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77 | Pivot From the Overnight Short-Term Rental Strategy to the Niche of Hourly Location Rentals | with Ashley & Brett Nobles

Uncategorized Aug 27, 2020

 

We want you to make money in all sorts of different ways—and that can mean more than just nightly stays!

Our guests, Ashley and Bretty Nobles, are going to open our minds to the idea of location rentals.They are a husband and wife duo who, in just five years, have hosted more than 800 bookings over their short-term rental and location rental businesses. They’ve appeared on Refinery29’s “Sweet Digs” series on YouTube, and have serviced clients such as Google, Facebook, Amazon, and Netflix at their properties. They know a thing or two (or three) about successful location rentals. On top of that, this power couple offers online training to help educate their community on creating unique short-term rental spaces.

What are location rentals?

In contrast to a typical short-term rental situation, location rentals are primarily hourly, daytime rentals for film and photo production, events, or meetings. You can charge a higher hourly rate, and if you’re renting out your own personal space, you don’t have to stay overnight somewhere else.

 

How do you start booking hourly location rentals?

There are several platforms besides Airbnb that are set up specifically for these kinds of rentals. While some people on Airbnb may be asking about location rentals, that isn’t the primary reason people use the site. Being in the right place is going to get you a lot more demand and also make handling the transaction easier.

 

Can I do this in X city and be successful?

Absolutely! Location rentals can be successful in virtually any market. It just comes down to how you leverage your space. There is content being produced everywhere, so don’t underestimate what is happening in your city. Also keep in mind that you don’t need to be booked up every day of the year to make a good living off of this. The rates are often so much higher than an overnight stay, so you can make your rent or mortgage back in a single listing.

 

What can you do to accommodate location rentals in your space?

There are two ways to look at this: the inherent value of your space and how to improve the value of your space. A bigger space is going to have inherent value that plays well in the location rental space, along with natural light. But there are also plenty of things you can add to improve the value of your space such as creating a chalkboard wall for meetings or upgrading your furniture. You don’t have to buy a new property to level up your rental potential.

 

Why should I consider location rentals?

There are so many reasons you should consider incorporating hourly location rentals into your monetization plan!

  • The hourly rates are nearly comparable to a nightly stay—for far less work.
  • You can set a minimum hour range or adjust the rates based on occupancy
  • You can take advantage of hours of the day where your rental space is empty or in transition
  • You can easily rent out the space you live in without having to find a place to stay, or...
  • You can run both at the same time and seriously increase your earning potential

 

Whether you’re planning to balance your short-term rentals with hourly location rentals, or you’d like to pivot fully into the location rental space, there is so much opportunity available to you. 

 

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