Do you have a spare room or vacant property and are you in need of extra income? Renting your surplus space out online is an easy and effective way to earn extra cash.
With the launch of websites such as Airbnb, HomeToGo, FlipKey and HomeAway, listing your room or property has never been easier. There are over 257,000 active listings on Airbnb in the UK, a platform which has hosted 400 million guests since its launch. Renting on Airbnb is a highly profitable way to make income from an asset you already own (you can also use websites like Stashbee to rent out your garage for storage purposes, driveway or parking space).
Before you get started, get to know your local market. Look for properties in your area and get a feel for what sort of prices guests expect to pay for different types of listings around you. Before advertising, you’ll need to decide on the details of the let. Is it going to be a short term let or a long term tenancy? Are you going to offer a private bathroom, or will it be shared? How many people will you accept in the room? Once you’ve established the details, create a listing on one of the websites mentioned above.
On most sites, it’s free to post a listing. When you receive a booking, however, hosting platforms will deduct a fee, which varies from 5% to 20%. The platform will then release the payment to you after the guests check-in.
The average income varies from location to location, but Airbnb estimates that a typical host earns £3,100 a year. To increase your booking potential, upload high-quality photos of your property with a very detailed description of the amenities included, such as free WiFi, parking, air-conditioning. To break into the market and build up a portfolio of positive reviews, consider renting for slightly less than the market value.