Since its creation in 2008, Airbnb has grown into a worldwide phenomenon. Over 60 million people have stayed with hosts in 34,000 cities around the world.
What’s amazing about Airbnb is you don’t have to work in hospitality or own a castle to host (though props if you do). You can rent out a place to stay, help your neighbor host, or even give tours.
If you have space or experience to share, I’ll teach you how to be an Airbnb host, how to list on Airbnb, and what you’ll pay in Airbnb fees.
How to be an Airbnb host: three ways
1. Rent out a room, apartment, or house
The most common way to make money on Airbnb is to rent out a room, apartment, or house. Travelers will find your listing on the site and make reservations for days, weeks, or even months.
You can list a shared room, private room, or apartment, depending on what you have to offer and your comfort level with guests. There’s no one way for how to be an Airbnb host — you can find the way that works best for you.
As for how to list on Airbnb, you simply provide a detailed description of your space, along with several clear photographs. Aim to be as transparent as possible. Guests should know exactly what they’d be getting if they booked with you.
Likewise, you should look over the profiles of prospective guests to make sure they seem trustworthy. Even with Airbnb’s $1 million insurance, you want to read reviews and ensure that your guests will treat your home with care.
2. Become a neighborhood co-host
If you don’t have a place to rent, you can still make money on Airbnb as a neighborhood co-host. You’ll help local Airbnb hosts make reservations, welcome guests, or provide other services.
Most neighborhood co-hosts set their Airbnb fees between 10 and 20 percent of the total profit. If the host made $500 for a week’s stay, you would get between $50 and $100 for your help. Payment is automatic through Airbnb’s secure, online payment system.
To get started, create a profile on Airbnb and connect with your neighbors. Because the arrangement is so flexible, you can choose to work as much or as little as you want.
3. Provide a unique experience
A third, lesser-known option for making money on Airbnb involves hosting an experience. “Experience hosts” have a special passion or expertise to share, and are credible, genuine, and empathetic to their guests’ needs. They engage guests in meaningful conversation, teach them a skill, or share a cultural activity.
You can share a single experience, like a hike or class, or a multi-day set of tours. Other examples include painting at a private gallery, hiking with a botanist, or going shopping with a fashion blogger.
Take a look at Airbnb’s quality standards for hosts and experiences to see if you’re qualified to become an experience host.
Airbnb fees: How much money will you make?
The amount you can make on Airbnb depends on what you’re offering and your location. To help you set a price, Airbnb gives you the average price of comparable listings in your area.
An apartment in Boston, for instance, averages a weekly price of $518. In New York, an apartment goes for $569 a week, and a place in San Francisco costs $792.
You’ll pocket all of the listing price, minus a 3 percent host service fee. You can also charge extra Airbnb fees for cleaning, bike rental, pets, or late check-out.
Since Airbnb guests rely so much on reviews, you should make sure your description is accurate and prices are fair. You might also provide little extras, like a bottle of wine or a homemade travel guide.
Most new hosts set prices low to attract initial guests. Once you’ve become more experienced as an Airbnb host, you can raise your rates.
Another thing to consider is the cost of hosting. You’ll need to restock supplies, spend time processing reservations or you may need to buy new furniture. These costs can cut into your net profit as an Airbnb host.
If you currently live in a rental, make sure to get permission from your landlord before listing on Airbnb. You should also check your state’s laws; recently, several cities, including New York, passed laws to fine Airbnb hosts in an attempt to protect the local hotel industry.
Should you become an Airbnb host?
If you have a room, apartment, house, or special experience, hosting on Airbnb is a great way to earn money and meet new people from all over the world.
What are some other lucrative side gigs to supplement your income? Check out this article for 30 fun ways to turn your talent into extra cash.
Looking for more inspiration? This fitness instructor paid off $12,000 in student loans with income from his side hustle.
Interested in refinancing student loans?Here are the top 6 lenders of 2018!
|Lender||Variable APR||Eligible Degrees|
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1 Important Disclosures for Earnest.
