With the rising cost of living, there is a growing population of 'Airbnb Opportunists' who are leveraging the power of the 'sharing economy,' to help unlock the earning potential of their homes.
Beyond the financial advantages, a host of lifestyle and social benefits are also driving this trend for 'holiday letting' single rooms, entire properties and even separate annexes and outhouses, such as this self-contained unit in Moneyrow Green, Holyport.
Some of these 'pros' are outlined below:
Additional income stream
While financial gain as a 'host' is not guaranteed, earning potential does exist so long as the unit is operated, managed and promoted correctly online. It's important to note, here, that prices and occupancy rates may fluctuate according to seasons and demand, and as well, that the swelling Airbnb market has (and probably will continue to) increase competition. Even with all this taken into account, however, there is a window of opportunity, certainly, for those with the time and inclination to make it work.
Social benefits
Being an Airbnb host doesn't just work from a side-hussle stance: It can also help to enhance 'cultural cross-communication', and create invaluable opportunities for meeting new and interesting people, often from all over the world.
Flexibility
Unlike conventional rentals, the Airbnb route offers flexibility to adapt occupancy to personal and lifestyle requirements.
Passion projects
Airbnb’s new ‘Experience’ offering means that those with a particular skill or talent, can now overlap it with their accomodation, to help generate another income strand. The 'experience' aspect is designed, specifically, to connect guests to ‘authentic local experiences,’ including retreats, tours, art classes and cookery tutorials, for example.
In spite of all of the above advantages, hosting an Airbnb is not always simple, and shouldn't be entered into lightly, and without thorough consideration of the bigger picture rental economics.
Among these main disadvantages are:
Competition
Within the host sphere, keeping up with the competition (and administration) can easily become a full time job - and one that is not without its psychological toll, in some cases.
Unpredictability
The seasonality of holiday lets and their proximity to local attractions, can sometimes make earnings erratic and less dependable than convenional tenancies.
Risk of property damage
A high turnover of guests can, inevitably, increase wear and tear on a property which, mindful of some of Airbnb's insurance exclusions, can sometimes weight against the advantages. Saying that, Airbnb does have a protection program in place to protect hosts from personal liability, and also to cover potential damage to property.
In summary
As a way of diversifying your income stream, a property with an annex, outhouse or spare room represents a solid investment in today’s market.
So long as the project has been thoroughly researched (including checking local rates and processes here Airbnb Rent calculator), taking the leap can pay dividends in terms of financial gain, networking and travel opportunities, the sum of which speaks for itself in today's 'seize the day' culture.
For more details on the featured property in Moneyrow Green, please contact Braxton on 01628 674234 or email property@braxtons.co.uk.