GUESTLINQ ~ POSTS

February 1, 2023 By: staff writer

It's not uncommon for households to have extra rooms, basement apartments, or rooms above the garage that are used for storage or exercise equipment, or for that once in a while, visiting family and friends instead of being rented out for extra income to help with the mortgage or offset expenses. While long-term renting is an option, it can come with issues such as loss of use of the space, difficult tenants and evictions, and a higher risk of damage to the property. Fortunately, short-term renting has become a popular alternative for homeowners and landlords in recent years, offering more flexibility and a more profitable option.

As companies like Airbnb, VRBO, and Bookings.com continue to grow in popularity, there has never been a better time to take part in this booming short-term rental market. Nearly 1 in 5 Americans have used short-term rentals, which will only continue to rise as more travelers opt for unique and personable accommodations over cookie-cutter hotel chains.

So why should you consider becoming a short-term rental host? Well, here are 5 compelling reasons why you should get started:

1. Extra Income

One of the most popular and fundamental benefits of hosting space on Airbnb is the additional income. Whether you're renting out a room in your home or an entire house or apartment, you can earn more money renting that space on a day-to-day or week-to-week basis than you can with a long-term rental. Hosts can set their rental rates by the day, and the amount hosts can ask for can significantly increase based on the season, proximity to desirable attractions like beaches, lakes, and cities, or popular festivals, sporting events, and concerts. If you are lucky enough to live in an area desirable to visitors, you may quickly discover that the amount you make from daily renting is at least 2 to 3 times more than what you would make from a monthly long-term rental over the same period.

2. Extra Flexibility

One of the biggest challenges (and deterrents) of long-term renting is that it is typically a year-long commitment. But with short-term renting, you have complete control of when you rent out your space. Do your college friends need a place to stay while they're in town for a wedding? No problem, you can save those dates for them. Are you planning to replace your floors in the coming months? Consider those maintenance dates blocked off! Maybe you need to go on vacation to relax. Aloha, your rental calendar can be changed faster than you can order a Mai Tai on Maui.

3. Easy Management

Another great benefit of short-term renting is that the listing platforms do most of the heavy lifting for you. They help advertise and drive users to their site, provide your booking listing page and calendar, vet the guests, coordinate the payments, provide insurance, and even collect occupancy taxes in some circumstances. With short-term rental listing platforms, you have complete control over your space availability, whom you rent to, and how much you choose to rent it. If this isn't easy enough, a digital concierge service can automate the communications between you and your guests, and a property management service can manage your listings and bookings, making it easy to manage your rental.

4. Serving the Community

Another great benefit of hosting on Airbnb is that you can help fill a significant gap in the housing market for individuals and families who need to stay longer than a few days but shorter than a year. Traveling nurses, study abroad students, interns, visiting faculty, individuals on extended work trips, or even families who have lost their homes in a natural disaster and need a temporary place to stay often need housing for a few weeks to a few months. Instead of staying at a hotel with limited options, many prefer to stay in a place with the comforts and amenities of a home.

5. Making Lasting Relationships

Opening up your home to strangers can have very positive unintended consequences. As short-term renting grows in popularity, it's becoming more common to hear stories about hosts and guests becoming friends after a short stay or even falling in love. Perhaps opening your home to the community begets opening your heart to new friendships, relationships, and other opportunities.

In summary, short-term renting has never been more accessible or lucrative, and becoming a host is a great way to capitalize on this booming market. By offering up your extra space, you can earn extra income, enjoy the flexibility of managing your rental, and build lasting relationships with guests from all over the world. So why not put your extra space to work and become a host today? You never know where this exciting venture might take you!