If you've considered opening the doors to your own Airbnb, you could be on to something lucrative. Denver is a room rental hotspot and U.S. tourism destination. In fact, Colorado has seen almost 70% yearly growth in the short-term rental industry and Denver rental hosts earned $51 million in income in 2017.
But before raking in your Airbnb cash, ensure you're operating your rental according to Denver regulations. And, you'll want to optimize your listing so that you get the interest your rental deserves. If you're wondering how to set up an Airbnb, you're in the right place.
How to Set Up an Airbnb
1. Determine if Airbnb is right for you
In Colorado, only primary residences are eligible for short term rental status. This means that it is the usual place you return to for housing - Denver ordinances limit each person/family to only one primary residence. Finally, you plan to rent your primary residence for 30 consecutive days or less at a time.
2. Obtain a short-term rental license
Begin this process by obtaining a Lodger's Tax ID from the City of Denver. This will cost you $50, with a renewal fee every two years. Once you're in possession of a Lodger's Tax ID, you can apply for your Short-Term Rental business license. This will cost you $25, with a renewal fee every two years. Don't forget to bring the following when you apply:
A valid Colorado driver's license
A state-issued ID
Tax documents
Utility bills
Proof of voter registration
3. Meet operational requirements
Denver has been cracking down on Airbnb's that have been operating outside of the city's guidelines so it's important to first understand what those guidelines are. You can download copies of short-term rental rules and ordinances from DenverGov.org. Once you've determined that your home qualifies,you'll want to obtain general liability insurance and create a rental packet for your renters. Explore information on what your rental packet should include.
Tips for Making Your Airbnb Listing Stand Out
Once you've mastered how to set up an Airbnb, take the time to boost your listing's popularity so that more potential renters see and (ultimately) book it. These tips will make your Airbnb listing stand out and garner more passive income!
1. Make your home look its best with professional photography. Photos are what will sell potential renters on your home as their destination abode.
3. Paint the picture of what it's like to stay in your home by adding a complete list of amenities. Airbnb seekers often filter their rental searches by amenities offered.
2. Great reviews will boost your listing in Airbnb's system and will let potential renters know that they'll love their stay. Cleanliness, Netflix, coffee and easy communication with you (the owner) can go a long way toward earning you five stars!
3. Airbnb has shared that they promote rental listings that employ instant book. Give this tool a try to see your home climb the rankings!
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