Is it on your to-do list to own an Airbnb? It’s a lot less expensive than you think. In addition to luxury and business tourists, those on a tight budget can also benefit from Airbnb rentals. Renting a room, sofa, tent area, or an entire apartment on a backpacker’s budget is easy with Airbnb’s price range filter.
Do you want to increase your earnings? When it comes to saving money, many financial advisors suggest that you look into renting out a spare room or an entire backhouse on sites like Airbnb.
Is Airbnb worth it? A poll by Clever found that 82% of Americans felt that renting a room on Airbnb is a viable money-making strategy. According to Earnest’s recent study, Airbnb hosts make an average of $924 monthly, so it’s not a bad idea if you’re sitting in space.
While the typical Airbnb host earns around $6,000 yearly, many hosts make far more. Evelyn Badia has transformed her hosting company into a full-fledged branded corporation in the last several years. Former TV commercial producer who now manages two listings out of a three-story row house in Brooklyn’s Park Slope neighborhood. Badia, a 50-year-old full-time host, started hosting after losing her job in 2010 and now makes a “low six-figure” income by booking her listings around 80 percent of the time; she says she’s hosted 400 people.
How much do Airbnb Superhosts make?
While visiting New York City in 2012, Pol McCann, a 52-year-old Superhost in Sydney, Australia, utilized Airbnb as a guest. They were able to prolong their vacation from three nights to twelve by staying in a studio apartment in Alphabet City for less than half the price of a hotel, according to McCann.
When he put down a deposit on the third apartment in mid-2015, it was a considerably larger one-bedroom, which he renovated for six months. He thinks that he makes $100,000 a year after expenses between the two homes. By the time he’s ready to retire, he’ll have paid off all of the flats in five years and become a full-time host.
There are six listings that Jonathan Morgan maintains out of three properties in Savannah, Georgia:
- A complete house he leases.
- Three rooms in his own home.
- Two rooms on an island vacation property that he transports visitors to via boat.
“When there were just twelve employees in the Airbnb headquarters,” he recalls, “I started hosting in 2010.” Since then, he’s seen as the Airbnb community has matured and become more sophisticated.
Top 10 Places to Own an Airbnb
1. San Francisco, California
According to TripAdvisor, there is no better spot to own an Airbnb than San Francisco.
San Francisco is a well-liked tourist destination since it offers something for everyone. There is much to see and do in San Francisco, from iconic landmarks to fantastic day adventures. There is something for everyone to do in the city: family-friendly. Many banking institutions’ headquarters are located in San Francisco, making it a commercial center. Summers in this area can be chilly and foggy. Popular attractions include Chinatown, the Golden Gate Bridge, cable cars, and diverse architecture.
Travelers from throughout the world go to San Francisco, which is a beautiful city. Located at the end of a peninsula in Northern California, the town is surrounded by the Pacific Ocean on one side and the San Francisco Bay on the other three sides. It’s a famous tourist destination because of its stunning position, which attracts many visitors each year. San Francisco is frequently included in lists of the top U.S. tourist destinations.
2. San Marino, California
Located in the San Gabriel Valley, San Marino is a small city. The city was created by Henry E. Huntington, Don Benito Wilson, and George Patton, Sr. He built a streetcar network in San Marino and other Southern California communities. He funded the Huntington Library (father of the general). Southern California’s most affluent neighborhood is located here.
There are some of the most prominent public schools in Los Angeles here and some of the city’s most affluent houses and sprawling lawns, all of which contribute to the area’s peaceful reputation and low crime rate. There is a mean asking price of $2,714,760 for a house or other type of property in this neighborhood. Make some extra cash on Airbnb by renting out unused space in your home. This can assist with the high monthly payment on your mortgage. A Mashvisor analysis found that a nightly charge of $154 is the average in this city for staying in an Airbnb home.
3. Ithaca, New York
However, Ithaca may not be as famous (ahem) as other of the more famous New York City boroughs, and it is a hidden gem nonetheless. Beautiful hiking paths and the magnificent Ithaca Falls abound in Thishaca, one of the nation’s most prestigious college towns. With an average daily fee of $344, Mashvisor ranks it the most popular Airbnb site in the world.
According to Connecticut Explorer CEO Suzanne Bucknam, “New York City has more than 25,000 Airbnb hosts who generated over $300 million in 2017. New York City is one of the most popular places for Airbnb property investors.
In the opinion of Signaturely’s founder William Cannon, major tourist cities are good locations for running Airbnbs. “If your Airbnb is located in a tourist hotspot, you’ll be able to charge more for your room, but you’ll also have clients staying in your house year-round.
4. Costa Rica
Costa Rica has been a favorite destination for ex-pats and snowbirds for a long time because of its natural beauty and friendly population. It’s become an even more popular vacation spot in recent years, as more and more individuals choose to retire overseas or live a nomadic digital existence there. Many individuals from the United States and Canada are migrating south for at least part of the year because of the growing living expense and the more harsh winters.
Many northerners are discovering that they can afford to live comfortably in Costa Rica for a fraction of the cost of living in the north. You may have luxurious vacations for the price of a budget trip to North America or Europe.
In the Dare to Dream villas, hosted via Airbnb Lux, Tim and Tracey Kerin try to provide their guests with an experience of absolute relaxation. You may choose from a variety of a la carte or all-inclusive packages that cover everything from private vehicle service to chef services to cleaning to intimate massages in the villa. Look out for their new mansion, Essence of Dreams, which is scheduled to debut around the end of 2023’s early spring season.
