Airbnb & VRBO Performance in Olympia Washington.

Short-Term Rental Regulations in Olympia, Washington for 2024

While the primary sources provided focus more on general rental housing regulations and tenant protections, the specific regulations for short-term rentals in Olympia, Washington can be summarized as follows, based on state and local guidelines:

Consumer Safety Requirements

• Short-term rental operators must provide contact information to all guests during their stay.
• Ensure compliance with state building code council rules regarding carbon monoxide alarms.
• Post the following information in a conspicuous place within each dwelling unit:
• The short-term rental street address
• Emergency contact information for police, fire, or emergency medical services
• Floor plan indicating fire exits and escape routes
• Maximum occupancy limits
• Contact information for the operator or designated contact.

Liability Insurance

• Short-term rental operators must maintain primary liability insurance to cover the dwelling unit in the aggregate of not less than one million dollars, or conduct each short-term rental transaction through a platform that provides equal or greater primary liability insurance coverage.

Tax Compliance

• Short-term rental operators must remit all applicable local, state, and federal taxes unless the platform does this on their behalf. This includes occupancy, sales, lodging, and other taxes.

Platform Requirements

• Short-term rental platforms must register with the department and inform operators of their responsibilities to collect and remit all applicable taxes and safety requirements.
• Platforms must provide operators with written notice that their personal insurance policy might not provide liability protection when their property is used for short-term rentals.

Definition and Exclusions

• A short-term rental is defined as any lodging accommodation (excluding motels, hotels, or bed and breakfasts) offered for a fee for fewer than 30 nights.

Enforcement

• For a first violation of these requirements, the city or county attorney must issue a warning letter. Subsequent violations can result in a class 2 civil infraction.

These regulations align with state laws and local ordinances to ensure safety, compliance, and proper management of short-term rentals in Olympia, Washington.

Top Neighborhoods for Airbnb Revenue in Olympia, Washington

Why Olympia?

Olympia, Washington, is a lucrative market for Airbnb due to its high occupancy rates, attractive daily rates, and stable demand. Here are some of the top neighborhoods that generate significant Airbnb revenue and their appeal to guests.

Neighborhoods

1. Downtown Olympia

• Appeal: Proximity to the Olympia Farmers Market, Percival Landing, and the Washington State Capitol makes this area highly attractive. Guests can easily access local shops, restaurants, and cultural attractions.
• Revenue Potential: High demand due to central location, with average daily rates around $113 and an occupancy rate of 71%.

2. Tumwater

• Appeal: Known for its scenic beauty, Tumwater Falls Park, and the Tumwater Valley Golf Course. It offers a mix of natural attractions and convenient access to downtown Olympia.
• Revenue Potential: Properties in Tumwater can command high daily rates, with some listings showing revenue potentials over $12,000 annually.

3. South Capitol Neighborhood

• Appeal: This historic neighborhood is walkable and features charming homes, making it a favorite among guests looking for a unique and local experience.
• Revenue Potential: High occupancy rates and daily rates, with some listings achieving $207 per day and 74% occupancy.

4. East Bay Public Plaza Area

• Appeal: Close to the waterfront, this area offers beautiful views and easy access to public spaces and local amenities.
• Revenue Potential: Similar to downtown, this area benefits from high demand and can generate significant revenue, with average annual revenues around $31,000.

5. Woodfield Estates

• Appeal: Recommended for investment in 2024, this neighborhood offers a balance of residential tranquility and proximity to key attractions.
• Revenue Potential: Properties here can expect a cash on cash return of around 4.49%, indicating strong financial viability.

These neighborhoods are appealing due to their combination of natural beauty, historical charm, and convenient access to local attractions and amenities, making them highly profitable for Airbnb hosts in Olympia, Washington.

Furnishing and Design Tips for an Inviting Airbnb in Olympia, Washington

Define Your Property's Aesthetic

• Align your furniture and decor with the unique style of Olympia, which often includes elements of nature, rustic charm, and a touch of urban sophistication. Consider the local vibe, such as farmhouse decor or coastal influences, to create a cohesive look.

Understand Your Audience

• Know your target guests and what they might be looking for in an Airbnb. Olympia attracts a mix of travelers, including those interested in outdoor activities, local culture, and relaxation. Tailor your furnishings to meet these needs.

Set a Budget and Plan Wisely

• Establish a budget and stick to it. Consider the cost per square foot and prioritize spending on key, high-impact items. Balance budget-friendly options with a few statement pieces to enhance the overall feel of the space.

Choose Functional and Comfortable Furniture

• Opt for furniture that is both functional and comfortable. For example, a storage bed can provide extra space for laundry and linens, while a sofa bed can increase the number of guests you can accommodate.

Utilize Smart Storage

• Incorporate smart storage solutions such as beds with drawers, wall hooks, pegboards in the kitchen, and stackable containers. This helps keep the space tidy and provides guests with designated spots for their personal items.

Select Easy-to-Clean and Maintain Furniture

• Pick furniture that is easy to clean and maintain. Sofas with washable covers, high-quality towels in neutral colors, and durable dining tables are essential for managing the wear and tear of frequent guests.

Enhance Natural Light and Space

• Ensure that your furniture arrangement does not block natural light sources. Measure your rooms carefully to create a layout that feels spacious and functional.

Add Local Touches

• Incorporate local elements such as artwork, decorative items, or plants to give your Airbnb a unique and authentic feel that reflects Olympia's culture and environment.

Consider Accessibility

• Make your Airbnb accessible to guests with disabilities by including features like ramps, wide doorways, and grab bars in bathrooms. This can significantly enhance the guest experience.

