Make Money Renting Out Your Space at Airbnb
Updated on: by Leisa Good
Do you have a large house or space to rent out?
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Do you want to make money on space that you own?
Do you like the idea of receiving travelers or renters in your home?
Then Airbnb might have something for you.
What Is Airbnb?
Airbnb is actually a website that helps people list, rent, and find lodging from all over the world. Airbnb currently has over 1,500,000 listings in 34,000 cities and 190 countries.
Users or “hosts” are drawn to Airbnb as an extra source of income to either supplement their current income or to fund other dreams such as their artwork or love of travel. It doesn’t even have to be just rooms for rent. Apartments, entire houses, castles, caves, igloos, tipis, and even yachts can be rented out. So, there is definitely something there for the adventurous.
Users or who have long dreamed of owning a Bed & Breakfast can now fulfill their dreams by renting out their spaces via Airbnb, which is how the name came about. The name Airbnb came about as trying to create an image of an air mattress floating around the world acting like a Bed & Breakfast. Bed & Breakfast rooms or the entire place are also NOT off limits!
Travelers are drawn to Airbnb, because they don’t have feel like the typical lonely “disconnected” traveler anymore. They can meet someone or a family who is willing to act as a host and help them navigate around the town or city. Business travelers, international students, and those who just love to travel can now get in on the action. Musicians, artists, and professionals can all make connections with others from around the world who share the same passions, interests or even career paths.
Originally, Airbnb attracted budget-conscious tourists until companies realized how much money they could save on travel from standard hotel and restaurants.
Please don’t confuse Airbnb with RentYourSpace, an entirely different company.
What Are Some of the Tools That Airbnb Provides to Both Hosts and Travelers?
Airbnb provides a website complete with a calculator to determine how much money someone could make renting out a space in their zip code. There is also a “getting started” guide and other information on how to list properties as well as information on taxes on their Help page.
There are many tips on how to use photographs, keywords, and descriptions to entice potential renters into booking with you, the host. Information is also provided to travelers as to how they can get the best out of their stay.
What Types of Information Do Hosts Have to Supply to Airbnb?
Airbnb will verify your identity, bank account, residence, phone numbers, and tax information before allowing you to become a host. They will also try and collect your information from previous tax records, so that they may send you a 1099 Income Tax Form.
Airbnb also claims to offer up to $1,000,000 in host-guaranteed protection for your property.
What Is the Major Concern of Both the Hosts and the Travelers?
Outside of safety, the major concern of the hosts is what to do if their property becomes “trashed” or damaged. This is where the $1,000,000 host guarantee comes into play, although it is no substitute for homeowners or renters insurance. While on the other hand, the major concern for travelers is that the property look and be as it was listed and described so it won’t be a disappointment.
How Much Money Can You Make as a Host with Airbnb?
That will all depend on what you are renting out (house, apartment, room, etc.) as well as:
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- your zip code
- how long you plan to rent
- which amenities you will provide (Internet, kitchen, etc.)
- host language (English, Spanish, German, etc.)
What Do Others Think of Airbnb?
Actual employees working in the brick and mortar version of Airbnb were quite good. However, the consumer reviews (hosts and travelers) on SiteJabber and TrustPilot were not as favorable. You can certainly read these reviews as well as do your own research and homework as to whether or not you think Airbnb would be a good income stream for you.
How Could a Potential Host Sign Up at Airbnb?
Go to the website and click the Become a Host button at the top. Be certain you check the city listings to see if your city is listed as well as any county laws on parking or zoning.
Good luck to all who pursue this.
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November 4, 2015 at 8:10 am
Air BnB is great. we actually are early users of AirBnB and it has been so great. I’m a voice over actor and we travel quite a bit. When we are somewhere else, it’s great to have someone paying the rent. There have been many months where we have come out way ahead. Of course when I’m not at home we have to stay somewhere else but often we can do that with friends and family.. It takes some planning and since my sound equipment is at home for my voiceover services, I lock them away.
My experience ahs been positive thus far.
November 5, 2015 at 9:31 pm
@Ramsay – Thanks for commenting. Sounds like a good fit for you and your lifestyle and career.