@Jack Walker I've rented out rooms in my personal house before and it generated more money than the traditional lease. However, it will depend on where you are located. I don't expect someone in a low cost of living area to earn much more but if you're in cities like NY, San Fran, LA, Chicago, Miami, DC, Boston, Seattle etc it's a no-brainer. Make sure to advertise all utilities included as that's the major selling piece.
And these were 6-12 month leases - not short term.
@Jack Walker - You can read my posts about this. I always advocate buying a bigger house and renting rooms. Other professionals on yearly leases is the easiest, and shorter term / daily Airbnb is the hardest way to juice your returns to 50-100% above market rentals AND live for free. Where I’m at, which has solid jobs but isn’t a luxury condo in a tourist hotspot, I make more with less hassles charging like $600-800/mo per room with a security deposit on a lease, plus split utilities (so they have an incentive to not run the AC/heat like crazy - my other smaller house with included utilities is going on 4 months of $550/mo electric bills while the first with shares utilities is $250).
1. Save yourself the money on electronic locks. The only electronic lock you need is a Schlage Camelot on the front of the main door. Get normal $10 keyed locks inside and have a set of master keys. In 8 years only 1 person has lost her key.
2. Furnish your house for cheap off craigslist moving sales. I got my huge leather sofa, tv, bedroom sets for 50-70% off. I also bought my appliances (fridge, HE washer and dryer) for 50-70% off. Anything more than $250 for a bed, usually including a nice wooden or metal frame, is too much.
3. Post everywhere and screen! Interview people. Funnel to open houses (they’re flaky about showing up). Get security deposits. Do a background check if you can. Give yourself an out if the person is unnaturally messy and expects you to clean up after him/her in the common kitchen and/or provide food / consumables. (I try to make people buy their own paper towels, tp, etc. lame people will use a whole roll on one spill).
4. Don’t compromise. Don’t work with people who can’t afford the sec dep unless you’re desperate. I’ve always had excessive damage problems with people who have pets or use hookahs / smoke.
Maybe it’s just me, but I can’t see people wanting to share a BNB house with two other strangers.
In my area, I’ve been Airbnb ing a spare room in my apartment, and I have only had lone people come in just for the fact that it was way cheaper than a hotel. Some were there while they waited to be approved to rent somewhere else. Either way, I got completely booked for the month of September by September 5th. And yes I’m my area, I need a business license and a short term rental permit.
Airdna also had data that the Airbnb rent marketplace increased by 58% in the last year.
I was thinking about the lone travelers. I have had people come to my town for work for a week, so I have had luck with just single customers. I should also mention that I am somewhat of a clean freak, so everything is always cleaner for the guests.