What if I told you that your bank will be credited with $1,000 every month from Rental Income without owning property? Isn’t it amazing?
Travelling plays a major part of people life. And Why Not? It gives you an option to visit new people, explore food, culture, Adventure, inspiration, personal growth and some amazing travelling jobs.
According to statista, the US vacation rental industry total revenue is estimated to reach 13.3 Billion with a 10% growth every year. It is also expected that the rental industry will be worth $20 Billion in 2025. So, what’s wrong with getting a small chunk from this huge market?
Let’s have a look on what are the opportunities are there for you to grow you income. I have compiled 6 best ways to make money with AirBnb without owning property.
Also Read: How To Find Tenant For Office Space?
What is AirBnb?
AirBnb is an online platform founded byBrian Chesky, Nathan Blecharczyk, and Joe Gebbia in 2008 that connect travellers seeking for temporary place with people who have accommodations to rent. AirBnb provides a portal which host can use to communicate, review each other and handle the booking process.
As a host, you can list available space such as bedroom, apartment, rooms and some unique accommodations like treehouse or boat. Now, the traveller will look for accommodation on their desired location, preference, budget and date.
Tip: You are free to set your own price but look at the house price in your location before putting prices so that you can book more guests.
Also Read: How To Travel On A Budget?
Pros and Cons of AirBnb
AirBnb has really revolutionized the travel and hospitality industry which benefits both host and guest. But it do have some pros and cons that you need to know.
Pros of AirBnb
1. Flexibility and Variety
Offers wide range of accommodation options to travellers which suits their needs and budget.
2. Cost Saving
The cost of AirBnb houses are cheaper as compared with the hotels rate that allows host to get more booking and travellers to save few bucks every night.
3. Authentic Local Experience
Staying in AirBnb provides a whole difference experience to travellers. With the help of host’s guidance , they can explore the local community, food, culture, locations to explore and connect with more people.
4. Enhanced Amenities
All host from AirBnb focus on providing a home like atmosphere. That is why they offers all the amenities that fulfils customer’s requirement. Some example of enhanced amenities are fully equipped kitchen, laundry facilities and living space.
5. Income Producer
For property owners, AirBnb is a great opportunity to create an extra source of income by renting spaces available in their house or apartment. And if you stay in locality which is highly filled with tourist then you have really hit a JACKPOT.
Cons of AirBnb
Quality and Consistency
While many AirBnb listings are well maintained by their owners, there is a possibility that few listing are badly maintained in terms of cleanliness, accuracy of descriptions and overall quality. Sometime guest encounter listing’s properties does not matches their expectation which can spoil the adventure.
Safe and Security
It is crucial for both guest and the host to be cautious regarding safety and security. Even with the implication of rules and regulation by AirBnb, there are instances of theft, property damage and even safety concerns for guest staying in strange location.
Legal and Regulatory issues
AirBnb is available in more than 220 countries but every region operates under certain laws and regulation implemented government for short-term rentals. Host may faces legal challenges or restriction implemented by local authorities whereas it can cause problem to visitors in finding a good place to live.
None or Minimum Human Interaction
AirBnb can offer you places to live in a cheaper rate and privacy but you will be missing services like concierge assistance, on-site staff and room service provided in hotels.
8 Ways To Make Money With AirBnb Without Owning Property
- Become A Property Manager
- Become AirBnb Copywriter
- Join A Vacation Rental Franchise
- AirBnb Rental Arbitrage
- Start An AirBnb Cleaning Service
- Become An Airbnb Photographer
- Become A Co-Host To An AirBnb Host
- Become An AirBnb Consultant
How Safe Is AirBnb?
Over the years, AirBnb has taken various steps to enhance safety and security of both hosts and the guests to give them the same feeling like staying in hotels.
Key Safety Measures Taken by AirBnb:
- Host and Guest Verification
- Reviews and Ratings
- Secure Payment
- Communication and Transparency
- Host guarantee and Protection Insurance
- Trust and Safety Initiatives
How Much You Can Earn From AirBnb?
According to statistics provided on AirBnb’s official website, a host in US has earned $14,000 annually. Additionally, the income earned as a host depends on multiple factors such as location of the property, type of property, demand and your hosting strategy that can highly impact your income graph.
Few Things That Can Help You To Make More Money
- Location
- Property Type
- Occupancy and Availability
- Pricing Strategy
- Demand And Seasonality
- Hosting Expenses and Other Costs
- Reviews and Ratings
- Customer Service (Optional)
Can You Be A Airbnb Host Without Owning Property?
Yes, it is possible to use Airbnb without having a home of your own. You can rent a house and offer it as a host on Airbnb, or you can work with property owners as a co-host. Both choices allow you to host and make money through the platform.
Final Words
Hosting your available space on AirBnb can be a great business but the profitability depends on many factors which can offer multiple opportunities to make money without owning property. I highly recommend you to use property that are closer to highly popular tourist areas with unique attraction. This will help you increase your income as the rent are always higher in these areas.
But like any other business, AirBnb do have some advantages and disadvantages that you need to keep in mind. Additionally, it may offer safety measure but do remember that no platform can guarantee absolute safety so it’s always recommended to take extra precautions. Finally, I hope this articles have helped you clear your doubts about making money from AirBnb.
