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By running a vacation rental, I can capture that same experience – in my own building.
But many of the other hosts on Airbnb aren’t investors.
They’re owner-occupants (or renter-occupants) who list their personal home, and spend the night at a friend’s house, to make some extra cash.
But that said, a business is a business, and it needs to turn a profit. First, let’s set an income goal: Price on a One-Year Lease: $1,100/mo (Less vacancy projection for long-term rental: $100/mo) Benchmark for Comparison: $1,000/month Vacation Rental Additional Expenses: $100/mo utilities (including electricity, gas, cable, internet) $40/mo consumer disposables (refilling the sponges, soap, shampoo, etc.) $160/mo management (8 hrs/month at $20/hr) $250/mo sales and occupancy tax (rough ballpark) Projected minimum revenue needed to break-even: $1,550/mo.
In other words – unless we hit that base rate, it’s more sensible to rent this unit to a long-term tenant on a one-year lease. But as you can see, these are all estimated numbers.
Bottom line: It takes a TON of stuff — especially small stuff — to create a home-away-from-home experience.
I have a new appreciation for interior photographers.There’s a huge upside to vacation-rental hosting, as well: Most of my money-making efforts happen in front of a laptop, and sometimes, I just want to tear myself away from a computer screen.Managing a vacation rental (and rental properties in general) give me awesome variety.After lots of trial-and-error, here’s what I came up with: Although I’m referring to this as the “Air Bnb Experiment,” I’m actually offering the apartment on two websites – Air and Because I’m slightly a perfectionist, I scanned the neighborhood competition and wrote a listing that could compete head-to-head with the best of them.I had long suspected this to be true, but the experience of going through the motions really brought that lesson home.When you invest in rental properties, you’re offering a commodity.I can interact with flesh-and-blood people, rather than stare at pixels.And it’s not like I’m in traditional “customer service,” interacting with grumpy people.I’m hanging out with people They’re relaxed, they’re in a great mood, and there’s here to have fun.One of my favorite aspects of traveling is meeting people from around the world.