Forget Airbnb: Rent Out Your Picturesque Home for $175 an Hour
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Move over, Airbnb and VRBO—there’s a new big-money home rental platform in town. Actually, there are several of them.
And rather than listing your space for a measly $100 to $200 per night, these new rental sites allow you to list your home by the hour with the possibility of earning up to $800 per session. And don’t get thrown off by the short rental time—the rentals are all on the up and up.
But what exactly are these hourly rental opportunities, and how can you get your home ready for its most lucrative side hustle yet? We spoke to several experts to bring you all the details you need to start renting out your home by the hour. Here’s the scoop.
Renting out your home by the hour: The basics
The only real difference between renting out your home by the day and by the hour (besides the money) is whom you’ll be renting to. Rather than vacationers and out-of-town visitors, you’ll likely find yourself renting to local photographers and companies.
“Every rental is a chance to be connected with new people, noteworthy brands, and awesome photographers,” says Home Studio List founder and CEO Hannah Pobar. “Our platform is used and well-loved by major brands like Starbucks, L’Oreal, Hallmark, Parachute Home, Artifact Uprising, and more.”
Besides brands, a host of companies might also want to rent your space for off-site or team-building events.
Take stock of what your home has to offer
The best way to determine who would want to rent your home is to take a look around and identify your home’s core offerings. Maybe you have a great eye for decor, a funky, colorful garden, or a large outdoor area for entertaining.
“Then identify the top amenities for the types of bookings you want to host,” says Molly Burke of Peerspace, a leading hourly rental marketplace. “For example, if you’re looking to host off-sites, your potential guests will be looking for access to amenities like tables, chairs, whiteboard, Wi-Fi, and projector.”
More interested in hosting photo or video shoots? “Then guests will be looking for information on what kind of light your space has and what backdrops or props are available,” says Burke.
How much you can make renting by the hour
So how much should you charge for a model to laze on your perfect chaise lounge or for a corporation to host drinks on your patio?
“We recommend a rental price between $125 to $175 per hour and find that price point does best with our photographers and community,” says Pobar. “But some of our homes range up to $700 per hour.”
And remember, how much you can charge will depend greatly on your location.
“Our hottest markets right now are Tampa, Minneapolis, Denver, and New Jersey,” says Pobar. “Our average rental is slightly over $800, and our top hosts make about $60,000 per year.”
To find which price is right for you, take the time to explore each platform and get an idea of what people are charging in your area for a similar home. In addition to Home Studio List and Peerspace, you can also explore renting your home by the hour on sites such as Splacer, Giggster, and Avvay.
Tips for getting started
If all those dollar signs have you ready to list your home as an hourly rental, here are a few tips to help you get started.
First and foremost, you’ll want to do everything you can to make your listing stand out.
“Photos are a key component of a strong listing, and the first thing guests see when searching for a space,” says Burke. “Taking well-lit, high-resolution photos of your space is a great place to start, and don’t forget to place them in order with the most relevant shots first.”
You’ll also want to write a descriptive title of your space and highlight any details in the listing that could be helpful to prospective guests. For example, including the number of chairs you have (for meetings) or any props guests can use (for filming). Need more help? Refer to Peerspace’s Perfect Listing page.
The final word
Before you make your listing live on any site, be sure to review the site’s insurance policy. Peerspace provides coverage for general liability claims up to $1 million. But homeowners on other sites (like Home Studio List) often carry their own business liability insurance.
Overall, any major issues seem to be a nonissue for most homeowners—especially in light of the high-end clientele using the space.
“While damages to the home are unlikely, sometimes there can be minor wear and tear,” says Pobar. “Our clientele is very respectful of spaces and understands our properties are real homes, so we seldom have issues.”
The post Forget Airbnb: Rent Out Your Picturesque Home for $175 an Hour appeared first on Real Estate News & Insights | realtor.com®.
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