165. Do You Have the Right Number of Bedrooms?

Short Term Rental Riches

It's quite possible that your short term rental is not the right size. I don’t necessarily mean the square footage, but more specifically the number of bedrooms. For example, when it comes to size, I have found little difference in the performance of an STR based on overall size. For example, I have studios as small as 250 square feet and then one bedroom in the same city up to 800 square feet and the performance is essentially the same. One isn’t noticeably outperforming the other. When you look at the number of bedrooms however, and not the size that is when things change. If you take that same 800 square foot one bedroom and compare it with a two bedroom of the same size the performance could be drastically different! Even though the size has not changed. So how do we figure this out? Good news, we have several ways. Let's discuss this week if you are missing out on some opportunity by not having the right number of bedrooms and what you can do about it. We will discuss:

• What's the ideal number of bedrooms in your market?
• Should you add another bedroom?
• Alternative ways to “add” a bedroom
• Finding the data that tells you yes or no
• Potential increased return

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