There are more than 5.6 million Airbnb's worldwide - 2.2 million in the US alone.
So, chances are you probably know somebody who hosts on Airbnb either for a supplemental
form of income or as a full-time gig.
However, many people may be surprised to learn that you can actually make great money through
Airbnb even if you don't own a home.
Despite what you might think, you don't need to own property to start earning money with
Airbnb.
In fact, you can actually make just about as much as AirBnb Hosts without owning a house,
condo, or apartment, and in this video, we’re going to show you exactly how to do that.
There are many ways to get creative and make money on Airbnb without being a property owner,
but in this video, we'll just be highlighting just a few of the most profitable ones.
Stay tuned for all of the lucrative Airbnb business ideas that don’t require owning
a home.
Renting Your Home, Apartment, Or Spare Room A huge misconception with Airbnb is that you
have to have a dedicated property to rent out on the platform.
In other words, you’d need to own a 2nd property that you’re not living in to list
on Airbnb.
But this is not the case at all.
If you have an apartment or spare room where you currently live, you can still list it
on Airbnb.
You may choose to use a spare bedroom for Airbnb guests, which can be a great way to
ease into the business and get started.
Or if you travel often, it might be worth considering renting out your entire home while
you're gone.
For example, let's say you want to go on vacation for two weeks.
Instead of paying someone an arm and a leg to house sit, why not rent out your house?
This way, you’ll actually get paid while you’re out of town.
Depending on your area, you could easily charge upwards of $100 per night for the home that
you’re not staying in.
Whether you want to supplement your travel budget or simply make a few extra dollars
while you’re leaving town anyways, don’t overlook this simple Airbnb idea.
Property Management If you're not interested in becoming an Airbnb
host yourself, you might consider working for one.
Hosts often hire property managers and pay them about 10 to 20 percent of the total rental
income.
This is because there are many people who want to list their properties on Airbnb but
simply don't have enough time or resources to look after the property and manage the
bookings.
This is where you come in.
For example, you can earn up to $25 an hour helping hosts confirm bookings, communicate
with guests, supervise the check-in process, and manage various other property needs.
And, since this may only require a few hours of work per week, it’s incredibly flexible.
Therefore, you can manage several properties at a time to build up a significant income
source through Airbnb.
Again, all without owning a home.
If you help manage 5 to 6 properties, for example, you could easily make upwards of
$1,000 per week!
But do keep in mind that in order to become a short-term property rental manager, you'll
have to familiarize yourself with the legal requirements laid out by your state.
Some states will require either a property manager's license or real estate broker's
license, while others don't require any qualifications at all.
Become An Airbnb Affiliate An affiliate is someone who advertises a service
or product for someone else.
For example, Trip Adviser promotes hotels and resorts from all around the world while
collecting a commission from each booking.
To be an Airbnb affiliate, you need to advertise the host's listings to prospective guests.
If the properties get booked, then you get a cut.
While that might sound pretty easy, there is a caveat.
To become an affiliate for Airbnb, you'll need to have a website or social media following
that receives more than 1 million hits per month before they will even consider you becoming
an affiliate.
Beyond that, whatever website you run will have to be relevant to the hospitality field
with an audience that is likely to be interested in booking accommodations.
So obviously, this option isn't for everyone.
Get Airbnb Referrals An easier alternative to becoming an affiliate
is Airbnb's referral program.
This route is much more user-friendly and open to any Airbnb user.
When signing up for Airbnb, the platform provides you with a unique referral link.
You can then share this code with your friends and family while earning rewards for everyone
involved.
They’ll be given a $55 credit when they sign up and book a property for the first
time, while you'll receive a $25 credit.
This could be especially effective for smaller websites and social media pages where new
viewers are trickling in over time.
$25 per user can add up fast if you promote that referral link properly.
Airbnb House Sitting
Sometimes hosts will hire house sitters to temporarily manage their properties when they
are out of town.
For example, imagine someone who has an Airbnb rental in their basement.
Instead of shutting down their hosting operation whenever they go out of town, they’ll hire
someone to live upstairs and make sure that everything goes smoothly for any guests renting
the Airbnb space in the basement.
