President Biden’s administration has made massive strides in getting much of the adult population vaccinated against COVID-19. With the risks of the virus subsiding, it means that more people are open to traveling again.
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International vacations are still limited, creating a bit of a boom for local establishments and holiday hotspots. A hugely popular choice for an overnight stay is Airbnb. But as the country opens, the platform is facing a host crisis. It might be the perfect time to rent your home and make big bucks.
Here’s the backstory
The impact of millions of people being vaccinated might not be felt immediately, but Airbnb won’t have enough hosts to cope with demand within the coming months. This creates a massive problem for the rental company and one that you can take advantage of.
“To meet the demand over the coming years, we’re going to need millions more hosts. I think that we probably will have a high class problem where there will probably be more guests coming to Airbnb than we’ll have hosts for, because … we think there’s going to be a travel rebound coming that’s unlike anything we’ve ever seen,” explained Airbnb CEO Brian Chesky.
Chesky didn’t reveal exactly how many hosts will be needed in the future, but the “millions” he mentioned might not be far off. At the end of 2020, the platform had 7.9 million active listings from around 3 million hosts.
As COVID-19 started to spread through the U.S. in 2020, Airbnb noticed a drop-off in rentals. In 2019 the service accommodated 134.7 million bookings. By the end of 2020, that number fell to 57.8 million bookings for the year.
How much your home can earn you
By the end of last year, active listings in the U.S. fell by 55,000. This is in line with trends from other regions. With fewer listings on the site and the surge in people looking to travel, it will create a rental vacuum.
So how much money can you make? Well, that depends on several factors. When it comes to property, the mantra of “location, location, location” holds true.
The popular destination state of Florida had the most active listings at the end of 2020, with 130,908. California had the second most with 124,906 listings, while New York State had the third-most listings with 57,292. The average price per night in North America is $161, according to AllTheRooms.
Using Airbnb’s online calculator, if you rent out your entire apartment in New York City for an average of 15 nights, you can earn around $4,000 a month. In San Diego, you can make about $2,700 per month.
Just keep in mind that your potential monthly earnings depend on the neighborhood, the facilities that your home offers and any included extras. Once your listing is rented, Airbnb takes a 3% cut of the listing fee.
Signing up on the platform is fairly simple. Airbnb has a robust explainer of how it works, what to expect and even a facility to ask current hosts any questions.