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How Much Money Can I Make Renting on Airbnb?

You have a spare room, spare apartment or even a second house and you’re wondering whether you could make money renting it out.

In recent years Airbnb has become the go-to spot for people with unoccupied real estate to make a few extra bucks renting. But is it worth it?

Is the time and effort required to put your property listing online, prepare your spot for guests and handle the logistics of folks coming and going compensated adequately?

And if it is worth it, how can you maximize that opportunity?

In this post I will examine data from the Boston Airbnb market as well as give personal insights from my experience as an Airbnb host to try and help you answer those questions. If you own property in Boston this post should be especially helpful. If you own in another city you should still be able to take value from the general ideas presented here.

So, first things first.

How much money could you make if you rent out your property on airbnb?

The first factor you need to consider is whether you will rent a shared room, a private room or an entire apartment/house. The rates you’ll be able to achieve vary greatly between the three. Here is a simple statistical breakdown for Boston. Obviously, entire homes/apartments tend to earn much more per night.

And if you are renting an entre home/apartment here you can see the range of prices for various numbers of rooms.

Here we see the same data graphically.

Another major factor is the neighborhood your property is located in. As with monthly rental prices, Airbnb prices vary drastically with location as well. Here is the average price per night in various neighborhoods in Boston broken down by rental type.

If you’re renting an entire home/apartment you can further see how average price is distributed by number of bedrooms.

Based on property location and number of bedrooms the averages here should give you a reasonable idea of how much you’ll be able to charge per night for your rental.

With this information and your own qualitative assessment of the quality of your furniture, the age of your building, etc. You should be able to ballpark the price at which you’ll be able to charge.

At this point you may be able to decide if this value is potentially worth your time or not.

If you already own a property, the bad news is that the location and number of bedrooms in your property are largely outside of your control. However, there are factors within your control that can help you maximize your rental price.

What factors that are in your control can help you achieve a higher rental rate?

Airbnb expects a high standard of hosting from all its hosts, however, a small percentage of hosts that achieve the status of superhosts tend to be able to charge more per night than those who don’t.

Here we see that only a small proportion of hosts achieve superhost status.

But those who achieve superhost average a slightly higher nightly price.

And also have more reviews.

If you reach this status you should be able to charge a higher price than average price for your location and property size.

The qualifications to be a superhost are set by Airbnb but in practice are largely based on your ratings.

In order to maximize revenue you should attempt to maximize your ratings, however there are some nuances.

How do the components of guest ratings relate to the price you can charge?

Here we see the aspects of overall rating broken down and correlated to individual aspect ratings.

Customer value and cleanliness are the two highest. This isn’t surprising because it’s with value (exceeding guest expectations) and cleanliness that a host can differentiate himself from others. It’s not that checkin and communication aren’t important, but all hosts tend to have good checkin practices and communication so they don’t usually get rated poorly for anyone.

However, be aware that high ratings aren’t perfectly related to high prices.

Here we see correlation between price and various review score metrics. The most important metric that’s in your control is cleanliness.

A clean apartment is an absolute necessity if you want high ratings and especially important for maximizing Airbnb revenue.

An interesting takeaway here is that if you want high ratings and high prices you need to keep your apartment clean. But if you’re charging maximum prices you may not get the best ratings. Because your value score won’t necessarily be as high as it could be. High prices = high expectations! Which means it’s more difficult to get a high value rating.

In conclusion, this has been a very brief look at how to estimate the price you could charge for renting your property and some of the main factors that influence that price.

I hope this article helped you gain a better idea of the potential earnings from becoming a Airbnb host and if it is worth the time and effort you’ll expend.

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