New websites, systems, and applications are always changing the way we live. Companies like Uber and Lyft completely revolutionized the transportation industry, and online restaurants and ordering systems have turned take-out and delivery food into a culture. With new technology, we find new ways to buy food, find transportation, and even rent homes.
Airbnb has become a popular way for people to rent homes, and when you list them online, you can find short-term renters looking for a week or month in a particular city. If you have an apartment or house in a high-traffic area such as New York City, you might be the perfect listing.
Many property homeowners in big cities like San Francisco and Los Angeles are learning to cater towards Airbnb renters, especially the ones that don’t want to shell out money for a hotel during their month-long vacation.
Here are a few reasons why Airbnb is the new renter craze, and why you might want to speak to a real estate agent about renting properties and get in on it too.
- More available information on tenants. Homeowners can leave ‘reviews’ on tenants, and they can go a long way in screening an interested tenant. You can make sure they won’t trash your place, and rest easy knowing that you didn’t just invite your worst nightmare onto your property. (And if you do, you can at least feel justified as you leave comments about their reputation online.)
- Host protection insurance. Airbnb offers up to 1 million dollars to renters that experience property damage, and while you might not ever have to use it, it’s reassuring to know that you won’t have to weigh yourself down with extra property insurance costs.
- More control over your real estate property. When you rent to long-term tenants, you might not get to check on the house or apartment until they’re already long gone or at the end of their lease. This can leave a lot of time for them to mess up your home. With Airbnb renting, they’re only staying short-term, making it easier for you to go in after them and make sure everything is tidy.
- More potential. When you’re renting to vacationers and visitors, you can get more tenants faster, and cycle them out for more earning potential. They’re willing to spend more, and it’s easier to get someone in for a week then to find a tenant willing to stay for a 6-month lease.
All in all, many real estate homeowners are switching to Airbnb renting to find tenants. While it’s certainly a huge leap from traditional renting, it can have its benefits, especially if you’re willing to commit to it. Furnishing your home is the first step, and making sure it’s live-in ready any time a tenant contacts you.
It’s important to remember that this is not traditional renting, and take precautions to protect yourself legally. Talk to other Airbnb renters, and make sure to give it some thought before making a ton of decisions and changes to your real estate property. It’s not for every homeowner, so make sure it’s for you before committing!