Learn how much you can potentially make by hosting one room or your whole house on Airbnb
SANTA CLARA, Calif., Sept. 7, 2023 /PRNewswire/ -- Short-term rental popularity is on the rise, in fact, 39% of homeowners have or would consider renting out part of their primary home, according to a new survey from Realtor.com® and CensusWide. To help consumers better understand their home's potential value, Realtor.com® today announced the addition of potential short-term rental income estimates from Airbnb in their My Home dashboard. This first-of-its-kind integration empowers homeowners with possible earnings estimates for hosting one room or their whole house.
Among those surveyed, 23% of homeowners have rented out their home before or plan to rent part of their home out in the future, and 16% would consider it. Their reasons to rent are largely financial, with one-third (34%) of those renting or planning to rent out their home doing so to save money for a home purchase with a higher mortgage rate, to prepare for potential upswings in a variable mortgage (29%), or to help pay their current mortgage (21%).
Whether looking to rent their home out and earn extra money while away on vacation, or renting out an extra room to help with mortgage payments, homeowners can now easily access information about how much they can potentially earn by hosting their space on Airbnb in the Realtor.com® My Home dashboard.
Uncovering the short-term rental earning potential of a home can also help homeowners evaluate if it's a good idea to rent out their current home as an alternative to selling it. Looking to the future, 60% of surveyed homeowners would consider renting out their current home rather than selling if/when they look to buy or rent somewhere else. Most cited financial reasons as the motivator: 21% saying it'd be great to have extra income from a renter, and 19% would do so to maintain the home equity they've already built.
To get started with the tool, homeowners can simply input their address in the Realtor.com® My Home dashboard to claim their home. They can then view their potential earnings from hosting on Airbnb in the Host or Rent tab of the dashboard. The interactive tool can be adjusted for renting a private room or all of the home; estimated earnings for a seven-day rental are based on Airbnb data from similar listings in the ZIP code.
"Short-term rentals are a great way to help with some of the costs of homeownership – renting out their house for a couple days or weeks out of the year when it's not in use could generate extra income that can be put toward the mortgage, maintenance, or even help cover the cost of a vacation," said Mausam Bhatt, chief product officer, Realtor.com®. "By arming homeowners with information about how much they could potentially make by renting a room or their whole home on Airbnb, Realtor.com® is helping them better understand their options and in turn make more informed decisions about their home."
The Airbnb integration will make the Realtor.com® My Home dashboard even more valuable for current homeowners who can also manage their home's details, track their home's value with up to three valuation estimates, explore their equity and discover how their home compares to others nearby, as well as see recently sold homes in their area and compare top local real estate agents.
The ability to host and a homeowners' actual earnings will depend on local laws, availability, rental price, and demand in their area. The earnings estimates aren't a valuation or appraisal of your home. To get started exploring their home's potential rental income, homeowners visit realtor.com/myhome.
About Realtor.com®
Realtor.com® is an open real estate marketplace built for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago. Today, through its website and mobile apps, Realtor.com® is a trusted guide for consumers, empowering more people to find their way home by breaking down barriers, helping them make the right connections, and creating confidence through expert insights and guidance. For professionals, Realtor.com® is a trusted partner for business growth, offering consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com®.
About Airbnb
Airbnb was born in 2007 when two Hosts welcomed three guests to their San Francisco home, and has since grown to over 4 million Hosts who have welcomed over 1.5 billion guest arrivals in almost every country across the globe. Every day, Hosts offer unique stays and experiences that make it possible for guests to connect with communities in a more authentic way.
Media contact: press@realtor.com
SOURCE Realtor.com
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