This hustle is a lot like property management but on a considerably smaller scale.
You probably also won't be able to turn this into a full-time income, but it could potentially
pad your income and give you something to do in your free time.
If you know where to look, you could also use this strategy to travel for free.
The downside is that this opportunity may be a bit harder to track down.
Most sources suggest starting with online groups and forums to find potential clients.
Airbnb Arbitrage Using a model known as Airbnb arbitrage, A
furnished rental property could very well be your pot of gold.
This option is perfect for those that want to become full-time hosts but currently lack
the funds to invest in a property of their own.
In this case, instead of buying a property of your own, you would sign a long-term rental
with a landlord.
It also helps if this property comes furnished with things that airbnb guests would expect,
such as extra linens and towels, appliances, and a fully-stocked kitchen.
Then, you’d simply list this property on AirBnB and use the Airbnb income to pay your
monthly rent to your landlord.
Ideally, you’ll have enough guests to break even with your lease and pocket some additional
profit on top of it.
The biggest hurdle to going this route though will be convincing a landlord to agree to
let you sublet their property as an Airbnb.
You would be wise to also do a bit of research into local regulations and laws as some areas
have cracked down pretty hard on sublets in recent years.
We have a whole video on the subject if you’re interested in diving deeper.
Partner with Home Owners This route is similar to renting a furnished
house, except you won't be required to sign a lease as the middleman.
Instead, you’d approach a landlord who is already looking to rent out their property.
Instead of helping them find a long-term renter, you tell them that you’ll help them list
and manage the property on Airbnb, where they could make double or triple the income that
long-term renting would provide.
But many landlords don’t want to manage short-term vacation rentals, which is where
you come in and manage the properties for them for a cut of that airbnb income.
This gives you more income than teaming up with an airbnb host, but you’ll be running
the entire operation, so be prepared for the additional responsibilities that will involve.
Just like AirBnb arbitrage, you’re essentially running the entire airbnb rental business,
just without owning the property yourself.
For this idea, try finding landlords with homes for rent on sites like craigslist, oodle
or even zillow.
Become An Airbnb Cleaner One of the most time-consuming parts of running
an Airbnb business is cleaning and upkeep.
That's why it's the number 1 job that hosts outsource.
That's good news for you, since that means there is ample opportunity to make a decent
income as an Airbnb cleaner.
Craigslist is the best place to look to find people advertising for help wanted.
Especially in big cities, there is no shortage of hosts looking for cleaners.
The pay rate varies substantially with each property, but you can either set your hourly
rate or charge per room, property or by the month.
For a 1 bedroom apartment.
On average, a cleaner will make somewhere between $20 to 25 an hour.
For houses, that rate goes up to about $30 to 50.
And the average monthly cleaning fee is about $800.
This shouldn’t take too much time, so you can easily work up to a group of properties
that you clean to earn a pretty sizable monthly income.
Co-Host With An Already Established Airbnb Working as a co-host is similar to being an
Airbnb property manager, except you're more of a concierge or consultant.
Additionally having the title 'co-host' will be helpful in states that make it challenging
to be an Airbnb property manager.
You'll mainly serve as a helper to the established host.
While many of your duties will be similar to that of being a manager, you won't have
to worry about all of the paperwork that usually comes with it.
As such, this job is best suited for people who are just trying to get their feet wet
with hosting and gain some experience before moving on to these business ideas that require
more experience.
Typically a host will come up with a monetary agreement for their co-host and establish
a cut of the Airbnb rental income that their co-host will earn for their efforts.
Best AirBnb Business Ideas Hopefully, we’ve showed you some business
ideas with AirBnB that you haven’t thought of yet.
While it may not be as straightforward when you don’t own a home, there are plenty of
ways to get creative and earn a substantial income if you’re ready to put in the work.
While the most profitable model might be owning a home yourself, there are still a few ways
you can get pretty close.
In fact, the airbnb arbitrage model might be the absolute best way to go, because you
get all of the profit of owning the home and renting it on airbnb, without the risk of
owning the property long-term.
For more on the airbnb arbitrage strategy, check out this video right here where we cover
everything you need to know.
Drop a comment if you have any questions, and we’ll see you in the next video.