I am reaching because I own rental house in West Palm Beach. Now I am exploring short term rental opportunity through Airbnb and etc. Goal is to have a chance to stay sometimes there on Christmas or Thanksgivings myself. And also I read some horror stories about problems with eviction of not paying tenants. I do not have to evict Airbnb guests, big plus. Would, anybody , please, share his or her experience with Airbnb or VRBO. Can I make some money? My previous long time rent was 1800$ a month, now it is 2000$. House has 3 br, 2 bath, a pool and located just across the bridge from Singer Island, 1 mile from good free public beach. Does it make sense to go from1 year rent to Airbnb kind of rent? House is in good shape, but has no furniture. I open to any recommendations about furniture, utilities and etc.
I stayed myself with Airbnb in Italy and California, but totally new as Airbnb host.
@Alex Gera buy the zipcode specific, and broader market report from Airdna.co for your area. This will let you know cool things like:
-what average nightly rents are for similar listings
-what the average and median occupied nights per year are
-what similar listings offer for amenities
-what top listings have
I bought these reports for an area I was looking at doing a short term rental at. It gave me more insight to compare to what I know I could get for rent from a long term tenant.
I agree with Andrew, sometimes Airbnb may seem more appealing but the packed months are typically the winter and Holiday months, starting from Nov-March. Get informed before you make the switch.
Hey @Alex Gera -
You can do your research a couple of ways, but I recommend AIRDNA and also just going on to the Airbnb site and seeing what's booked around you as well as getting their estimates on how your place will do.
We have been done Airbnb in Denver since 2014, and it's been very good to us- much better than a long-term renter. On one bedroom properties, we were making $3000/month after expenses. My family is also doing Airbnb in Colorado Springs and is making about $1500/month after expenses- so it can be pretty lucrative if done correctly.
BiggerPockets actually has a video series on how to start and manage Airbnb and I recommend it... in part, because I'm one of the hosts of it. :) But we do try to cover topics that are useful to people starting, like pros and cons, how to get set up, how to get the most from your listing, insurance products, etc. I'm listing some of the links below. Good luck!
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