The COVID-19 pandemic has taken its toll and the vacation rental industry was no different. It disrupted not only people’s ability to travel, but also how property managers operate.
According to a study by Airbnb, global booking volume in 2020 dropped by more than 70% compared to the year before. Cancellations also increased significantly – in fact, there were more cancellations than rental bookings by April 2020.
Luckily, this improved towards the end of the year and we’re now seeing a positive shift in short-term vacation rentals in the U.K. as people are looking for new ways to enjoy travelling.
But it’s not all gloom and doom as the pandemic has brought new opportunities too; if you’re looking for ways to make more money post-COVID, consider becoming an Airbnb host.
What Is An Airbnb Host?
Airbnb is an online rental marketplace that connects property owners with travellers looking for accommodation in the area. People will use Airbnb to search for available accommodation in the area, find a place, and make the booking online.
Bookings and payments are made through Airbnb’s website so you don’t have to worry about collecting payments from guests.
The amount of money you can make depends on two things: your location and the size of the space you have available. You can do a quick search for accommodation in your area to get an idea of what other Airbnb hosts are charging.
Making some money with an extra room or a spare bedroom is easier than you think, and you can even offer your guests the use of shared spaces like the kitchen or living room. If you have a second home, you can turn it into an entire getaway and earn income from your property.
There is a whole community of Airbnb hosts who offer short-term vacation rentals in the U.K. and around the world, so you’re not alone! There are also many resources like blogs, articles, and clubs to help you become a better host.
Becoming an Airbnb Host
Making money with Airbnb is a great way to boost your finances post-COVID and you might even want to turn this into a full-time business.
Considering that more than 60% of millennials make accommodation bookings with their mobile phones, Airbnb offers the perfect platform to drive business to small business owners throughout the U.K. Add to that the fact that they tend to travel more over weekends, it opens up a great opportunity for new and part-time Airbnb hosts to rent out their properties.
Here are a few reasons why you should become an Airbnb host:
1. Additional Revenue for Renting Out Your Property
Renting out your property as an Airbnb host can bring you additional revenue and it can become a significant income source, especially when doing this full-time.
Some seasoned Airbnb hosts in the U.K. earn as much as £50,000 per year with the average rate for a private room is around £50 per night. The sole use of an apartment can bring in around £230 a night, depending on the location of your property.
2. Enjoy More Flexibility
By being an Airbnb host you can enjoy more flexibility and freedom by choosing how you want to spend your time. Whether you want to do more things with your kids or take up that hobby you’ve always wanted to, renting your property out for a source of income can make that possible.
People struggle to find a healthy balance between a full-time job, family responsibilities and all other things that come with life.
As an Airbnb host, you can choose the days your property is available, decide how much you charge, and more. It gives you the flexibility you need to become your own boss.
The ability to manage your time, along with the chance to boost your income and turn this into a part- or full-time business, is what attracts property owners to Airbnb and the convenience the platform offers. It’s a great way for homeowners to turn their extra space into an income-generating business.
3. It’s a Great Learning Experience
As an Airbnb host, you’ll get a learning opportunity of a lifetime. You’ll learn to be a good host – but more than that – you’ll learn from the people you meet while staying at your Airbnb. They all have different life experiences and might come from different backgrounds, as every person is unique.
You can learn from their experiences and different cultures, and you might even learn about new places you can travel to next!
There are so many opportunities to meet new and interesting people while renting out your property on Airbnb and who knows, you might just make a few new friends along the way.
Get Started As An Airbnb Host Today
Start by registering an account and completing your details. You can then list your property, add all the amenities you offer, and upload photos. You can add as many details as possible, and make sure your photos give a detailed and accurate reflection of your property. People do a lot of research online so detailed descriptions and high quality, inviting images go a long way.
In just a few short steps you’ll be listed on Airbnb and be ready to take your first booking. If you’re new to Airbnb, remember to keep an eye on similar rentals in your area to stay on top of trends and pricing options, and work on getting those ratings up!