If you have been wondering about a sustainable way how to make more income, Airbnb is a viable option that is constantly on the rise. There are stark differences between Airbnb vs. renting, and people are fast moving towards the Airbnb business model. You can even grow it into a full-blown lucrative business where you won’t need a job anymore.
Wondering how to increase Airbnb revenue? The whole business concept of Airbnb comes down to just one factor – people want a clean, tidy, and comfy place to rest while they are on the go. The hotel system is too expensive for some, while others may be more comfortable in an apartment environment than in a hostel or a hotel.
You may be thinking that you have no idea how much to charge, how to run things, etc. That is normal, but luckily there have been other companies that spring up, due directly to the success of Airbnb, which help hosts know what rates to charge when to charge them, and what to add/subtract from their property to make it more appealing, and a virtually infinite amount of other analytics to help guide your decisions toward the best experience for your guests and the best way to increase your bottom line. Probably the most prominent is AirDNA, but there are certainly many others, as well.
Airbnb gives people more choices of places they can stay at and amenities similar to their apartments at a much lower price than a hotel. The space-sharing and part-time renting system provides an inexpensive way out for those who travel on a limited budget.
This is a big market, and if you have been looking around for methods on how to make more income, Airbnb should be at the top of your list. But most people don’t know about unique ways to use Airbnb to make more money. Renting out apartment space is the only direct way you may know, but there’s more. You can even get started if you don’t own any property.
To get started safely, you should learn how Airbnb property management company works and how you can earn an income on this platform. Below are some ways to increase your revenue from the space-renting platform.
Rent out Unused Space in Your Home or Property
This is the most obvious and direct way. If you live in a big home and have an extra room, you can rent it out to people who need it at a certain time. Even if you live in a small apartment, you can still rent it out if you are going away for a while, and the place will be free for that time.
Instead of leaving the place unused for some days or weeks while traveling, make money by listing it on Airbnb. This is all passive income; you don’t have to do extra work to make more money. And you will want to know how to increase Airbnb revenue.
Rent out Closet Space
If you don’t have a spare room, you can rent your storage space or closet for a few dollars a month. This might not make you a lot of money, but 40-50 dollars a month in pocket money isn’t hurt your income. Save it up, and you will have a few hundred dollars at the end of the year.
Subletting Your Rental Property
While this may not be an option in all states, it can serve as a great business income in places where you can pull it off. If you don’t have your property, you can rent a place and then sublet it on Airbnb.
There are a few hurdles for this method to work. First, you must consider your state’s legal requirements and the contract you signed while renting the property. Several states don’t allow subletting. Moreover, most rental agreements do not allow the rented properties to be listed on other platforms for subletting.
You also have to consider the cost of subletting. If the rent you have to pay and other business expenses are higher than the profit you make from subletting, there is no use going down this route. However, if you can overcome these barriers, you can flourish and get started without owning any property.
Become a Rental Manager
Another option you can pursue if you don’t have your property is to become a rental property manager for a property listed on Airbnb. A standout benefit of this method of making more money is that you can work from home.
All you have to do is check on the guests, communicate with them, make sure the property is maintained, market the property rental, confirm bookings online, and do other related tasks. You will establish a base on the platform and earn money this way.
However, check the laws and requirements of your state, as some areas might require you to register with a broker’s license, while other places may have differing requirements. You may even need to get some related education to get started.
Rent out Parking Space
Besides an apartment and closet space, you can also rent out your parking space if you have an unused parking area or have a larger space where one more car can park, rent out this space on Airbnb. A small business may need a temporary parking space for their vehicles and may pay you a good sum.
Add More Services to Your Offering
If you already rent out space on Airbnb and are wondering how to make more income Airbnb, add-on services can be a great option. Instead of just renting out space, add more value by offering additional services like home-cooked meals, a tour of the city, groceries at the doorstep, free coffee, and more. This way, you can charge more for the same space on Airbnb.
The add-on services can be especially useful when people are on vacation looking for guides and more such stuff.
So, How to Increase Airbnb Revenue?
Starting a side hustle to make extra income is a tough nut to crack. If you have been wondering for a long time about how to make more income, Airbnb can provide a way out. You can start by listing on the platform any unused space you have.