New York City Airbnb Owners Find Value in Apartment Renovations
New York -- New York City boasts almost 50,000 Airbnb homes, apartments, and rooms. It can be difficult to stand out among the many options potential guests have to choose from. With new regulations soon applying, keeping a rental up-to-date is extremely important. Smart vacation rental owners looking to increase their Airbnb’s nightly value, stay within districts regulations, and make it to the top search results are turning to renovations with experienced contractors like MyHome Design + Remodeling.
Airbnb as a company is growing by 45% year to year and there is every reason to stay “in the know” and at the forefront of this booming industry. An average of 2 million people are staying in Airbnbs every night and every one of them is looking for a one-of-a-kind experience. As more and more people follow the trend towards home lending, and this trend is not going anywhere anytime soon, it will be essential to maintain the most welcoming home environment.
Two of the first rooms guests inspect upon checking in to a rental are the bathroom and the kitchen. The most basic of bathrooms can really stand out with a state-of-the-art shower head, add in a really bold colorful tile flooring and you’re set for success.
“We create simple solutions like upgrading fixtures and flooring in your rental without the stress.” said Yoel Piotraut, MyHome managing partner. When asked what are the common stressors for a remodeling project, he advised, “Choose a contractor that has a reputation for staying on budget and on time. And don’t overlook the importance of good reviews.”
Airbnbs in New York City can cost as little as $20 a night to well over a thousand dollars. Even at the top of that price range, there’s competition. Purchasing those new countertops and a stainless steel refrigerator when upgrading your kitchen will be well worth the cost if it helps you achieve certified SuperHost status. Taking on a renovation project is not for the faint of heart, but can bring a great return on investment with all the new potential income these upgrades create. Renters will be able to increase rates to compete with the other Airbnb plus rentals in NYC and become more profitable in the long run.
It’s important to file all applicable permits and follow the laws of your county or city when renting out a space. Following these rules might seem like many hoops to jump through, but it ensures your status as a good neighbor and citizen. A few quick facts to recognize before beginning the remodeling process:
- It is prohibited for New Yorkers who reside in buildings with three or more residential units to share or rent out their apartments for less than 30 days unless they are present during the stay.
- Also, within rent-stabilized complexes, there are rules dictating if residents can legally ask for money via sites like Airbnb.
- Co-ops do not allow any short-term leases or lending.
- Condominiums cannot prohibit leasing, but some bylaws will require a minimum and a maximum lease term and also might also have rules against lending out your space as a vacation rental.
When taking on a renovation project in New York City, a common obstacle that catches owners off guard are the various lengthy approvals needed before a project can commence. This is no different with renovating a space to rent to others.
“With the exception of private houses and some small brownstone buildings, the first step is to get your renovation project reviewed and approved by the building’s owner’s association” said Piotraut. This process is usually overseen by the buildings management company and they present the information to the board as a packet once all of the required documentation is collected.
On average, most project approvals take between 2-4 weeks once the board receives the package and assuming no permits are required. If permits are required, final approval is issued after permits are obtained. If this all seems overwhelming and you’re planning a renovation in NYC, MyHome can take care of the entire permitting process.
A minor renovation of your kitchen can create stunning photos for a Airbnb profile. The more visually appealing apartment photos are, the higher the Airbnb algorithm will place it in the NYC search results. This ultimately means many more potential guests will view a listing.
The remodeling consultants at MyHome are experts in kitchen upgrades. From small details like beautiful cabinet hardware to large improvements like energy-efficient appliances, their remodeling consultants provide Instagram-worthy designs. The return on investment for kitchen remodeling is nothing to be ignored. On average, owners that remodel their kitchen see a little more than 80% recoup from potential buyers.
For more information, visit www.myhomeus.com.