When diving into the world of short-term rentals, one of the biggest challenges hosts can face is furnishing their space attractively without breaking the bank. The short-term rental (STR) market has been experiencing a growing demand, with coastal markets seeing a 25% increase in demand in 2023 compared to 2019, so it’s a pursuit that can be well worth the effort. Whether you're outfitting a cozy studio or a spacious home, the goal is to create a welcoming, functional environment that will earn high ratings from guests and encourage repeat bookings. 

Essential amenities like first aid kits, high-quality toiletries, fully equipped kitchens, free Wi-Fi, comfortable bedding, and appropriate climate control are crucial. These amenities not only enhance guest satisfaction, but also significantly increase the chances of attracting more bookings and achieving higher occupancy rates​.

"Efficiently furnishing your short-term rental on a budget is not just about cutting costs - it’s about strategically investing in what truly enhances guest satisfaction and optimizes your returns. Focusing on essential comforts and aesthetics can transform guest experiences, encouraging positive reviews and repeat business." - Logan Ransley, Co-Founder of Landlord Studio.

Here are some savvy strategies for furnishing your short-term rental on a budget.

1. Define Your Style and Audience

Before you dive into the fun part and make any purchases, decide on a cohesive style and consider the type of guests you’re targeting. Are you catering to business travelers, families, or tourists? This decision will influence your furnishing choices, as business travelers might appreciate a sturdy work desk and fast Wi-Fi, while families could benefit from bunk beds and a well-equipped kitchen.

Besides setting a visual theme, understanding your audience also allows you to tailor the functionality of your space - like providing a crib for guests with infants or a desk for business travelers.

2. Start with the Essentials

Prioritize key pieces that impact guest comfort and satisfaction:

• Beds: Invest in good quality mattresses and provide various pillow types to ensure a good night’s sleep

• Seating: Ensure there’s ample and comfortable seating in the living areas and dining spaces

• Storage: Offer up plenty of options for guests to store their belongings, such as dressers, closets with hangers, and perhaps a bench for suitcases

Remember, investing in high-quality essentials not only ensures guest comfort, but also reduces the frequency of replacement, which can save you money in the long run.

3. Shop Smart

• Secondhand finds: Thrift stores, estate sales, and online marketplaces can be gold mines for unique, budget-friendly pieces; look for solid furniture that may need a bit of touch-up but has good bones

• Discount retailers: Big box stores often have affordable furniture lines that are stylish and functional; watch for sales or clearance events for the best deals

• Multipurpose furniture: Items like ottomans with storage, sofa beds, and extendable tables maximize functionality without occupying too much space

• Time it right: Consider timing your purchases for seasonal sales or using cash-back apps and credit card rewards to stretch your budget further

4. DIY Projects

Embrace do-it-yourself projects to personalize your space while saving money. Painting old furniture, creating your own wall art, or sewing custom curtains, for example, can add unique touches that make your rental stand out. DIY projects not only add a personal touch, but also allow you to repurpose materials creatively, aligning with a sustainable furnishing approach.

5. Focus on High-Impact Areas

Invest more in areas that your guests will use the most or that will be most visible in your listing photos; a well-styled living room or a beautiful bedroom setup can make a great first impression in your online listings. Investing in appealing artwork or high-quality bedding for these areas can significantly enhance the aesthetic appeal and comfort of your rental, making it stand out in photos and guest experiences.

6. Reuse and Recycle

Consider what you already own that could be repurposed for the rental. Sometimes, a little update like new hardware on an old dresser or a new lampshade can refresh an item without the cost of replacing it. This practice not only cuts costs, but also contributes to a unique, eclectic style that can differentiate your rental property in a crowded market.

7. Accent with Affordable Decor

Accessories like cushions, rugs, and lamps can be cost-effective ways to add charm and character - these items can also be easily replaced or updated to keep the decor fresh and appealing. Seasonal decorations or thematic accents can be rotated to keep the interior looking fresh and to enhance guests' seasonal experiences, like cozy throws in winter or vibrant cushions in summer.

8. Keep It Neutral but Welcoming

Choose neutral colors for larger items and walls to appeal to a wider audience and make the space look bigger and brighter. Use accents like throw pillows or artwork to add splashes of color and personality; this approach serves as a backdrop for highlighting any attractive features of your rental, such as natural light or architectural details, making the space feel larger and more inviting.

9. Plan for Maintenance

Choose durable, easy-to-clean materials that will stand up to frequent use and simplify turnover tasks - for example, opting for darker colored sofas or washable slipcovers can save on cleaning costs and time. Using durable materials for upholstery, such as microfiber, can also help manage cleaning time and expenses, keeping your short-term rental looking its best.

10. Review and Revise

Regularly assess guest feedback regarding comfort and amenities; ongoing review will help you determine where it might be worth spending a bit more to enhance the guest experience and boost your ratings. Staying attuned to guest feedback on furnishings can guide you in making targeted upgrades that continuously enhance the appeal and functionality of your rental property.

Win-Win For Guests and ROI

By strategically investing in and sourcing the right items, you can furnish your short-term rental in a way that is both appealing to guests and kind to your wallet. The key is to create a space that feels both inviting and functional, ensuring a memorable stay for every guest.