Have you recently purchased a new home with a little extra space? Or have your children grown and you now some extra rooms available in your house? Don’t let that unused room go to waste – rent out the space on Airbnb and make some extra money!
How involved this process is will be completely up to you. You can choose to do it sporadically and, because it’s not your main source of income, you can be selective of the renters who you choose to let into your home.
If this is something you have given thought to in the past, here are some tips for making the most of your experience:
1. Hosting Etiquette
If you do pursue this route, there are some added responsibilities that you will take on as a result. The more exemplary Airbnb hosts aim to make their renter’s stay as special and personalized as possible. Introduce yourself, make sure the area they will be staying in is tidy and equipped with the necessary essentials, and be prepared with recommendations of restaurants and attractions they should visit during their stay. Other than that, you don’t have to be any more involved unless they would require something of you.
2. Be Transparent
This is your home, so be honest when you are posting your listing on Airbnb. Be transparent of exactly what you want from a guest who will be renting a portion of your home. If you want there to be a certain period of time from evening to morning where volumes should be kept at a minimum, for example, be sure to mention that. If you are committed to enforcing a variety of rules, you will weed out renters that may not be a good match for you just through being honest. If not, you risk having situations arise that cause conflict between you and the other person.
3. Research Your Renters
You have every right to be as selective as possible in your choices. Do some research into the guests who are interested in renting your space, including their previous stays and their profile details. You can also reach out and ask them their intentions during their stay to get a feel for whether or not it would be a good fit for you.
4. Rent During The Right Times
If you don’t want to rent out your space frequently, you can wait for busier periods. If you live in a more popular area, wait until there will be a special event near you to post your listing. You can even charge more during these times as well.
Whether you decide to rent infrequently or on a more regular basis, it is still a great source of additional income!