Do you live near an IKEA? If yes, it is the answer to your prayers. Pick one or two accent colors you will use in the bedroom and living room. My approx prices below are based on Canadian experience so might be a little high for american.

Do add a fluid proof encasement mattress cover (not just bottom sheet) to the bed. $60

definitely get a bedframe. IKEA bedframes are cheap but do not require a boxspring so you'll have to pitch that. MALM would be fine. $300

Four pillows on the bed (two in shams, two in pillow cases). $60

Add a small three drawer dresser in the bedroom. $80

Colorful IKEA linens including a duvet and duvet cover (wash duvet cover, shams and sheets between guests). $150

Four bright colored pillows on the couch (homesense or IKEA) $70

Add a poang chair. $100

Go to salvation army or value village and pick up a few armfuls of colorful, interesting books for the TV stand. $50

End table and lamp to left hand side of couch. $80

Add a kitchenette area with a mini fridge, toaster and microwave on a little table with two chairs $300

If you have budget left head over to homesense and get two big canvases, one for over the bed and one for over the couch. $200

On a very practical note, is this in a walk-out basement? I can't imagine staying in someone's basement with only small windows for egress. If that's all covered, robo's suggestions are right on target.

I read robo's wonderful advice after writing mine. I love the idea of colorful bedding at home but I will not stay away at a place that does not bleach with hot water towels, bedding and shared robes, which is why I think white works best in hotel settings.

People are happy with matching coordinating décor. CRAIGSLIST will be your best friend. Thrift stores sometimes have cool art. Glasses of fluids will be left on coffee tables, bedside tables and dresser tops. Anything particle board will have a short life span. My son has been doing the airbnb now for about two years and I sometimes help him ready his place in a pinch. The majority of people are very tidy but the few who are not make up for it. Bedding is all white so it can be bleached if needed. The decorative throw pillows have all the color and somewhat coordinate with wall art. Towels are all white so they can be bleached out if need be. Leather chairs and sofas are good because they can be wiped down. Try to buy things that can accommodate heavy people. Son had a very cool Lucite stool disintegrate under high poundage. If you are excepting children make sure there are no high shelving or other that can fall over on them, they will try to climb it (living room TV stand could be dangerous). If you keep cleaning supplies in the bathroom people will often use it which is good but again if excepting children have a child safety lock. You probably know the rest...mentioned above. Must have a coffee maker, wifi, tv, clock ect. My son always provides a pack of bottled water, a small bunch of bananas and a few packs of granola bars incase guests come late and are hungry.

Edited to add: If you have a Ross store near you can get small living room rugs dirt cheap. However, you will have to leave it outdoors for a few days to air-out as they tend to smell toxic. Regardless of where you buy your little rugs though pay attention to the smell. Some people have bad reactions (me).

Pretty rug Elga but $850 might be a bit steep. Some of those under $60 synthetic rugs are colorful, hardy and easy to maintain.

White bedding only and white towels. NO ONE doesn't like white but many dislike colors. And you must have a bed frame and headboard.

I don't think you must have a headboard. If you put a few layers of pillows, with a couple of large ones in the back, it will be fine. I'm getting my house ready to rent out for two months this summer on Airbnb for the first time, so am going through the same thing. There's a lot to take into consideration!

I'm not a frequent Airbnb'er (2x per year on average) but I do stay in the "basement apartment" price range and don't think I've ever run into all-white bedding. I can see where it would be practical, though!

I never have stayed in an Airbnb, but I am very picky about shared, i.e. Hotel or inns', bedding. Might not be the norm though. As an owner I would also most likely not want other people's soil in my washing machine or back on my beds that could not be bleached on hot either though. ;)

My Sons Airbnb is in Palm Beach Gardens Fl and is more of a budget type. Its pretty big for a townhome and gets a lot of families (up to 10 people) in town for weddings, corporate groups, moderate/mid income family vacationers and such. Its nothing fancy but its clean and close to everything. He keeps his prices low starting at $150 and stays mostly booked even in the hot summer. This year he got a lot of repeat customers from last year. The reason really has nothing to do with the décor but a lot to do with the communication, cleanliness and the little extras he provides. Sometimes it really is the little things. People want you to respond back fast. A few little treats like water, bananas and granola is greatly appreciated after a long flight. Strangely, he stays busy even though his Townhouse pictures are really really horrible. Most are from when he first bought the place and didn't have hardly any art work or nicer bedroom chairs ect...he took the outside picture before the yearly pressure washing and that looks bad. I keep telling him to change the pictures but I think he thinks it looks so much better in person that customers are pleasantly surprised lol.

