old dresser into a TV stand, or use an old trunk as a coffee table. If you have any old furniture or decor items that you no longer need and don’t think will fit your rental property, consider donating them to a local charity or selling them on a marketplace.