Use Mirrors to Create a Bigger Space

• Use mirrors strategically to make your Airbnb feel bigger and brighter. A full-length mirror in the bedroom and smaller mirrors in other rooms can help achieve this effect.

Provide Essential Amenities

• Equip your kitchen with essentials like a coffee maker, microwave, toaster, and kettle. Also, provide basic toiletries, a hairdryer, and a first-aid kit to ensure guests have everything they need.

Timing of Updates

• Plan furniture updates during the off-season or between short gaps in bookings to minimize disruption and keep your space in top shape for guests.

Discover Olympia, Washington: Local Attractions and Insider Tips

Local Attractions

Historic Downtown and Waterfront

• Explore the quaint downtown area filled with vintage clothing stores, antique shops, coffee shops, and art galleries.
• Enjoy the waterfront along Capitol Lake and Budd Inlet, perfect for long walks and scenic views.

Washington State Capitol

• Visit the iconic Capitol Building, a must-see landmark in Olympia.

Olympia Farmers Market

• Experience one of the only vendor-owned and operated farmers markets in Washington, offering produce, crafts, and artisanal foods.

Hands On Children's Museum

• A great place for families, featuring interactive exhibits and learning activities.

Billy Frank Jr. Nisqually National Wildlife Refuge

• A nature lover's paradise with opportunities for birdwatching and exploring the natural habitat.

Brewery Park at Tumwater

• Enjoy the local brewing scene and outdoor activities in this scenic park.

Insider Tips

Art and Culture

• Take a self-guided tour of downtown murals, starting at the Traditions Fair Trade Gallery Building and including stops like the rainbow wings mural and “You Are Here” at the Cascadia Grill.
• Appreciate Olympia’s poetry scene with installations and experiences, such as words that appear when water is poured on the bricks near the Farmers Market.

Unique Shopping

• Visit the Olympia Farmers Market for unique produce, crafts, and artisanal foods. Don’t miss the Artists’ Gallery for local artwork and Hawley’s for handmade gelato.
• Explore vintage-style women’s clothing at downtown boutiques.

Local Events

• Attend the Lakefair Week in summer, featuring carnival rides, live entertainment, and arts and crafts vendor booths.
• Enjoy the Olympia Brew Fest in August, celebrating Olympia’s brewing heritage with live music and food vendors.
• Participate in the Washington State Senior Games or the South Sound Block Party for more community-driven events.

Outdoor Activities

• Go kayaking in the Woodard Bay Conservation Area and explore the serene waters and bat nursery.
• Take a hike or go paddleboarding in the bay to enjoy the natural beauty of the area.

Hidden Gems

• Visit the Artesian Well, a historic water source that contributed to Olympia-made beer’s reputation. Fill up your water bottle before a long walk around town.

By sharing these attractions and insider tips, you can help your Airbnb guests make the most of their visit to Olympia, Washington.

Practical Tips to Run a Successful Short-Term Rental Business in Olympia, Washington

To ensure a smooth and successful short-term rental business in Olympia, Washington, several practical tips can be implemented. First, it is crucial to adhere to and inform guests about local noise regulations, including quiet hours, to maintain a positive relationship with neighbors and avoid potential fines. Creating both digital and physical house manuals is essential; these should include detailed instructions, Wi-Fi passwords, and other pertinent information to enhance the guest experience.

A simplified check-in process can be achieved by utilizing smart locks, which eliminate the need for physical key exchanges and provide guests with immediate access upon arrival. Additionally, providing clear parking instructions accompanied by photos can help reduce confusion and ensure a hassle-free stay.

By staying updated on local regulations, such as obtaining necessary business licenses and complying with tax requirements, hosts can avoid legal issues and focus on delivering exceptional service to their guests. Regular maintenance, particularly in Olympia's damp climate, is also vital to prevent issues like mold and ensure the property remains in good condition.

Here is a brief list of house cleaning providers in Olympia, Washington:

House Cleaning Providers in Olympia, WA

You've Got Maids of Olympia

• Offers the 52-Point Deep Clean™, move-in cleaning, and regular cleaning services.
• Provides all necessary cleaning supplies and ensures 100% satisfaction guarantee.
• Serves Olympia, Lacey, Tumwater, and Dupont.
• Contact: 1202 Black Lake Blvd SW, Olympia, WA 98502, (360) 491-1558.

American Maid Service of Olympia

• Provides pet-friendly and green cleaning services with customizable packages.
• Offers basic, thorough, and comprehensive cleaning services.
• Serves Olympia, Rainier, Lacey, Yelm, and other nearby communities.
• Contact: (360) 236-1337.

The Cleaning Authority - Olympia

• Uses an exclusive Detail-Clean Rotation System and environmentally responsible products.
• Offers free in-home estimates and is fully bonded and insured.
• Serves throughout Thurston County, including Olympia, Lacey, Tumwater, and more.
• Contact: (360) 703-9881.

Merry Maids of Olympia

• Provides comprehensive cleaning services with 40 years of experience.
• Offers customized cleaning plans to ensure a clean home.
• Serves the Olympia area.
• Contact: Available through their website.

Olympia, Washington: Understanding Short-Term Rental Management Fees

In Olympia, Washington, the fees for managing short-term rentals can vary significantly, typically ranging from 10% to 30% of the rental revenue, depending on the level of service provided. Full-service management, which includes comprehensive services such as guest communication, strategic marketing, and maintenance, tends to be on the higher end of this spectrum, often starting at around 20% of the booking revenue.

Basic service packages, which may only include essential tasks like rent collection and property listing, can be less expensive but still incur additional fees. These extra costs may include charges for cleaning services, repairs, and any design or setup fees associated with preparing the property for rental. It is crucial for property owners to understand these fee structures and any miscellaneous charges to ensure they are making an informed decision about their property management needs.