Looking for semi-passive income and not sure what to do? Live in a great area? Have you tried Airbnb?
There are some stigmas and reservations with renting out your home, but in my case, it can bring in about $450 a month. I have only been using Airbnb for 3 months and have had some heavier traffic months in January compared to February (less traffic) and March (low availability).
In my condo I have an extra room that is a spare bedroom. Initially, I had it rented out to friends who would pay a monthly rent that covered all of the bills. Since I knew them, there was no fear when renting out my place. Unless I know them, I don’t want full time renters because I still want to live my life. After about a year of not having a roommate, it seemed like wasted space not to do something with it.
Initially, we had some family who had highly recommended it. They loved the ease of booking and had no issues. Upon doing more research, it was easy to use, easy to adjust to our schedule, plus since we are in a highly sought after area, we could command more money and they provided a free photographer to shoot our location.
First, we have a pet, so not only do we state that up front, but even in our communication we add it in because we have found that not everyone reads through your posting. While our dog is friendly, we might not get booked as frequently because we state we have a pet. But, on the flip side, we allow dogs, so for those conscious pet owners, we might be a better choice.
Next, the security of having someone you don’t know in your home. We tried to avoid this issue as much as possible by being home for most of the time when our guests are here. However, every guest we have had thus far has been great. They have been friendly, social, and kind to our home.
We have been able to hustle $450 a month by renting out our room! While we have had to deal with San Francisco’s new tax regulations (and still figuring them out), there has only been only about $50 processing fee and maybe $100 worth of my time. We have met some great people who have been very interesting.
We have been able to tailor our Airbnb schedule to fit our needs. If we are planning a weekend trip, we won’t Airbnb. If there is an event in the city, we can opt to charge more. While semi-passively earning money has been some effort, it is more than what we would get not renting out the room at all.
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