This post originally ran in August 2018. The COVID-19 pandemic is a wakeup call to consider unexpected events when thinking about whether you can really make money using your home as a short-term rental.
At least 75 U.S. hosts on the Internet home-sharing service [Airbnb] are grossing more than $1 million in rental income a year. That’s $2,739 a day or $19,230 a week. Forbes.com, “The 75 People Who Make $1M A Year From Airbnb.”
$1 million a year? That’s a lot of money! Makes you wonder, “Could I do that, too?”
Maybe….but don’t count on it. Those hosts either have very special homes that are rented out all year long, or they are “multi-property” hosts who rent out several homes at a time.
Chances are that few of us who use our homes as short-term rentals will hit the $1 million mark, or even come close.
Still, being a short-term rental host must pay off in some way; otherwise, why do so many people list their homes on Airbnb, VRBO, and other short-term rental sites?
The question is, would using your home as a short-term rental be worthwhile for you? Before you quit your day job, put the issue in perspective by considering these 5 questions.
1. Are you ready to run a business?
That’s right. Unless you have guests for only 14 or fewer days a year, using your home or second home as a short-term rental means you’ll be running a business. [Read more…] about Make Money Using Your Home as a Short-Term Rental?