Every homeowner is familiar with the idea of having someone else pay their mortgage. Call it passive income, mailbox money, or just a solid investment, renting out a house can be a great way to put a little extra cash in your pocket each month. But what if you want to make more than just a little extra?
In recent years, short-term leasing has stepped into the spotlight. It's not a new concept, but it's more popular now than ever before and has become a more attractive option for some homeowners than being a landlord.
Whether you've got a spare room, a guest cottage behind your family home, or an entire house to rent out, you can take advantage of the benefits of hosting guests on a short-term rental site like Airbnb.
Freedom to rent when you want
Short-term renting through Airbnb gives you flexibility. If you have family coming to town, there's no need to blow up the air mattresses when you rent your extra space on Airbnb - just block those dates on the calendar and let your in-laws spread out. No more family members sleeping in your living room at Christmas.
You can make more money
People will pay more per day for their vacation space than they do for full-time living arrangements. If you price your space right, you won't even need to book the full calendar. Weekends will usually net you more money, but there are still vacationers and even business travelers looking for weekday accommodations. And if you open up your calendar for a special event weekend - like a football game, big concert, or holiday - you can make a nice chunk of change to fund your next vacation.
If you're a landlord, you've probably drafted a lease or at least found a template online. You've collected the first month's rent, a security deposit, and maybe even last month's rent. But if you have a tenant who refuses to pay (or can't afford the rent), you've got a fight ahead of you. Chasing late rent, reporting to collection agencies, or evicting a delinquent tenant is time consuming - and in the case of an eviction, it might cost you more than it's worth. But with Airbnb, guests don't have the option of not paying since it's all handled online. And if something does go wrong and there's a dispute between an owner and a guest, Airbnb is there to help.
For the savvy homeowner, short-term renting is a great option to make the most of your extra space. You might even like it so much that you decide to book an Airbnb yourself the next time you go out of town!