Is Airbnb Hosting the Right Side-Hustle for You? Things to Think About
If you’ve ever used Airbnb during your travels, you’ve likely encountered an awesome host or two who made you want to try the process out for yourself. Whether you’re trying to rent out an investment property or host in your own home, Airbnb hosting has a lot of great benefits that could make it the perfect way to get started with short-term rentals.
Here’s a quick breakdown of some things to consider about Airbnb hosting before you get started.
If you decide to host on Airbnb, you could be surprised by the amount of money you can make in a short amount of time. Because Airbnb guests usually require short-term stays, you can charge higher nightly rates. If your property is booked consistently, you could make a pretty sizable amount of money per month. Your profits could be even greater during periods of high travel, like summer vacations and holidays, making the efforts worthwhile.
If you’re just getting started, you may not be ready for a constant barrage of guests. That’s okay! You can temporarily unlist your property at any time. Whether you need the space for a personal vacation or you simply need to pause your rental status, you can do so without issue.
Of course, it’s good etiquette to honor pre-existing bookings, but you do have control over your future availability. When you’re ready, you can put your listing back up and get right back to hosting.
Part of the fun of hosting is getting to experience the social aspect of travel without leaving your house. If you open up your home to Airbnb guests, you can meet some really interesting people passing through your area. Not only will you get a chance to talk to them about where they’re from and what they do, but you can give them suggestions on cool things to see and do in your city. If you are attracted to Airbnb for the hospitality factor, it could be really rewarding to connect with guests this way.
Additionally, Airbnb isn’t just a rental platform. It’s a whole community of hosts and guests that interact. There are resources for hosts to get in touch with one another and share tips and a useful review system. Both guests and hosts can leave each other feedback, allowing other users to see if they are reliable and safe before planning a stay.
As you can imagine, bringing new people into your space and juggling the roles of host, cleaning crew, trip advisor, and repair person can be a little difficult sometimes. Airbnb encourages hosts to be available to their guests at all times, meaning that you have to stay on top of messages, questions, and requests to provide a positive experience.
You also have to clean your space between and during guests’ stays, replace amenities, and repair broken fixtures as needed. You may even want to do some home renovations to make your space more suitable for guests. If you can afford to hire professional services for some of the upkeep in a larger property, you could sidestep these stressors. If not, it may be something to keep in mind as you consider whether or not you’re up to the task.
The most important thing for you to consider is whether or not you and your space are eligible for hosting by your government’s standards. Some cities have laws determining necessary licenses, permits, property specifications, and stay restrictions for short-term rentals on or off Airbnb.
Depending on your circumstances and your property, it could even be illegal for you to host. Before making your host account, check your city’s Airbnb laws and make sure that you’re all clear to continue with your plans.
You’ll need to take all of these factors into account and do some research, but Airbnb hosting could be the perfect way to get more use out of your space, make some money, and act as a resource for guests from all over!