Since its debut in 2008, AirBnb has rapidly become a popular way for travelers to find lodging in locally owned properties. If you’ve ever thought about listing your rental on AirBnb website, there are a few things you’ll want to know about it. Here are the pros and cons of offering up your investment property for short term rental.
Pros of Home Sharing on AirBnb:
- The biggest advantage of joining the home-sharing platform is the income that your property can generate. If you own an striking property in Atlanta with convenient access to local attractions, your place will likely have the potential to generate a good amount of income by listing your rental on AirBnb. The website even has tools to help you set pricing according to local demand and season. You can also qualify to become a super host, adding to your onsite reputation as a trusted place to stay. This can significantly increase your income potential.
- Flexibility is high, and you have ultimate control of your property’s availability. If you don’t want the home to be occupied every single day, you can block out dates from the calendar as needed.
- You can choose to list a whole house, or just a part of the house, such as a private bedroom. The choice is yours, based on what works best for you for listing your rental on AirBnb.
Cons of Home Sharing on AirBnb:
- Inviting strangers to stay in your home brings a certain amount of risk. Your insurance carrier may require you to purchase additional coverage against damage or theft caused by your guests.
- Some HOA’s or local municipal laws prevent homeowners from renting out their homes for short term stays. If listing your rental on AirBnb without doing your homework, you could be in direct violation of city or neighborhood restrictions against the commercial use of a private home.
- As a property host, you need to be highly attentive to the needs of your guests. If you wish to receive good host reviews, your prompt response to any concerns or questions is key. For some people, waiting on others in this manner can be too much of a hassle for a small side income. There is also the need to meet booking schedules that require quick turnaround times for cleaning and prepping the room between guest visits. Adhering to the duties of a good host can feel restrictive.
So, is listing your rental on AirBnb worth it? That all depends on you. The potential for profit is there, but do your homework and consider your own needs before you leap into the game.
Since 2002, DUFFY Realty has been serving individuals and families to buy and sell homes in the greater Atlanta area. Whether you are buying or selling, or even listing your rental on AirBnb our team of experts is well qualified to support you in the real estate marketplace. Contact us at (678) 318-1700 for a friendly conversation today.