Is it true I can make twice my mortgage by renting my place out short term on Airbnb? The answer to
this question may not be that simple for everyone. Why is that do you ask? Well my short version explanation would be that it comes down to different factors which if executed correctly can yield a return that no long term tenant ever could. Sounds almost too good to be true right. The crazy thing is it is true and people are doing it all over the country. The power of Airbnb has now become a movement that I believe will be the housing platform of the future. Its either you get in now or be left in the dusk like every other poor soul out there saying I wish I would have thought of that.
The average Joe out there still doesn't really know too much about the Nashville Airbnb scene yet, but if you already have been looking into how it works consider yourself ahead of the curve already. That is how new Airbnb is to the game that anyone who wants to educate themselves on the short term rental platform can easily turn their home into a money making machine. There are a couple of key elements that get you the biggest bang for the buck when hosting through Airbnb. I would have to say location is definitely number one. Airbnb thrives off hot real estate markets where tourism is a big draw to the city. If a person is lucky enough to have a home to rent in the action of the city then that person's house is now considered over a hotel. When you can rent a house for about the same price as a hotel and split it with all your friends it's hard to think about going back to the days of stinky hotel rooms. Having a house to rent that meets all the needs of the tenant and gives them that warm fuzzy feeling when they walk through the door can be the difference between a five hundred dollar a night and a thousand dollar a night Airbnb. Credibility on Airbnb can also be a giant factor on how frequently your place may be getting booked. The model of using reviews to keep tenants and host accountable gives Airbnb a level of trust that potential tenants feel very comfortable with. These reviews can make or break an Airbnb host. If the host takes care of his or her tenants that reputation can yield returns through airbnb that would be impossible for a long term tenant to make possible.
Only time will tell how this whole Airbnb thing pans out but one thing is for certain. If you have the house and the balls to put a house up for a short term rental there is money to be made. Some markets are obviously better than others as far as supply and demand goes. Right now in hot market cities we are seeing unprecedented hotel prices with super demand which has led to online platforms such as Airbnb taking full advantage by being able to justify why renting a house verse booking a hotel is the way to go. Just trust me and put your place on Airbnb. It could just surprise you how much your home is worth to the short term rental game. Our Nashville property management company knows this area as well as anyone, the incomes being generated are insane.