Short-term renting is becoming a popular way to earn extra cash

Photo provided/BPT

BPT -- Many Americans are struggling to make ends meet as the cost of living continues to rise. According to the U.S. Bureau of Labor Statistics, the rate of inflation in the U.S. increased by 8.5% in the last 12 months, drastically increasing the price of food, gas, utilities and other household items. While some have tightened their belts, others are looking for alternate sources of income to combat rising inflation.

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.

Medical crisis on the horizon, more than a quarter of practicing nurses want to leave the medical industry

Photo: Hamid Tajik/Unsplash

StatePoint Media -- According to a new survey, American nurses are overwhelmed by job demands, a long-brewing situation only exacerbated by the COVID-19 pandemic. While the majority of nurses continue to be dedicated to the care of patients, many are considering leaving the profession at a time when staff shortages are part of the problem. But there’s hope, according to industry experts, who say that understanding these challenges can lead to meaningful and necessary reforms.

The 2022 national survey, “The Future of Nursing: A Profession in Crisis,” of nurses and student nurses, was conducted by Cross Country, a market-leading tech-enabled workforce solutions platform and advisory firm, in partnership with Florida Atlantic University’s Christine E. Lynn College of Nursing.

Overall, the study revealed that nurses remain passionate about patient care, with 66% citing helping people through meaningful work as a main driver for staying in the field. Nevertheless, ongoing challenges have created undue burdens for nurses, with pay rates/compensation (86%), staff shortages (53%), stress (39%) and burnout (35%) cited as top career dissatisfiers.

This frustration has put the industry in crisis: 28% of nurses indicated their desire to leave the profession has increased dramatically since the pandemic, while those who said their desire to stay has dropped from 24% in 2021 to 4% in 2022. This translates to a real potential loss of talent in hospitals, physicians’ offices, long-term care facilities and other healthcare settings. Of those surveyed, 23% plan to look for a new career in 1-2 years and 13% plan to retire in 1-5 years.

“We had hoped that as the pandemic eased, nurses would have better balance, mental health and working conditions, but we are not there and as a result, nurses are leaving the profession in droves,” says John A. Martins, president and chief executive officer, Cross Country Healthcare. “The time to fix these mounting problems is now.”

To that end, Cross Country is deploying several strategies to transform the nursing profession. These include an ongoing examination of pay rates and retention practices; identifying new pathways for education, licensing, and talent development; focusing on flexibility and growth opportunities; and investments toward innovation to strengthen the nursing workforce.

The company continues to invest heavily in technology and digital transformation to support these strategies. Among these initiatives is a new website dedicated to nursing candidates. Found at crosscountry.com, the site aims to help health care professionals find and engage with potential job opportunities more effectively.

Identifying new pathways for nursing education is also a critical steppingstone towards reforming the profession and addressing healthcare provider shortages. That’s why the Christine E. Lynn College of Nursing offers accredited programs at all levels to prepare and train students, including various tracks for a BSN, Master of Science in Nursing (MSN), PhD and DNP focused on Caring Science. Also offered are a BSN-DNP program with a Psychiatric Mental Health Nurse Practitioner concentration and post-graduate dermatology and telehealth certificate courses, as well as other concentrations that intersect innovation and technology.

“Nursing is the greatest profession in the world. The experience you will get is priceless,” said one of the survey respondents. “Make sure you’re getting into nursing for the right reasons because I love coming to work and look forward to caring for patients every day. No two patients are alike, so every day in nursing is like a new experience and adventure. And you make the difference.”

To learn more about the challenges facing the nursing industry, visit crosscountry.com/the-future-of-nursing, where the complete study results, can be found.