According to the latest data from the U.S. Travel Association and Tourism Economics' Impact on Travel Report, Tennessee tourism brought in over $24 billion in domestic and international travel spending in 2021, representing the largest visitor spending in the state's history.
The travel and tourism industry is also the third largest of the state's employers. Nashville is the beating heart of the Volunteer State. As the capital city and a prominent music hub it's no wonder people are visiting in even greater numbers than people moving to Nashville.
The vacation rental scene is competitive, so it's vital that investors stay a step ahead when it comes to property improvements. Here are six investments to consider adding to your Nashville vacation rental.
People want to feel secure on vacation, and rentals that feature cutting-edge security tech are highly desirable.
Cloud-based security camera solutions are a valuable addition to any property. Have real-time, remote visibility of your property when and where you need it. Cloud cameras can also provide a more secure option with encrypted data stored in the cloud, helping to prevent any unauthorized users from accessing video feeds or controlling camera activity.
Also, consider installing an alarm system that is interconnected with your other security measures, such as cameras and door locks. With this, you can trigger automatic camera capture or door locking when an alarm is set off to give you better visibility and control of a property when a threat is imminent
The world is becoming increasingly eco-conscious, and sustainability is at the forefront of more and more consumer minds. Those who live in line with their eco-friendly values will prefer to stay in a vacation rental that is in keeping with them too. Additionally, energy upgrades will bring your utility expenses down in the long term, so apart from the initial outlay, it's a win-win.
Energy upgrade ideas include:
- Insulation upgrades
- Eco-friendly window types
- Energy-efficient appliances
- Solar panels
Environmentally-conscious vacationers will appreciate any and all nods towards eco-friendly options, so consider adding smaller touches too, such as recycled and upcycled items, eco-friendly complimentary bathroom products, etc.
Smart Home Technology
As well as smart security tech, there is a range of other smart home solutions to make your guests' stay more comfortable. Options such as having integrated Google Nests in each living space, smart air conditioning and lighting controls, etc., all add to the sense of luxury and comfort you want your guests to experience.
A Well-Equipped Kitchen
While many vacationers like to do plenty of dining out, it's great to settle into what feels like a home-from-home when traveling, so be sure to provide an attractive, renovated kitchen for your guests.
If your rental property's kitchen is looking a little drab, it's probably time to give it a facelift, at the least. Remember that unless it's truly beyond help, a kitchen can be significantly transformed with a few cosmetic touch-ups - refurbishing cabinets, replacing handles and countertops, upgrading the lighting, and any appliances that are old or clunky.
An Inviting Bathroom
Similarly to the kitchen, vacationers desire a welcoming space for the bathroom. Affordable bathroom renovations can go a long way toward increasing the value and profitability of your rental. The priority will be to make the space feel like a luxury escape - think lush, fluffy towels, a fresh coat of paint, tasteful decor items, and beautiful complimentary products.
It can be relatively inexpensive to create a sense of luxury in your rental when you compare it to the prices you can charge and the rate of repeat and referral business you can enjoy as a result. When it comes to luxury features, it's the little things that count, and all add up to enhance the experience. Ideas can include:
- Investing in higher-end bedding
- High-quality towels, complimentary robes, slippers, etc.
- Bubble bath and other luxury bathroom products
- Candles and/or luxurious mood lighting with lamps or dimmer switches
- Complimentary bottle of wine or champagne on arrival
- Fresh flowers and live plants
Upgrade Your Nashville Vacation Rental Today!
Some of the most valuable home improvements happen to be the most affordable. Yes, some of the items listed above, such as security and energy upgrades, can come at a cost, but these investments are expected to improve the property's desirability and, therefore, your bottom line over time.