Rent Your Space with Airbnb - Side Hustle Review
Do you have extra space? Do you want to make some extra bucks?
Then stick with us!
When you have a day job it is very tiring to wake up early and find time to do your side hustle. But if you have extra space that you can host on AirBnb, then all you need is some time on the weekends to set the place for your guest. In recent times you can observe that Airbnb hosting can be a very profitable side-hustle that doesn't take up too much of your time.
HOW MUCH MONEY YOU CAN EXPECT FROM AIRBNB?
The earnings will depend on a number of factors; location, how many bedrooms/beds, quality of the space, and the times you will be able to put your space up for hosting. Short term rentals earn more than leasing. If you have just an extra room and you're paying $1200/month, you can list that room on Airbnb for $60/night. During the month if you have hosted the room for 7 days will earning $420 – which is almost half of your rent. As per the data shared by Fundera, the average Airbnb host profit around $924 a month from Airbnb. This profits also accounts covering the rent/mortgage.
HOW TO START YOUR AIRBNB HOSTING SIDE-HUSTLE
Decide what kind of rental arrangement you want -
When you are deciding your rental arrangements, you will have to consider few things:
What are your Airbnb side-hustle income goals? – on this basis you can figure out the timings of hosting and how much you can charge per night.
What kind of space is available? – people will pay based on the space they will get and amenities they will receive along with the space.
How much privacy do you want? – based on your income goals and space availability there will be situation where you may need to share the space with your guest. Sharing space with strangers may be very stressful. You will need to a plan the hosting in such a manner that your stay as well as stay of your guest is enjoyable and stress free.
What kind of host do you want to be? – You will encounter various types of guests, some guests may want a local experience, they may want to talk to you and they want you to give them recommendations about the city, like place to visit, restaurants to dine. There may be others who have come for some professional work and wants to rest and want to be left alone. You will need to decide what kind of guest you prefer and make your listing in such a manner that your preferences are reflected and attracts travelers you want.
Setting up your home for Airbnb
Now that you have come with a plan, your guest preferences and when you will host. You will have to make sure that you provide best service in your price range, so that when the guest leaves you with five-star rating and they visit you again or give recommendations. In the world of service industry, how customer perceive you is very important. If you have good rating then your chance of getting booked will be higher.
So, some of the basic things that you will need to have, if not, then you will have to invest on these things:
Storage space for their clothes
You will need to provide basic enmities to your guests, only providing these things will not be sufficient. You will have to make sure that they have a good night's sleep and a shower.
Apart from above things, the most important thing you must make ensure every time there is a new guest, you provide them a clean and presentable room. Cleanliness is one of the most important things to keep your Airbnb side-hustle going, no one wants to stay in a place which is not warm and inviting but dirty and unkept.
There are people, who have converted this side gig into a six-figure earning business. So, this side hustle has potential to help you earn more than few extra bucks. You are not required to invest a lot of your time, but there are some initial establishment expenses. You do not need any extra space or own a property, to start hosting in AirBnb. You can host your one-bedroom apartment, when you are not staying. Just make sure you give such kind of service, that your customer gives recommendation and high ratings.