This article was co-authored by Alexia Wright and by wikiHow staff writer, Eric McClure. Alexia Wright is an Entrepreneur and Airbnb Expert based in Atlanta, Georgia. Alexia has become an expert in diversifying income streams and in utilizing the gig economy, and has invested heavily in both Airbnb property management and Turo rental car ownership. As an Airbnb property manager, Alexia has acquired properties and prides herself on taking care of the entire short term rental lifecycle in-house. She also advocates for investment in other sources, including vending machines, stadium suite ownership, and other sources. She has built a following on social media, and educates her 133K Instagram followers on how they can feel empowered to invest in side hustles and build their own businesses. She produces educational materials and guides to help others enter the businesses she has expertise in. She also takes on clients privately, offering 1 on 1 business coaching opportunities.
There are 20 references cited in this article, which can be found at the bottom of the page.
This article has been fact-checked, ensuring the accuracy of any cited facts and confirming the authority of its sources.
You do not need to own real estate to make money on Airbnb. Each rental unit creates its own ecosystem of cleaners, listing agents, photographers, and the works, so if you’re looking to get your foot in the door, you have plenty of options. In this article, we’ll break down how to make money on Airbnb without (or with!) any real estate to your name.
Making Money with Airbnb
- If you own property, confirm your local regulations allow you to rent out a property you own on Airbnb before you set up your profile and list your home.
- If you don’t own a property, you can make money off of Airbnb by co-hosting, managing other people’s units, cleaning, consulting, or working as a freelancer.
- You can also try the arbitrage strategy, where you rent out multiple units to re-rent them on Airbnb. Arbitrage can be lucrative, but it’s exceptionally risky and not recommended.
Steps
Renting Out a Property You Own
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Confirm you’re legally in the clear to list your property.[16] Some cities, like New York, Paris, Barcelona, Berlin, and Amsterdam, have basically banned Airbnb. Other cities, like London or San Francisco, have regulated Airbnb-like hotels, which means you must apply for local business permits before you can proceed. Look up your local laws regarding Airbnb before you take any of the time-consuming steps involved with actually listing your space.[17]
- If you can’t find your local laws and ordinances, contact your local housing department. They’ll be familiar with the Airbnb rules where you live.
- Are you renting a space out? If you don’t own the property, you must consult your landlord before you start this process. Unless you have explicit permission in your lease, you cannot rent your unit out without the landlord’s permission.
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Stage the space for short-term renters. Aim to create a warm, welcoming, and functional space by choosing art, décor, and furniture that will appeal to anyone.[18] Opt for durable furniture that won’t wear down or stain easily (pleather and fabric are ideal). Put down plenty of rugs to protect the floors and set up the space so it’s easy to navigate and understand.[19]
- Include an easy-to-spot sign explaining how the guests can log into the WiFi.
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Set up all of the amenities your guests will need. Stock the cabinets with cutlery, plates, and bowls, and set up a coffee station so guests can get a morning cup of Joe. You might also include a local guidebook or guestbook. Renters tend to appreciate these little touches.[20]
- Popular tip: Choose white linens and bedding. This way, you can bleach the sheets if they ever get stained, and you’ll never struggle to find replacements that work with the space’s color scheme.
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Take photos of your space. If you’re good with the camera, take photos of the unit yourself. If you’re not handy with a camera or you simply want a more professional look, hire a photographer who specializes in real estate photography to take the photos for you.[21] [22]
- Getting great photos for Airbnb: If you’re shooting the photos yourself, use a tripod. Also, if you have a DSLR, set the aperture to a higher setting (more than f-stop 10 or so), shoot in a 3:2 aspect ratio, and use the highest resolution available.
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Craft a compelling listing on the Airbnb platform. Highlight how many bedrooms and bathrooms there are, then focus on where your unit is located. If you’re near any public transit, famous tourist spots, or interesting sights, mention that early as well. Then, describe the space, list the amenities (like AC, WiFi, or parking), and create your post.[23]
- Include your house rules. How many guests can come over? Are pets allowed? What about late checkout fees? All of this is important to include.
