Are you looking for a side hustle to make some extra cash? Make money on AirBnb by becoming a host of a space you already have or a co-host for someone else’s space!
In this post, I will share a few ways to make money on AirBnb – including my personal experience and advice as an AirBnb Superhost!
I started my first AirBnb last year and have made over $27,000 in 8 months!
Below is the income report directly from my AirBnb account.
As you can see, there was a significant drop off in April due to COVID-19… this was my first year rent on AirBnb during this crazy time with Coronavirus!
So, how did I make money on AirBnb in my spare time??
There are a few different ways that you can make money on AirBnb.
Number 3 is what I am doing!!
First Option: Rent A Room In Your Own Home
Do you already own a home and have an extra bedroom that’s not being used?
AirBnb has an option to rent a private room. This can help pay your mortgage and bring in some extra monthly income.
Depending on your location and other amenities in your home, you can get a pretty nice chunk of change for renting out a room!
Second Option: Rent Someone Else’s Home As A Co-Host
Do you have a neighbor with a seasonal home?
Does your friends friend rent their home but don’t make enough money?
Seek them out and tell them you’ll rent it on AirBnb for them! Take care of all the logistics and take a ‘Co Hosting Fee’ of up to 20%.
They make more money, you make some extra cash on the side… it’s a win win situation for both parties.
Third Option: Purchase A Home Specifically To Rent On AirBnb
Last year, I purchased a third property with the intent to rent it as a short term vacation rental and make money on AirBnb.
I also became a landlord when I was 24… so I had a little bit of experience in this space.
This was a huge decision. Make sure to do your research and due diligence about the area and pricing before taking this step.
I used AirDNA to see what other homes were charging per night and how often they were rented.
A few high level things you want to consider before purchasing a property to rent out on AirBnb…
How much will your mortgage be?
What area will the home be in? Will it be seasonal or all year round?
What type of guests do you anticipate? Is there a big party scene?
What amenities are close by to attract people?
You won’t make money on AirBnb unless you take all of these things into consideration. Especially if this is your first purchase, I recommend doing research for at least 6 months before making the leap.
Fourth Option: Long Lease A Home And Furnish It To Rent On AirBnb
Some landlords of yearly rental properties would be willing to accept less than normal for a longer lease.
For example, if a home typically rents for $1500 per month on a yearly basis… the owner may be willing to accept less if it’s rented for 2-3 years.
This gives them the security of not having to find a new tenant after a year (less fees, less hassle).
You can then list the space for rent on AirBnb and keep the money on top of what the rent is! With permission of the landlord/owner of course.