One popular way to earn extra income is to offer up rooms, homes and apartments as short-term rentals. While offering short-term rentals isn’t new, according to a recent report by Airbnb, the number of new Hosts in the U.S increased by 50% during Q2 of 2022, coinciding with the increasing inflation rate. Also, 41% of U.S. Hosts reported that one reason they host is to earn money to help navigate rising prices.
According to the numbers, hosting short-term rentals seems to be working, with new Hosts earning a combined total of over $1.8 billion globally in 2021, up more than 30% from 2019. For those who have an extra room or property, offering up their space as a short-term rental has given them the opportunity to earn amid a rising cost of living.
Jenny’s story
According to the survey, nearly 40% of Hosts in the U.S. said that the income earned through hosting has helped them stay in their homes in 2021. This was especially true for Jenny Radick a single parent who, in 2016, was overwhelmed by the never-ending cost of day care, rent, car bills and student loans.
“I was working every moment I could to pay my bills, but it meant sacrificing valuable time with my children,” said Jenny. “I knew that my work life wasn’t sustainable, but I didn’t know how I could balance my desire to parent with my need for income.”
Luckily, in September 2017 she decided to start hosting her entire home – a cabin in Saylorsburg, Pennsylvania, on the weekends to earn extra income and took the opportunity to visit family while her home was in use. While every Host’s experience is different — and earnings can vary widely depending on availability, price, listing type, location, and more — in Jenny’s case, the idea eventually paid off: The income she received from her first short-term rental allowed her to pay off her mortgage in the first year and invest her earnings into buying a second home. In the last 12 months alone, Jenny earned $44,496*. “Hosting has removed a huge weight from my shoulders,” said Jenny. “Without the stress of financial uncertainty, I have the freedom to spend quality time with my children that I couldn’t afford before.”
Become a Host
If, like Jenny, you’re looking for a way to alleviate your financial burden, consider becoming a Host. Whether you have a finished basement with a separate entrance, a seldom-used cabin or summer home, even a private room, or if you can visit friends and family for the weekend, you can easily start earning extra income.
To talk to a Superhost to learn more about hosting. You can list your space for free at Airbnb.com/Host. If you’re new to short-term rentals, Airbnb can match you with an experienced Superhost to answer all of your questions and provide personal tips and guidance on hosting.
Disclaimer:
*The median annual income for an entire place in Saylorsburg, Pennsylvania, is $24,154. Your actual earnings will depend on several factors, including your availability, price, and the demand in your area.