- Keep your target audience in mind. If you’re renting out a cabin on a peaceful lake, you probably don’t need to appeal to people looking for shopping or vibrant nightlife—you probably want to target folks looking for a quiet break. Think about who would be interested in renting your space and tailor the content to them!
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Price your space based on similar local listings. You can set whatever price you want, but you’re most likely to get solid interest if you’re priced competitively for the area. Look at what the other units in your area are charging and then adjust your price based on how selective or aggressive you want to be.[24]
- As a rule of thumb, the bigger your space is, the more you can charge. People often split Airbnb costs, so if a space holds 5 guests, divide your price by 5 to see how much you’d be charging each individual.
- Shared rooms are always worth less than entire homes unless the room is located in an extremely desirable area.
- Use your best judgment. If it looks like you have the nicest property on the platform, price your unit accordingly!
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Confirm rentals and answer questions as they come. You will receive notifications on the platform each time someone wants to book your place or reach out with questions. Respond promptly to questions and bookings to ensure you get the best reviews possible, which will help you increase your future returns.[25]
- After each rental, you must clean and reset your space. You won’t last long on Airbnb if you don’t change the sheets out, sweep, and do the dishes.
- Keep track of how much you’re making. You’ll need to report the income from your Airbnb on your taxes.
How Do You Get Started as a Host on Airbnb?
Expert Q&A
Video
Tips
References
- ↑ Alexia Wright. AirBnb Expert. Expert Interview
- ↑ https://www.airbnb.com/help/article/1243
- ↑ https://smartasset.com/mortgage/where-do-airbnb-hosts-make-the-most-money
- ↑ Alexia Wright. AirBnb Expert. Expert Interview
- ↑ https://american-apartment-owners-association.org/property-management/what-does-a-property-manager-do/
- ↑ https://www.bls.gov/ooh/management/property-real-estate-and-community-association-managers.htm
- ↑ https://www.airbnb.com/help/article/1451
- ↑ Alexia Wright. AirBnb Expert. Expert Interview
- ↑ https://www.airbnb.com/help/article/297
- ↑ https://zenfolio.com/real-estate-photography/how-to-become-a-pro/
- ↑ https://www.businessinsider.com/opened-three-airbnbs-one-year-advice-getting-started-2022-6
- ↑ https://www.ziprecruiter.com/Salaries/Freelance-Copywriter-Salary
- ↑ https://turno.com/blog/how-to-become-an-airbnb-cleaner/
- ↑ https://www.ziprecruiter.com/Salaries/House-Cleaner-Salary
- ↑ https://hospitable.com/airbnb-consulting/
- ↑ Alexia Wright. AirBnb Expert. Expert Interview
- ↑ https://www.nerdwallet.com/article/small-business/how-to-become-an-airbnb-host
- ↑ Alexia Wright. AirBnb Expert. Expert Interview
- ↑ https://www.nerdwallet.com/article/small-business/how-to-become-an-airbnb-host
- ↑ https://www.nerdwallet.com/article/small-business/how-to-become-an-airbnb-host
- ↑ Alexia Wright. AirBnb Expert. Expert Interview
- ↑ https://www.airbnb.com/help/article/746
- ↑ https://www.nerdwallet.com/article/small-business/how-to-become-an-airbnb-host
- ↑ https://www.nerdwallet.com/article/small-business/how-to-become-an-airbnb-host
- ↑ https://prenohq.com/blog/how-to-list-your-property-on-airbnb/
- ↑ Alexia Wright. AirBnb Expert. Expert Interview
- ↑ https://skift.com/2024/03/20/the-risks-of-short-term-rental-arbitrage/
- ↑ https://online.hbs.edu/blog/post/what-is-arbitrage
- ↑ https://news.airbnb.com/en-uk/how-much-tax-do-i-pay-as-a-host-on-airbnb/
- ↑ https://www.cntraveler.com/galleries/2016-06-22/places-with-strict-airbnb-laws