We operate 2 units out of our home. They were converted from rentals. They were REALLY crappy rentals though and essentially illegal to rent out anymore - lacking access to laundry facilities, kitchens, etc. But they are comfortable and spacious and in a nice part of town, so they have made excellent Airbnbs.
Housing shortages in our area are a huge problem - any apartment complex proposal dies in city hall, so they are essentially banned. The only source of new units are hotels. Our units are slightly more expensive than renting, but still an amazing deal over an equivalent hotel. And a quarter of the cost goes to local taxes (we're taxed at a higher rate than the hotels, btw).
Coronavirus has dropped Airbnb rates across the board - but occupancy has been about the same (market pricing in action). We have noticed a ton more interest in long term rentals (a. because it's so cheap, and b. a lot of people have bizarre living situations right now), so if anything income is a lot more consistent right now.
Airbnb's cut isn't that affected. It's still bizarre how much they make off of a unit considering how little they provide. Their insurance never pays out - their website and app are embarrassingly bad.
>It's still bizarre how much they make off of a unit considering how little they provide. Their insurance never pays out - their website and app are embarrassingly bad.
Then stop using them. There are plenty of other options.
Housing shortages in our area are a huge problem - any apartment complex proposal dies in city hall, so they are essentially banned. The only source of new units are hotels. Our units are slightly more expensive than renting, but still an amazing deal over an equivalent hotel. And a quarter of the cost goes to local taxes (we're taxed at a higher rate than the hotels, btw).
Coronavirus has dropped Airbnb rates across the board - but occupancy has been about the same (market pricing in action). We have noticed a ton more interest in long term rentals (a. because it's so cheap, and b. a lot of people have bizarre living situations right now), so if anything income is a lot more consistent right now.
Airbnb's cut isn't that affected. It's still bizarre how much they make off of a unit considering how little they provide. Their insurance never pays out - their website and app are embarrassingly bad.