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The sharing economy makes it possible nowadays to make money by renting your things out. You could rent your car out through Turo, your backyard swimming pool for parties or get-togethers using Swimply, and even a spare room or other properties through Airbnb. But is becoming an Airbnb host worth the trouble? Take a closer look at how to make money on Airbnb to find out if it’s right for you.
What Is Airbnb?
Airbnb is an app and online platform that lets you host guests for stays at your home, apartment or additional properties. The platform is community-based. Guests and hosts can review each other. Reviews are important since others can see them to determine what type of guest or host you are.
How To Make Money on Airbnb
To make money on Airbnb, you will need at least one room you are willing to rent out. However, some hosts have taken Airbnb hosting from a side gig to a full-time business by offering several properties. Think outside the box — even if you don’t have a handful of vacation properties to rent out, you can make money on Airbnb by putting together innovative stays, such as:
How To Become An Airbnb Host
Becoming a host on Airbnb is fairly simple. The website walks you through the process by asking you questions about the property or room you plan on hosting. The main steps you’ll need to follow in the setup walk-through are:
- Provide info on the rental, such as location, number of rooms and features
- Upload photos
- Create an availability calendar
- Add house rules
- Choose prices
- Review local laws about rentals
If some of the points on the list seem overwhelming, don’t worry. Airbnb makes the process simple by offering tutorials and guides that help you make an informed decision. For example, the website may have information on laws in your city or town about hosting.
Once you become an official host, you’ll (hopefully) start receiving booking requests. Before you decide on whether to accept a booking, you can review the person’s profile to see past ratings from other hosts. You can also communicate with the guest through Airbnb’s messaging platform.
How Much Can You Make as an Airbnb Host?
How much you can make depends on your location, the number of rooms or properties and your marketing skills. Globally, the average nightly stay costs $110 per night as of 2020, according to AllTheRooms Analytics. However, nightly …….