There are over seven million Airbnb accommodations all over the world. Whether vacationers are searching for a luxury home in Spain or a camper in the backwoods, there are options available.
If you have a spare room or a suite in your home, you may have considered Airbnb hosting yourself. Will it be right for you and your space, though? Keep reading to learn the pros and cons of Airbnb hosting.
Pro: Flexibility with Your Space
You have two main options for the space in your home. You could create a suite for a long-term tenant or convert it to a permanent Airbnb space.
The benefits of being an Airbnb host versus a landlord is you can choose when your home is available. If you are going on vacation yourself, you might not want your long-term tenant in your space. As an Airbnb host, you can block dates off the calendar for when you don’t want guests.
You might also want your space for friends or family that are coming to visit. You can’t ask a tenant to leave to accommodate your social calendar, but you can remove those dates from your Airbnb availability.
Con: No Guaranteed Income
A long-term tenant will pay you every month, providing income you can count on.
There is no guarantee that visitors will rent your Airbnb on all your available dates.
Depending on where you live, you may or may not always be sold out. Airbnbs in destinations with higher volumes of tourists will obviously fare better.
Pro: Make Passive Money
One of the best Airbnb benefits is having the ability to monetize the spare room or suite in your home. Pocket even more of your Airbnb money by cleaning the space yourself after your guests leave.
Since you’ll be charging per night, you could make a lot more per month than you would with a long-term rental. Research the cost of similar Airbnbs in your area to avoid over- or undercharging your potential guests.
Offering amenities your competitors don’t have allows you to charge more. Ensure the bedrooms and bathrooms are stocked with fresh linens. The kitchen should have essentials like pots, pans, and a coffee pot.
Earn brownie points by providing teas, instant coffee, and condiments. Appliances like blenders, juicers, and a dishwasher makes you more appealing than your competitors. A cozy outdoor space is great to have, too.
Con: Less Freedom
If you like going away for a weekend whenever you want, Airbnb hosting may be a challenge. You need to block off the dates well in advance so guests can’t book your space while you’re away.
The good news is that rental management services can provide these freedoms. Consider hiring property management companies to control your space while you’re away. They can control every aspect of your Airbnb from messaging potential guests to letting them in when they arrive.
Weigh the Pros and Cons of Airbnb Hosting
Now that you know the pros and cons of Airbnb hosting, you can decide if it’s right for you.
Keep reading our blog to learn new ways to generate more income this year.