© Chicken Soup for the Soul Entertainment, Inc. 2021.
All rights reserved.
Turn Your Home into Your Business
Tina is a hardworking single mother who not only works a full-time job in social work, but also manages her own side hustle of being a health and wellness coach. However, even with multiple streams of income, it can be extremely difficult to live comfortably while paying off debt. As a first-time homeowner, Tina hopes she can find a way to use her home to maximize her income. By partnering with Airbnb as a host, Tina could explore a whole new way to monetize one of her biggest investments: her home.
Adding Income with Airbnb to Tackle Debt
Airbnb allows you to turn your home into a rental property for others to enjoy as much as you do. From nightly to monthly rentals, homeowners can make serious money to help pay off debt by opening their home as an Airbnb host.
To discover just how impactful hosting in your home can be, Airbnb conducted a study of all new hosts with only one listing. From March 2020 to March 2021, these new hosts earned more than $1.2 billion globally on Airbnb – more than $8,000 per host! Just think of the financial freedom that much extra income could bring.
Would Someone Really Rent My Home?
The short answer: yes! With so many hotels featuring cookie cutter amenities across hundreds of rooms, more and more travelers are searching for an authentic experience. As travel options open across the country, guests are ready not only to visit new places, but for a fully immersive stay in a new home.
Curious if your home could be a vacation destination? The real question you should be asking yourself is not is my home worth a stay, but instead how much is a stay in my home worth? With Airbnb’s informative What’s My Place Worth Tool, you can get an instant estimate on what kind of income a home like yours could earn in your area.
““Every single person’s home is nice enough to host on Airbnb.”
- Brian Chesky, Airbnb CEO & Founder”
First Steps to Financial Freedom as an Airbnb Host
You have a home you’re proud of, you know what you want to charge for a stay, and you’re ready to start earning, so now what? First thing’s first: take a good look at what you have to work with. Whether you can rent out your entire home or just a spare room, the trick to succeeding with Airbnb is to create an honest listing that showcases what makes your home great. Check out this helpful article on setting guest expectations to help you create a listing that makes your home standout.
If you would like to learn more about the basics of hosting, Airbnb offers Intro to Hosting webinars to help guide new hosts through the start of their journey. During these sessions, prospective hosts learn how to set up a new Airbnb listing for success and have questions answered live. The best part is these classes are totally free. Looking for more info? Airbnb also offers a ton of other resources for potential hosts, such as:
What Does Airbnb Expect of Hosts?
If you’re ready to take control of your money and eliminate debt, open yourself up to the opportunity of extra income with hosting your home with Airbnb.