But really, how much money can I make on Airbnb?
Honestly, it depends. Your location, your space, the frequency that you rent, the other Airbnb’s in your area; they’re all a factor. For example, if you live in one of Airbnb’s most profitable locations you’re in luck. Hosts in places such as Los Angeles, New York and Miami fetch top dollar for their rentals. If you aren’t lucky enough to live in one of these places, there is still a huge opportunity for some pretty significant income. Renting extra rooms in your home can provide you with hundreds of extra dollars a month. The best way to determine how much money you can make off Airbnb is to do some research. Figuring out your income potential first will let you decide if the extra work is worth it.
Determine what you’ll rent and how often:
Before you start dreaming about what you can do with your new earnings, you need to figure out what you’re going to rent and how often. Will you rent your whole home? If so, where will you stay? How often will you rent? Each week? Once a month? Once a year? The frequency of your rental will be a big factor in determining how much money you can make on Airbnb.
Check out the competition:
Looking at the homes in your area will help you determine how much money you can make on Airbnb. Look for places in your area with the same amenities as you that are approximately the same size. Once you’ve found an average rental price, multiply that by the frequency of your rentals. That number will be your potential income from renting your space on Airbnb. Not too bad, is it?
Don’t forget to add in your costs:
Things like cleaning supplies, the extra cost of utilities, and your time spent updating your listing should be considered when you’re thinking about your income. Make sure to deduct these and other costs to get a true understanding of what you can earn.
Whatever you make on Airbnb now, you have the potential to make a lot more when using Hosty. We’re the professional Airbnb management software that will help you run your business as efficiently as possible. Ready to begin your trial now? Click here to learn more about our property management tools.