How Much Money Can You Make On Airbnb?

Question

This common side hustle attracts many who are looking to make money off existing assets in their home. ⁣
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About half, 54%, of those who own their own home say they’d consider renting it out through a service like Airbnb, according to a recent survey of 1,000 people by real estate data company Clever. And 82% believe this is a good money-making strategy.⁣
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Airbnb hosts in Charlotte make, on average, about $924 a month, according to research from low-interest lender Earnest. Of course, that income can vary dramatically depending on where you’re based, how frequently you rent out your place, the quality of your home, and the services you provide.⁣

What are your thoughts?

Michael Porche · Answer

Hmmmmm so there is a lot that can go into that. It really just depends. Are you solely looking for how much money you can make on your own property you are living in? Or are you looking to purchase a property in a strong market with high cashflow and a low barrier of entry. I have people in this group I am a part of that are cashflowing (after all expenses paid) on properties around 4k+. It's pretty crazy

John Mausteller · Answer

I agree with you Cole, there is no one size fits all answer as it depends where you are located.  Does the area your home is in have tourist attractions, business needs, or some other driver that would make potential renters be looking on Airbnb?  I live in the Outer Banks and bought my first home back in 2012 and lived in half and rented out half on Airbnb.  I grew up in real estate but this was the first time I was making money off my property, and living essentially for free.  I think it is a great tool that can then propel you into more investments that you purchase solely to rent out.    Some areas attract lots of tourists, some attract lots of business travelers, and I think both options are good markets for Airbnb.   It has been a game changer in my life and I know so many others lives as well.