10 Reasons Why Airbnb Should Be Your Next Side Hustle
One year ago I became an Airbnb host awkwardly welcoming my first guests, an older world traveling couple, into a small 1 bedroom apartment in my basement.
I had spent a month painting and decorating that empty apartment in my spare time, mostly because I was curious to see if renting it out on Airbnb would produce any real results. I was hoping to at least cover the cost of paint and silverware. Within two days of listing it, I had a booking that promised a payment of over $750. After a few months and a few great reviews on my listing I had an endless stream of people all wanting to relax in my basement.
Which leads me to today. Today, I’m buying a second property for the sole purpose of listing it on Airbnb. In my mind it is a proven source of income, why wouldn’t I want to maximize it?
10 Reasons why you should side hustle with Airbnb:
Airbnb exchanges your extra space (and a few cleaning skills) for money. Uber, Lyft, Taskrabbit, Etsy, and other share economy startups are much more old school in their exchange rate…your TIME for money.
You will spend ZERO dollars on marketing. Airbnb draws in the crowd and shows off what you have to offer.
You don’t have to sell anything or yourself. Set up your listing with a few snazzy pictures and it does all the talking. You just have to be hospitable, timely and coherent in your emails with potential guests.
Airbnb keeps track of all your earnings. Tax time is simplified!
You can rent out any extra space you have as long as it has a bed and a fair price. A college student in my neighborhood stuffed a twin bed in the space under a stairway in the home he rents, mounted a TV and gives access to the wifi all for $25/night. He has had just as many guests in the past year as I have!
You will make life long friends over the weekend. You host people from all over the world and it is not uncommon to have your personality click with a free spirited traveler. They love telling you about their experiences and they also love hearing about the local history. At the very least it is a recipe for a great conversation. I have new friends who text on a daily basis!
You have an excuse to get out of less important engagements. “I’ve got to go clean, I have guests coming.”
You will be motivated to clean your place more often. Simply because it makes you money.
You will have a whole lot of extra change bouncing around your bank account.
The feeling you get when you are out hiking and get a notification on your phone that says Airbnb has Deposited $$$ into your bank account is priceless!
Just how much money can you make?
Let me first say, there are a variety of factors that effect Airbnb income. The City, location, size, decor, overall look and feel, and price. The most important being the overall look and feel. A guest is willing to add a 30 minute commute and $30 extra dollars a night if your place looks and feels modern, trendy and welcoming.
Honestly, the earning possibilities are endless.
The top earning Cities on Airbnb are San Diego and Miami. In those two cities, the average two bedroom home grosses $53k-$58k in Airbnb income a year.
Some of the top earning homes make over $200,000 a year.
The only thing you should be questioning at this point is why am I not renting out my spare bedroom right now!