You don’t need a million dollar property to make over $100k per year as a short term rental in the Twin Cities. This blog takes a look at the properties in the Twin Cities market that are killing it in the short term rental space. Spoiler alert: They’re not all 7 bed mansions.
Yes admittedly the best performing property in the Twin Cities is a 7 bed mansion, but the majority are not. They just have something different about them that makes them stand out, whether through design or amenities.
I’ve analyzed 100’s of short term rentals in the Twin Cities to bring you my top tips for how to make over $100k per year on a short term rental.
As the old saying goes “location, location, location”. And while it’s somewhat true, location isn’t the most important factor in whether a short term rental will reach the $100k mark. The top performing short term rental in the Twin Cities by revenue according to AirDNA is located in Plymouth. Not exactly the top neighborhood that springs to mind when you think of what might be a great short term rental or vacation area.
In short term rentals, on the whole, yes size matters. But again, it depends. While the majority of the time a 4 bed will probably make more money than a 2 or 3 bed, there are still smaller properties out there outperforming the larger properties.
Take this 1 bed 1 bath bungalow in Linden Hills as a great example of this. The owner has done an amazing job of the interior design of this tiny but immaculate property. It’s the perfect bolt hole for a couple to get away from it right in the heart of the city. Proof that sometimes the best things come in the smallest of packages.
Yes! Absolutely! If there’s one thing i’ve noticed about the top performing short term rentals in the Twin Cities, it’s that they have the best and most unique amenities. And that doesn’t mean that slapping in a foosball table ticks that box. There needs to be thought that goes into the amenities to plan a memorable and unique stay.
Adding amenities to an otherwise average property can really take it from just ok to doing over $100k per year.
Here are my top tips for the best amenities to include in short term rentals in the Twin Cities:
From hot tubs, to putting greens, outdoor TVs and firepits. Having a well designed and amenity laden backyard will go a long way to ensuring the success of your short term rental in the Twin Cities. This property has done a great job of adding a putting green. And this property has gone all out with every amenity you can think of, and added mural art to the walls.
Another great way of making your property stand out, is by adding a games room. And even better, by theming the games room. This property has done a great job of creating a 90’s themed games room that stands out from the crowd.
Our very own listing The Blais also falls into the category of $100k+ per year. And one way we achieved it, was by adding a prohibition style speakeasy and themed games room in the basement. It’s not a huge space, so we added a foosball table, card table, darts and photo booth. In the speakeasy room there’s a bar and antique velvet chairs to lounge.
In summary, you can make money in pretty much any neighborhood, with any size home. It’s about how you set it up, how you decorate it, how you brand it, what amenities you put in, and then how you service the guest afterwards. The examples here in this blog are at the top of their game in terms of design, amenities and service. If you want a property that makes over $100k per year but don’t have the money to buy a 7 bed mansion, then consider following some of these tips.
If you would like help finding and creating a $100k+ short term rental in the Twin Cities, set up a call with us, we’d love to help.
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You don't need a million dollar property to make over $100k per year as a short term rental in the Twin Cities. This blog takes a look at the properties in the Twin Cities market that are killing it in the short term rental space. Spoiler alert: They're not all 7 bed mansions.
Yes admittedly the best performing property in the Twin Cities is a 7 bed mansion, but the majority are not. They just have something different about them that makes them stand out, whether through design or amenities.
I've analyzed 100's of short term rentals in the Twin Cities to bring you my top tips for how to make over $100k per year on a short term rental.
As the old saying goes "location, location, location". And while it's somewhat true, location isn't the most important factor in whether a short term rental will reach the $100k mark. The top performing short term rental in the Twin Cities by revenue according to AirDNA is located in Plymouth. Not exactly the top neighborhood that springs to mind when you think of what might be a great short term rental or vacation area.
In short term rentals, on the whole, yes size matters. But again, it depends. While the majority of the time a 4 bed will probably make more money than a 2 or 3 bed, there are still smaller properties out there outperforming the larger properties.
Take this 1 bed 1 bath bungalow in Linden Hills as a great example of this. The owner has done an amazing job of the interior design of this tiny but immaculate property. It's the perfect bolt hole for a couple to get away from it right in the heart of the city. Proof that sometimes the best things come in the smallest of packages.
[gallery link="file" size="medium" ids="198914,198915,198916"]
Yes! Absolutely! If there's one thing i've noticed about the top performing short term rentals in the Twin Cities, it's that they have the best and most unique amenities. And that doesn't mean that slapping in a foosball table ticks that box. There needs to be thought that goes into the amenities to plan a memorable and unique stay.
Adding amenities to an otherwise average property can really take it from just ok to doing over $100k per year.
Here are my top tips for the best amenities to include in short term rentals in the Twin Cities:
From hot tubs, to putting greens, outdoor TVs and firepits. Having a well designed and amenity laden backyard will go a long way to ensuring the success of your short term rental in the Twin Cities. This property has done a great job of adding a putting green. And this property has gone all out with every amenity you can think of, and added mural art to the walls.
Another great way of making your property stand out, is by adding a games room. And even better, by theming the games room. This property has done a great job of creating a 90's themed games room that stands out from the crowd.
Our very own listing The Blais also falls into the category of $100k+ per year. And one way we achieved it, was by adding a prohibition style speakeasy and themed games room in the basement. It's not a huge space, so we added a foosball table, card table, darts and photo booth. In the speakeasy room there's a bar and antique velvet chairs to lounge.
[gallery size="medium" link="file" ids="198918,198919,198924,198922,198923,198925"]
In summary, you can make money in pretty much any neighborhood, with any size home. It’s about how you set it up, how you decorate it, how you brand it, what amenities you put in, and then how you service the guest afterwards. The examples here in this blog are at the top of their game in terms of design, amenities and service. If you want a property that makes over $100k per year but don't have the money to buy a 7 bed mansion, then consider following some of these tips.
If you would like help finding and creating a $100k+ short term rental in the Twin Cities, set up a call with us, we'd love to help.