Make Extra Income By Renting Your Home Or A Room

With thousands of hotel rooms available that offer the same amenities, many travelers now prefer a more personal experience – staying with a host by renting a room or an entire house through sites like AirBnB.com, Homeaway.com, and VRBO.com. As a host, you can make significant extra income by renting your space. Here are key questions you should ask if you are considering hosting: • Is it safe? Check with the site you might list with for specifics. AirBnB provides hosts with insurance and “Verified ID,” which means they have verified guests’ information. It’s wise to speak with your guests on the phone before you book the reservation. Plus, guests and hosts are both subject to reviews from other guests/hosts on most sites. • How much can you earn? Hosts who rent out a room make anywhere from $70 per night on AirBnB in a city like Houston, to over $100 in San Francisco. The most profitable locations are places with beaches like Miami and San Diego, mountain towns, or cities with summer festivals. HomeAway reports that homeowners charge an average weekly rate of $1,520 for an entire home. • How much time does it take? Hosts who are more hands-on have higher occupancy rates. Cleanliness, an accurate description and pictures of your property, and developing a relationship with your guests will help you book more often, and get you better reviews. HomeAway says its hosts spend an average of 9 hours per week marketing and managing their properties. • Can I do it in my neighborhood? Understand the laws in your town. Call your local zoning/planning office to make sure it’s legal to rent a room to short-term renters.