5. Maui, Hawaii
This isn’t exactly a surprise. Maui is a must-visit Hawaiian island for tourists from all over the world. Living in this area is prohibitively expensive, with a median house sale price of $1.25 million. According to AirDNA, the average daily fee for Airbnb rentals is $375, making it easy to see why the prices are so high.
It’s no surprise that three participants named Hawaii a possible destination. Is anyone who hasn’t fantasized about vacationing on the tropical islands or buying a vacation house in a tropical paradise?
The Lahaina region of Maui tops the list. It’s hard to believe that despite its enormous popularity and abundance of celebrity vacation houses, Maui manages to keep its natural beauty relatively clean. As a good location for an Airbnb, Kauai has been gaining ground on its larger sibling.
6. St. Louis
The Mississippi River runs through the heart of St. Louis, a prominent Missouri metropolis. The 630-foot-tall Gateway Arch, erected in the 1960s, pays tribute to Lewis and Clark’s early 19th-century travels and the overall westward expansion of the United States. Views of the arch are available from replica paddlewheelers that travel the river. Restaurants serving barbeque and bars playing blues music abound in the Soulard neighborhood.
According to current statistics from Zillow, the average property value in the city of St. Louis is $172,628, making it one of the most affordable cities in the country. As a result, the daily average Airbnb rate of $165 (as reported by AirDNA) is all the more remarkable.
7. Lisbon, Portugal
Expats and digital nomads are flocking to Portugal, particularly the area around Lisbon. For those looking to invest in an Airbnb in Portugal, Nancy Michelle Cote recommends Ericeira, a historic fishing hamlet and a world-renowned surf reserve located only 25 minutes outside Lisbon.
Lisbon, Portugal’s mountainous and maritime capital city, is a popular destination for tourists. The Tagus Estuary, the Ponte 25 de Abril suspension bridge, and the old city’s pastel-colored buildings may all be seen from the majestic So Jorge Castle. 5 centuries of ceramic tiles are exhibited at the National Azulejo Museum nearby. From Cascais to Estoril, a swath of Atlantic coastline stretches just outside Lisbon’s borders.
In her blog, Ericeira Family Adventures, Cote chronicles the joys of renting out her home in her beloved Portuguese town, Ericeira. Portugal had 24.5 million tourists in 2019, a growth of 7.5 percent from 2018, according to Cote, which is evident in Ericeira’s tourism as well. Despite the epidemic, tourism did not come to a halt in Portugal, thanks in part to its reputation as an affordable and sunny European destination.
8. Palm Springs, California
Travelers nowadays look for alternatives to cookie-cutter mega-resorts when they visit Palm Springs. Airbnb hosts can provide homey atmospheres and bed-and-breakfast-style lodgings.
“According to Airdna statistics, Palm Springs, California is the biggest revenue-generating destination for Airbnb in the United States,” says Brian Burke of Kenna Real Estate. This site has a yearly profit potential of $62,621. When most visitors are looking for a bright, warm location in the winter, it becomes a popular choice for lodging.
Southern California’s Palm Springs is famed for its hot springs, luxury hotels, golf courses, and spas. There are numerous excellent examples of midcentury modern architecture throughout the city—vintage boutiques, interior design businesses, and restaurants along Palm Canyon Drive’s central commercial center. Coachella Valley, just outside of Palm Springs, is an excellent place for outdoor activities, including hiking, bicycling, and horseback riding.
9. Alberta, Canada
Some vacationers would rather not laze about on a beach all day soaking up the sun; instead, they want to do something more active. Winter activities such as skiing, snowboarding, and ice skating are popular choices for many individuals who prefer the colder temperatures of the spring and summer months.
For Conner Griffiths, an employee at Lifty Life Vacation Rentals, Canmore is the perfect place to accommodate Airbnb tourists. There are four main ski resorts in the vicinity of Canmore, and the city of Calgary is about an hour’s drive from the others. It is a “bedroom village” for visitors that visit Banff National Park, according to Griffiths. However, Banff continues to be a significant draw for tourists worldwide, even though Airbnb is forbidden in Canada because of strict provincial housing regulations. However, even though Canmore shares a boundary with the national park, it is not legally required to follow its rules.
Alberta is a Canadian province located in the western part of the country. Coniferous woods cover a large portion of the landscape. You may find several mountain ranges here. There are more than 600 lakes in this region and a significant amount of undeveloped mineral wealth. This is true in the Columbia Icefields in the westernmost parts of the Canadian Rocky Mountain Parks. The Waterton Glacier International Peace Park is located on the border’s Canadian and American sides. In the Waterton Glacier International Peace Park, maybe.
10. Key West, Florida
Key West, like Maui, is not a destination for the middle-class income to vacation. To live here, you’ll need a lot of money because the median property price is $1.1 million on Realtor.com. However, if you rent a place on Airbnb, you may discover that your enormous mortgage payments are significantly reduced. According to AirDNA, the average daily fare here is $664.
The archipelago of the Florida Keys includes the island city of Key West in the United States. It is also Florida’s southernmost point at a distance of around 90 miles north of Cuba. Known for its coral reefs rather than its beaches, it’s more popular with divers and snorkelers. The Overseas Highway connects the island to the mainland, making it a popular stop for cruise ships.