If you’re interested in starting a side hustle, you’ve probably been thinking about the types of work and can do. But doing isn’t the only option.
Another way to make some extra money is to take advantage of the assets that you have. There are a number of different things that you can rent out to make money, including a room in your house, a car, a truck, a bike, a boat, tools, storage space, and more.
Today, we’re going to look at the side hustle of renting out space in your home. Websites like Airbnb, VRBO, and HomeAway have become extremely popular with travelers, and that opens up a great opportunity for side hustlers. Airbnb is the most popular, so it tends to get the most attention.
In this article/interview, we’ll take a look at how to rent a room on Airbnb and make money as a host. We’ll get insight from someone who is actually using this approach to make an extra $500 – $700 every month.
→ Related reading: 150+ Side Hustle Ideas to Make Extra Money in Your Spare Time
Why Hosting Through Airbnb is a Great Side Hustle
Before we get into the details of how to make money on Airbnb, let’s first look at the reasons why you might want to consider this side hustle. Of course, no side hustle is perfect for everyone, so hopefully, this section will help you to determine if it may be a good fit for you.
1. It Doesn’t Require a Lot of Time
In my opinion, one of the most attractive things about making money as an Airbnb host is the fact that it doesn’t require a huge amount of your time. If you need to make some extra money but your schedule is tight, this could be a good option.
You’ll need to clean the room/unit/home after each guest, or you could hire someone to clean it for you (which would cut into your profits).
Aside from that, you’ll need to put in a little bit of time answering questions about your listing and managing the business. Compared to many other side hustles, the time commitment is pretty minor.
You can also choose to rent out your room whenever it’s convenient for you. Make it available only during the summer, during a major event when a lot of people are visiting your city, or on the weeks (ideal if you’re looking for a weekend job).
2. It Makes Use of Assets You Already Have
The main reason this side hustle doesn’t require a lot of your time is that instead of trading your time for money, you’re leveraging your existing assets (in this case, your home). It could be a room in your primary residence, a separate unit, or an apartment or house that you don’t live in. Regardless, the value of the asset makes it possible to rent out to others. It turns an unused space into an income-producing asset.
3. It Doesn’t Require Special Skills
You won’t need any specific type of experience, training, or skills in order to make money as an Airbnb host. You’ll need to do your best to give guests a positive experience so your listing has good reviews, but that’s one of the most important things. This is a realistic side hustle for just about anyone who has a room or property that people would want to rent.
4. Good Income Potential
Although it doesn’t require a huge amount of time, the income potential is still pretty good. Of course, how much you can make will depend on a lot of factors like the location and size of your rental.
If you have multiple rooms or units to rent, you can also make more money. But even with just a single room to rent out, you can still bring in enough money to make a difference with your budget.
A lot of people are looking for a side hustle that can bring in a few hundred dollars per month just to help out with monthly bills or to have more money to save. Renting out a room or unit on Airbnb can be a great solution if you have the space to rent.
5. You Can Offset the Cost of Your Mortgage
Another reason to consider renting out a room or part of your home is that it can help to offset the cost of your mortgage, and effectively reduce the amount of money you spend on housing.
House hacking is a really popular approach in the financial independence community because it can be so effective at lowering one of your biggest expenses each and every month.
6. Start Making Money Quickly
Some of my favorite side hustles involve creating a business (things like blogging and creating niche websites). Although I think these side hustles present awesome opportunities that can grow into a significant income, the truth is, you’re not likely to make money quickly. Most businesses, whether online or offline, will require a good bit of work before they start producing a significant amount of money.
As an Airbnb host, you can get your listing online and start making money pretty quickly. As soon as guests start renting out your room, you can be making real money. If you’re in a situation where you don’t want to spend 6-12 months building a business before you start to make money, this could be a good opportunity for you.
→ Related reading: How to Start a Side Hustle
How to Make Money as an Airbnb Host
Now that we’ve covered some of the reasons why this is a great opportunity, let’s look at a real-world example of a side hustler who is making money as an Airbnb host. Riley has a full-time job and also manages the blog Young and the Invested. He and his wife have been using an Airbnb side hustle since 2017, and he agreed to answer my questions related to this side hustle.
I think you’ll love the information Riley shares through this interview, and I hope you’re inspired by his story. The approach t