The main thing is to get good reviews and do what you must to get many fast. People really pay attention to those reviews. My son is an AirBnb "SuperHost". Sometimes people filter in only superhost's on their search so you want that.

We have two rentals and have done the AirBnB thing for years (and VRBO, etc). You want to make your listing as appealing as possible and generate guests that will be as trouble free as possible. You also want to generate good reviews, which will help generate future good business. We do tend to target a more premium listing, partly due to location, and are doing "entire place" rentals. We have friends who rent their in-law unit and are quite successful without a lot of these things we are right about.

There is some repetition below with the comments above. I think you have a great start and just need to add certain touches to maximize the appeal.

A bed frame, even just the metal frame to get the bed off the ground, is key. A headboard is highly recommended (it is required by our management company). Guests who do not care about sleeping on the ground also tend not to be the best guests (a generalization, but true). Get the mattress cover and pillow protectors.

Agree about the white linens. Brighten up the end by placing a colorful throw or blanket across the bottom of the bed to bring in color and then put coordinating pillows on the couch and on the bed itself. Put a rug in front of the sofa to help define the space. I would pick a blue or aqua as a universal appealing accent, and the discount shops are loaded up in that color range right now. Also, pick things in white and bright metallics, when not using the accent, to help bounce light around and keeps things bright. Make sure all the soft furnishings have zippable covers and are washable, however.

The big piece of art over the bed, as suggested, can also brighten up the space, and, a white framed mirror over the sofa. Inexpensive white panels can help frame the window on either side and make it look larger.

A luggage stand or other area to set up a piece of luggage would be helpful. A bench or storage ottoman at the foot of the bed can serve the same purpose.

As others suggested, a small console with coffee maker and a small tray of sugar/tea bags/etc is a nice touch, along with the dorm fridge. I would put it at the blank wall by the couch or to the left of the window. If that is too expensive, put the setup on the vanity in the bath.

Put small colorful or metallic accessories on the nice shelving unit and on the coffee table. A small stack of books/magazines, including a local guide/pamplets/map, can be helpful.

Home Goods/TJMaxx/Marshalls/Tuesday Morning/Ikea/Thrift/CL/Garage Sales will be your friend. Check the clearance section.

A little money goes a long way at Goodwill or a garage sale. Just be
careful of going too cheap or dated -- it will show up in replacement
cost, breakage, and in your reviews.

Also, not related to decor, is have someone take pictures with a nice camera (friend with a photography hobby?) and have them enhanced. AirBnB actually provided us a professional photographer in one situation, but our rental was a few blocks from their HQ. They were one of our first bookings.

Local photo or map blown up in two pieces on engineering print (at Staples, like 5-7.00/pop), then modgepodged on particle board and a frame.

I had my first stay in an AirB&B recently. As justerrilynn mentioned, in this period of time, you really need to have WiFi for your paying guests. White linens. And I highly recommend a headboard. Many people like to read and/or work sitting up in the bed. Our host and hostess also included a small bottle of wine along with some fruit and nuts. We much appreciated the thoughtfulness when we arrived around midnight.

I like to read in bed, and won't rent a place if the bed doesn't have a headboard. A bunch of pillows just aren't the same. Good luck with your venture!

A desk or table near an electrical outlet for those of us who travel with laptops. Yes, that would be me. WiFi. White linens for bleaching. I'm not a personal fan of white, but in this situation, it makes total sense. Headboard. Lamp within reach of bed. I'd skip the bath robes - people come in all sizes, and typically bring their own. Something to put luggage on. A mini fridge is nice, but not always essential, depends on your location and price point. Coffee maker and coffee gear. Maps/guides to local area. Chairs sturdy to 300 pounds. No, that's not me, but I've lost chairs to friends who are. Fortunately no injuries. Inexpensive glasses and mugs for beverages. Toiletries. Fresh fruit such as bananas. Something simple yet colorful for the walls - depending on where you are, perhaps relating to your region of the country.

Bedframe w/ headboard; Artwork, mirror on walls; Dresser; Area rug(s); White sheets & towels; Luggage rack/stand; Books for TV stand so it doesn't look so empty