To qualify, you must be a U.S. citizen or possess a 10-year (non-conditional) Permanent Resident Card, reside in a state Earnest lends in, and satisfy our minimum eligibility criteria. You may find more information on loan eligibility here: https://www.earnest.com/eligibility. Not all applicants will be approved for a loan, and not all applicants will qualify for the lowest rate. Approval and interest rate depend on the review of a complete application.
Earnest fixed rate loan rates range from 3.89% APR (with Auto Pay) to 5.87% APR (with Auto Pay). Variable rate loan rates range from 2.47% APR (with Auto Pay) to 5.87% APR (with Auto Pay). For variable rate loans, although the interest rate will vary after you are approved, the interest rate will never exceed 8.95% for loan terms 10 years or less. For loan terms of 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95% (the maximum rates for these loans). Earnest variable interest rate loans are based on a publicly available index, the one month London Interbank Offered Rate (LIBOR). Your rate will be calculated each month by adding a margin between 1.82% and 5.50% to the one month LIBOR. The rate will not increase more than once per month. Earnest rate ranges are current as of Month/Day/Year, and are subject to change based on market conditions and borrower eligibility.
Auto Pay discount: If you make monthly principal and interest payments by an automatic, monthly deduction from a savings or checking account, your rate will be reduced by one quarter of one percent (0.25%) for so long as you continue to make automatic, electronic monthly payments. This benefit is suspended during periods of deferment and forbearance.
The information provided on this page is updated as of 08/21/18. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice. Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 302 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit https://www.earnest.com/terms-of-service, email us at firstname.lastname@example.org, or call 888-601-2801 for more information on ourstudent loan refinance product.
© 2018 Earnest LLC. All rights reserved. Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by or agencies of the United States of America.
2 Important Disclosures for Laurel Road.
Laurel Road Disclosures
Savings example: average savings calculated based on single loans refinanced from 9/2013 to 12/2017 where borrowers’ previous rates were disclosed. Assumes same loan terms for previous and refinanced loans, and payments made to maturity with no prepayments. Actual savings for individual loans vary based on loan balance, interest rates, and other factors.
Application detail: 5 minutes indicates typical time it takes to complete application with applicant information readily available. It does not include time taken to provide underwriting decision or funding of the loan.
Instant rates mean a delivery of personalized rates for those individuals who provide sufficient information to return a rate. For instant rates a soft credit pull will be conducted, which will not affect your credit score. To proceed with an application, a hard credit pull will be required, which may affect your credit score.
Total savings calculated by aggregating individual average savings across total borrower population from 9/2013 to 12/2017. Individual average savings calculation based on single loans refinanced from 9/2013 to 12/2017 where borrowers’ previous rates were provided. Assumes same loan terms for previous and refinanced loans, and payments made to maturity with no prepayments. Actual savings for individual loans vary based on loan balance, interest rates, and other factors.
3 Important Disclosures for SoFi.
4 Important Disclosures for LendKey.
Refinancing via LendKey.com is only available for applicants with qualified private education loans from an eligible institution. Loans that were used for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not eligible for refinancing with a lender via LendKey.com. If you currently have any of these exam preparation loans, you should not include them in an application to refinance your student loans on this website. Applicants must be either U.S. citizens or Permanent Residents in an eligible state to qualify for a loan. Certain membership requirements (including the opening of a share account and any applicable association fees in connection with membership) may apply in the event that an applicant wishes to accept a loan offer from a credit union lender. Lenders participating on LendKey.com reserve the right to modify or discontinue the products, terms, and benefits offered on this website at any time without notice. LendKey Technologies, Inc. is not affiliated with, nor does it endorse, any educational institution.
5 Important Disclosures for CommonBond.
6 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
|2.47% – 6.99%3||Undergrad & Graduate||Visit SoFi|
|2.47% – 5.87%1||Undergrad & Graduate||Visit Earnest|
|2.47% – 8.03%4||Undergrad & Graduate||Visit Lendkey|
|2.95% – 6.37%2||Undergrad & Graduate||Visit Laurel Road|
|2.48% – 6.25%5||Undergrad & Graduate||Visit CommonBond|
|2.72% – 8.32%6||Undergrad & Graduate||Visit Citizens|