Ever since Airbnb was launched in the year 2008, it has changed the way the world travels. The company is valued well into billions and has helped homeowners around the world become mini-hoteliers, enabling guests to stay in an extra room overnight or take over the home for a particular period of time.
At present, Airbnb has helped millions of guests to book a place to stay in various countries. But, how much do hosts earn from Airbnb? Well, Airbnb hosts basically earn more than anybody else in the gig economy, raking in an average of $924 monthly.
Hosts on Airbnb make about 3 times as much as some workers. However, earnings on Airbnb may range drastically, with hosts making more than $10K monthly while some make less than $200. Still, nearly fifty percent of Airbnb hosts make more than $500 monthly.
What Would It Cost You to Operate as an Airbnb Host?
The costs basically depend on your situation. If you’re thinking of renting or buying a place for the sake of listing your property through Airbnb, the benefit or cost discussion is more involved. If you plan to list out some space that you have and is not being used currently, you don’t have to think of additional housing costs.
You’ll need to provide some consumables including toilet paper, coffee, soap, and more. You could also expand the items you’re willing to provide to include milk, eggs, bread, and so on. Such costs are actually minimum, yet add significantly to the experience of the guests. These are great investments. The utilities might add up as the guests could be more liberal with leaving lights and air conditioner on once they are not paying the bill. The golden rule is to be conservative as well as figure twenty-five percent of gross income would go to the costs. All in all, the costs will differ widely depending on your situation and based on local tax laws.
How Can Airbnb Hosts Max Out Their Earning Potentials?
Keep the Prices Realistic - You aren’t a traditional hotel, so never try pricing yourself like one. Understand your competition in the area. Now, if you have some amazing beach home, you can make way more than a hotel for that room or house sometimes. But with Airbnb, take note that many would prefer renting a property at 1/3 of the price the local hotels have. The reason behind it is that people love to save money.
Take Some Beautiful Photos of Your Home - Photos are the most important factor when marketing vacation properties. Some Airbnb hosts claim to make $100K yearly for sharing their home with international backpackers, retirees, and so much more. In photos, make sure to highlight anything that is unique about your home. You should also take photos of your amenities and even local tours people can take near your home
Never Forget about the Little Things - Make sure to provide a good guest experience by providing customers with everything they’ll need during their stay. You should provide entertainment, towels, mini toiletries, and a bottle of water or some sweet treats from the nearest bakery in your area.
Can you put in a little investment and still make Money?
This is actually interesting; some of the most sought-after Airbnb experiences are unique stays. There are several people who bought some raw land in a popular area and made it a classic memorable experience. Things such as tiny homes or Airstream trailers, they also groom the landscape around it in a beautiful and unique way. Although you are not going to make $600.00 a night, your investment was some land, a small dwelling, and landscaping. Then you can be taking in $50 to $100 a night on something this simple.
You should check out our other articles about using Hipcamp and AirCrete homes as well. These can be done cheap, and the money can start coming in. Having some cheap land and either renting it out as is or building a tiny home under $10k can still work and make you passive income. Check out our listings at LandZero for great land deals if you are interested in this.
How Much Are People Making on AirBnb
Earnings vary widely depending on the home locations, luxury of home and volume of season. Highs: Hosts in popular areas can make $1000+ per month, even over $10k actually before cleaning expenses. Lows: Less demand or high maintenance costs may reduce earnings significantly. Deducting maintenance costs (cleaning, repairs) is crucial; potential earnings depend on location, property type, and upkeep. You may price it low and find your cleaning and upkeep make it a wash for you.
