Similarly, a long-term tenant who actually lives in your property is less likely to attract negative attention from your neighbors than a steady stream of strangers. In addition, a long-term tenant provides more steady, reliable rental income (especially in a non-vacation destination that might have a very quiet off season). While you’ll still need to cover routine maintenance on the home, you won’t have to think about constantly cleaning or greeting new guests. In contrast, with traditional rental properties, tenants usually stay for a year or longer. Between every stay, you’ll need to clean and restock the house and prepare it to welcome a new guest - often just a few hours after the previous one left. The tradeoff is that you’ll likely have guests checking in and out frequently, which can create a lot of work for you as the owner or host. The company gives you the tools to schedule bookings and accept payments, which is faster and easier than the process of finding tenants on your own (like you’d do with a conventional rental). If you decide you’re ready to open up your home to Airbnb guests, the process is fairly simple. That’s because the per-night pricing model lets owners charge more than they would for a conventional rental, where a tenant is locked into a year-long lease and pays rent monthly. Short-term rentals, including vacation properties, generally bring in higher profits than traditional rentals. “Short stays and quick turnarounds are key components of the Airbnb business model,” says Erik Wright, owner and CEO of New Horizon Home Buyers in Chattanooga, Tennessee.
traditional rental propertyĪirbnb properties are typically booked by out-of-town visitors or business travelers on a nightly or weekly basis.
If they’re permitted in your area, existing space might be converted into an accessory dwelling unit (ADU) for as little as $15,000. Even if buying a new Airbnb investment property isn’t in the cards right now, you could consider converting a portion of your existing home, such as a basement or garage, into a rental.
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