10 Ways To Make Money As An Airbnb Host
A lot of property owners assume that the only way to make money as an Airbnb host is to rent the property out to short-term renters, such as friends on a weekend away or those travelling for business. However, this isn’t the case. Most Airbnb properties have a great deal of untapped potential and there are often opportunities for more money to be made. Regardless of whether it’s a small apartment in the city centre or a much larger property in the countryside, there is a tonne of great ways to make money.
How to Make Money With Airbnb
1. Optimise Prices During School and Bank Holidays – Some of the most popular times to travel are during school holidays and over Bank Holiday weekends; this is when family holidays can happen without taking children out of school and when weekends away can happen without booking a day off of work. As an Airbnb host, it’s possible to make money during these periods by increasing the prices. With a higher demand, it’s not unheard of for rental properties to charge more.
2. Rent the Space for Parties and Events – Though most people assume that making money with Airbnb requires renting a property for days or weeks at a time, this isn’t necessarily the case. In fact, you can make money by renting the space for parties and events. Whether it’s someone hosting a dinner party or someone looking for a large area to celebrate a birthday, you could benefit from the fact that a lot of people don’t have space themselves. Therefore, they may be interested in renting another property for the evening.
3. Offer Discounts for Long Term Renters – One of the top ways to make money with Airbnb is to rent the property to long-term renters. There are a lot of benefits that come with renting the property out on a long-term basis, such as knowing in advance that the property is occupied and not having to worry about the turnover of guests. However, it’s securing these long-term renters that’s key. So, consider offering discounts to those who want to rent the property for weeks or months at a time. Though this may be slightly less than you could receive from multiple short-term rentals, there’s no worry of missing out on money whilst the property is empty.
4. Optimising Prices During Sports and Music Events – If there is a big event happening nearby, consider increasing the rental price. Important sports events, festivals and concerts bring large crowds into a city and a lot of these people will need somewhere to stay. As the demand for accommodation will be much higher, you can increase the price without sacrificing interest.
5. Consider Listing Rooms Separately – A lot of people make the mistake of only renting out the property as a whole when more money can often be made by listing the rooms separately. Listing each bedroom as a single rental opportunity with shared communal areas allows for multiple bookings, multiple guests, and an overall higher booking value.
6. Research Other Nearby Properties – Take the time to find out how much other nearby properties are charging their guests, as you could be underselling. If your Airbnb property has the same amenities and features as those that are a lot more expensive, you may want to consider increasing the price.
7. Market the Property for Specific Attractions – If you are hosting an Airbnb property that’s near to popular attractions, market it accordingly. For example, if the property is close to a theme park, this should be highlighted to potential guests. Similarly, if the property is close to a busy airport, this should be one of the key selling points. A lot of people will be looking to rent a property in a very specific location, so it’s important that you single yours out.
8. Highlight Tourists Spots and Areas of Interest – A big part of making money with Airbnb is encouraging people to rent your property. After all, it’s impossible to make money without any guests. A great way to appeal to potential guests is to highlight the property’s close proximity to tourist spots and areas of interest. For example, make a note of how close it is to the city centre and any popular attractions.
9. Reduce Prices During Low Season – Though this may sound counterproductive, it is actually beneficial to reduce prices during the low season and it can help you to make more money with Airbnb in the long run. During low season, there will be fewer people looking for somewhere to stay and therefore you will need to make your property as appealing as possible. One of the top ways of doing this is to offer discounts. As well as helping your property to stand out as an affordable option, it could sway people into booking a last minute trip.
10. Get a sleeping couch in your living room – Your apartment may not be the biggest, but that doesn’t mean you can’t add guest capacity. A listing with a single bedroom that would usually accommodate 2 people, can be upgraded to 3 or even 4 people by investing in the right sleeping couch. This, in turn, will increase your daily rate. Of course, you need to make sure your guests are comfortable, so space needs to be adequate.
As you can see, making money with Airbnb is a lot more than simply listing a property and hoping for the best. There’s a lot of work that goes into making money with Airbnb and it doesn’t need to centre entirely around renting the property out to short-term holidaymakers. Instead, consider a range of other options. If the property is on the more luxurious side of things, you could rent it out for special occasions. If the property is usually empty during the low season, tap into this smaller market.
To find out more about making money with Airbnb or for professional Airbnb management services, get in touch with Hostmaker. Alternatively, sign up online today.