4 US cities where it pays to have an Airbnb rental all year round
If you live in certain US cities, you have a better-than-average chance of earning a respectable income as an Airbnb host. Many cities feature hotels with high price tags, which makes an affordable Airbnb rental even more attractive to potential guests.
1. New York City
If you live in New York City, you can rent out your apartment or home to visitors who balk at the high prices of Big Apple hotels. As of 2016, the average daily room rate for NYC hotels was $266, which would put a major dent in travelers’ budgets. If you feel comfortable renting your place for less than $200 per night, you’ll do well on Airbnb.
Of course, location matters in New York City. Having a place that’s close to public transportation or to tourist destinations will boost your appeal even further. Having said that, don’t fret if your place isn’t in the heart of Manhattan. As you likely well know, other boroughs in New York are considered up-and-coming and hip, and your likely to get a fair amount of interest in your property.
2. Washington, D.C.
The Nation’s Capital isn’t exactly a cheap place to call home — but, of course, you already knew that. Hotels aren’t any less expensive than other necessities in D.C., which is why Airbnb hosts tend to perform well as alternatives to the hospitality industry.
Just like New York City, Washington, D.C., attracts a healthy tourist trade. This means a daily influx of non-residents who need a place to stay. You can make your Airbnb rental more attractive by posting high-quality photographs of the space and adding amenities that guests might find at a hotel, such as a coffee maker or a safe for valuables.
The Windy City is known as a mecca for businesses, from the oil industry to the automobile manufacturing trade. Hundreds of thousands of professionals travel to Chicago on business every year, many of whom must stay in hotels. However, the high cost of such accommodations in this city might lead many to seek more frugal options among Airbnb hosts.
An apartment or home rental is far more comfortable and inviting than a hotel room, which serves as much of the basis for Airbnb’s instant and enduring appeal. If you live in Chicago, you might offer your home as an Airbnb and provide business travel-friendly amenities, such as extra charging stations for electronic devices and a private bedroom for working and relaxing.
4. Los Angeles
Los Angeles hotels cost an average of about $200 per night, according to Statista. This represents a sizable investment for either business travel or a family vacation. People who travel in groups will see the highest costs for accommodations, and cheaper Airbnb rentals provide not only lower rates, but more space.
For L.A. natives, Airbnb hosting is a lucrative proposition. By pricing your rental lower than the average hotel rate, you can easily attract regular guests who are eager to see as much of the City of Angels as possible.
Serving as an Airbnb host can prove rewarding as well as profitable. Just make sure you have a convenient way to get paid.