Few people would argue that they wouldn’t benefit from a little extra income every month. Short-term letting, whether of spare rooms or whole properties, offers a great opportunity to do just that, and with sites like Airbnb, it has never been easier.
Airbnb gives you, the host, complete flexibility; you decide what space you want to rent out and for how long. Therefore, if you only have a sofa or spare room to offer, you can still take advantage of this money-making opportunity, but a whole property can cater for more people, and consequently bring in greater rewards.
Don’t have a spare property lying around? Consider renting out your home whilst you are on holiday - you may find that your holiday ends up paying for itself, or at the very least, you end up with some extra spending money.
How Much Could You Earn With Airbnb?
The amount you charge is ultimately up to you, but should depend upon location – e.g. how close are you to a city centre, local attractions, transport links, and special events – the space to you have to offer, and the facilities available in the property – e.g. WI-FI, kitchen, en-suite bathrooms, and car parking. A small property in the centre of town is maybe going to go for more than a larger one that is a bit further out, but all properties have potential.
A good way to research is to look for similar sized properties in your area on Airbnb. Identifying their rates will help you gauge yours, ensuring that you keep competitive and have guests continually coming through your door. As an example, Airbnb properties in the centre of Edinburgh during the festival fringe in August are advertised for £100–£200 a night currently.
Doing the maths, go away for a week and rent your property out and you could bring in £700–£1,400 for simply letting someone else stay in your home – not a bad at all! Obviously, the festival season is particularly lucrative, but look at mid-September and you could still be earning £70–£100 a night, so £490–£700 for your seven-day break.
The Benefits of Renting Your Home Out Whilst On Holiday
Income is clearly the biggest draw here. Mortgages and bills still need to be paid, whether you are at home and working or not. Renting out your property whilst you are away will stop you being out of pocket and maybe put you in profit. And, furthermore, in today’s market, having a second income source is never a bad thing and can bring stability and reassurance.
In addition to the money, you don’t have to worry about your house being left unoccupied whilst you are away, as people will be making themselves at home and looking after the place for you. There is obviously a risk with this, as there is whenever you rent out property, but with Airbnb you can turn away the guests you don’t want and select the ones you do – it is your home so the decision is yours. Think about your preferred visitor before you advertise, and target your marketing and costs accordingly.
One of the main benefits of Airbnb in general is the meeting of new people, this doesn’t really apply here as you are unlikely to meet your guests, but you will still have to communicate and get to know people from a variety of cultures. You will also pick up and learn all sorts of new hosting skills. The personal approach doesn’t have to completely go out the window either, you can still leave personalised welcomes, small treats, and detailed local guides for your guests. All of which will encourage good reviews and help boost your ratings.