{"id":159105,"date":"2023-09-29T15:42:54","date_gmt":"2023-09-29T21:42:54","guid":{"rendered":"https:\/\/www.biggerpockets.com\/blog\/?p=159105"},"modified":"2024-02-29T17:51:15","modified_gmt":"2024-03-01T00:51:15","slug":"how-much-could-you-earn-from-making-your-primary-residence-a-short-term-rental","status":"publish","type":"post","link":"https:\/\/www.biggerpockets.com\/blog\/how-much-could-you-earn-from-making-your-primary-residence-a-short-term-rental","title":{"rendered":"How Much Would You Make If You Made Your Primary Residence a Short-Term Rental? You Can Check Right Now"},"content":{"rendered":"\n<p><span data-preserver-spaces=\"true\">Life plans change in a flash. A new job means a quick relocation to another city, or a health scare may mean a road trip to travel the world,&nbsp;<\/span><em><span data-preserver-spaces=\"true\">carpe diem<\/span><\/em><span data-preserver-spaces=\"true\">&nbsp;style. Or maybe you\u2019ve had enough of winter, and you\u2019re ready to do the snowbird thing for some of, but not the whole, year.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">If you\u2019re not going to be in it for a chunk of the year, what do you do with your primary home? The one you thought you\u2019d be living in forever?&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">A new collaboration between Realtor.com and Airbnb gives you a ton of the data you need to evaluate your decision quickly. Although renting your primary should not just be a numbers game, the knowledge you gain from a couple of quick clicks should help you build your case one way or another.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">How It Works<\/span><\/h2>\n\n\n\n<p><span data-preserver-spaces=\"true\">Intrigued? Here are the steps:<\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a class=\"editor-rtfLink\" href=\"https:\/\/www.realtor.com\/myhome\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Log on to Realtor.com<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;and input your primary address.<\/span><\/li>\n\n\n\n<li><span data-preserver-spaces=\"true\">\u201cClaim\u201d your home and answer a few questions (e.g., whose name is on the title) to prove you\u2019re the owner.<\/span><\/li>\n\n\n\n<li><span data-preserver-spaces=\"true\">You\u2019ll likely see an image of your home inside and out from the last time it was listed, likely when you bought it. You may need to update the bedroom and bathroom count and anything else that\u2019s wonky.<\/span><\/li>\n\n\n\n<li><span data-preserver-spaces=\"true\">Click on the tab \u201chost or rent,\u201d which shows you how Airbnb would calculate your earnings. Keep in mind that the Airbnb calculation defaults to a seven-day rental, not a 30-day rental. It\u2019s confusing because they show you the seven-day amount as if it were a monthly total.<\/span><\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">What to Consider<\/span><\/h2>\n\n\n\n<p><span data-preserver-spaces=\"true\">Okay, now you have the number. What now?<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Just like any other&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/how-to-analyze-a-market-for-short-term-rentals\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">STR investment<\/span><\/a><span data-preserver-spaces=\"true\">, you\u2019ll want to think about how you\u2019d manage it. Who will handle things like guest communications, cleaning, and fixing something when it breaks? Will you hire a management company? In addition, to get an accurate revenue estimate, you\u2019ll also want to factor in a conservative vacancy rate in your area.<\/span><\/p>\n\n\n\n<p><strong><em><span data-preserver-spaces=\"true\">Related:&nbsp;<\/span><\/em><\/strong><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/rookie-305\" target=\"_blank\" rel=\"noopener\"><strong><em><span data-preserver-spaces=\"true\">The Rookie\u2019s Guide to Analyzing Rental Properties and Airbnbs in 2023<\/span><\/em><\/strong><\/a><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Also, make sure you really want to STR it. If you\u2019re truly moving away for most of the year, consider less labor-intensive forms of rental and income, like&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/how-to-invest-in-medium-term-rentals\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">medium-term rentals<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;(especially if you live near hospitals) or even long-term yearly rentals. This is, of course, a trade-off: You\u2019ll likely earn less money, but you\u2019ll also have to put less work into it.<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">You\u2019ll also want to ask yourself: Are you better off just selling it and flipping the profits into another investment? Getting your primary residence ready to rent out is going to be a lot of work. Just like moving to a new house, you\u2019ll need to depersonalize your whole space, which involves such fun tasks as packing up closets and kids\u2019 rooms and figuring out where you\u2019ll store your personal items, for example.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">It\u2019s not an insignificant task, especially if you\u2019ve been living in your primary residence for a while. This is especially cumbersome if you\u2019re planning to move back and forth. You\u2019ll need a plan to set up and break down your personal items each time you transition.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">With all this in mind, you can make an informed decision. Is it worth it to STR your primary? Only you know the answer!<\/span><\/p>\n\n\n\n<div id=\"hero-block_62df1a82bfc88\" class=\"first:mt-0 hero-block py-4    has-background has-slate-200-background-color has-text-color has-theme-gold-color\">\n    <div\n        class=\"gap-10 lg:gap-20 flex flex-wrap lg:flex-nowrap max-w-screen-xl mx-auto px-4 relative lg:items-center \">\n\n        <div class=\"relative z-30 lg:w-2\/3 \">\n            <main class=\"py-4\">\n                \n\n<p class=\"has-slate-800-color has-text-color has-large-font-size\" style=\"font-style:normal;font-weight:800\">Build long-term wealth with short-term rentals<\/p>\n\n\n\n<p class=\"my-3 md:my-5 lg:my-8 has-slate-900-color has-text-color\" style=\"font-size:16px\">Vacation rentals can be an extremely lucrative way to boost your monthly income\u2014but only if you acquire and manage your properties correctly. This ultimate guide to analyzing, buying, and managing vacation rental properties will set you up for immediate success and long-term wealth.<\/p>\n\n\n\n<div id=button-custom-event-block_64134fe56b103 class='button-custom-event'>\n      <a href=\"https:\/\/store.biggerpockets.com\/collections\/all-books\/products\/short-term-rental-long-term-wealth?utm_source=blog&#038;utm_medium=marketing_block\" x-on:click=\"window.analytics.track(&#039;Blog Block | Publishing: STRLTW Book&#039;, {\n      referrer: &#039;https:\/\/www.biggerpockets.com\/blog\/how-much-could-you-earn-from-making-your-primary-residence-a-short-term-rental&#039;,\n    });\" class=\" btn-shape inline-block no-underline has-background has-theme-gold-background-color has-text-color has-white-color\" target=\"_blank\">Get Your Copy<\/a>\n  <\/div>\n\n            <\/main>\n        <\/div>\n\n                <div class=\"lg:w-1\/3 first:mt-0 relative h-full lg:flex lg:items-center\">\n            <img decoding=\"async\" class=\"object-cover w-full relative z-20 my-0  rounded-md hidden lg:block\" src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2021\/07\/9781947200449_FChigh-scaled.jpg\" alt=\"\" title=\"\">\n        <\/div>\n            <\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>Things change, and sometimes, you need to move out of your primary residence. Does it make sense to sell your home? Or should you turn it into cash flow? Here&#8217;s what you need to know.<\/p>\n","protected":false},"author":613680,"featured_media":159109,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[7385,7271],"tags":[],"class_list":["post-159105","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-wealth-management","category-short-term-rentals"],"acf":[],"comment_count":0,"_links":{"self":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/159105","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/users\/613680"}],"replies":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/comments?post=159105"}],"version-history":[{"count":0,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/159105\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media\/159109"}],"wp:attachment":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media?parent=159105"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/categories?post=159105"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/tags?post=159105"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}