Summer season is a great time to be an Airbnb property owner. The reason why is because of the overall hype and the numerous events that happen during the summer. In the United States most annual events take place between April and October. This is mainly because summer is a time of travel, vacations and exploration for locals and tourists. Thus, real estate investors should take advantage of the wide variety of events in the summer across the country for making money on Airbnb.
Airbnb is a diverse, worldwide online platform that allows homeowners around the world to rent out their home or parts of it to guests on short-term basis. Because of the easiness to use this platform for both landlords and guests and because of its increasing popularity among both groups, making money on Airbnb has become so easy for homeowners. Hotels are no longer the first option for travelers and tourists, especially those on a tighter budget, who are going on summer vacations or attending events. The era of short-term rentals is truly underway. Compared to the hotel industry, Airbnb – or vacation rentals – is still a very new idea, which means that the horizons for its expansion are currently unlimited.
For investment property owners, summer is universally the best time to start making money on Airbnb. The reason is simple: demand. Summertime brings with itself a number of events, festivals, and a touristic vibe to cities. In the summer Airbnb owners start making money on a larger scale because tourists are ready and willing to pay for vacation rentals that are cheaper than hotels. It’s a win-win situation for both real estate property owners and guests as the owners are making money on Airbnb, while the guests are saving lots of money by not staying at unnecessarily expensive hotels.
One great thing about Airbnb is that it is not restricted just to real estate investors who have purchased an income property as a source of investment. While entire homes go for much more on Airbnb than private rooms, private rooms can also be rented out as a good source of income. In the most popular cities in the United States such as Los Angeles and New York, people who rent out private rooms can sometimes make more money sharing their homes than landlords who rent out entire flats in a traditional way.
So, now is the time to look at 3 of the largest US summer events and how hosts can be making money on Airbnb from them:
Summer Events and Making Money on Airbnb
1. San Diego Comic-Con (July 21-24)
San Diego Comin-Con is the largest comic convention in the world that was founded in 1970. In 2016, a total of 180,000 people attended the convention from around the United States and the world. For comic book, TV show and videogame enthusiasts, this is the biggest event on the planet. Thus, real estate property owners are able to generate massive amounts of profit from Comic-Con because of the high demand on short-term rentals in these couple of days in July. Last year’s event saw one property owner rent his condo for 4 nights for $1,300. The rates for Airbnb rentals are expected to be more or less the same this year. These numbers clearly show why owners think that making money on Airbnb is a certainty in San Diego. So, if you have an income property in San Diego or part of your home free, make sure to post it on Airbnb as soon as possible.
2. The US Open (August 29- September 11, New York City)
The only major annual tennis tournament in the United States, the US Open features superstars like Djokovic, Nadal, Serena Williams, and Roger Federer. The event attracts visitors from all over the world to witness historic sports moments. For NYC locals, this is an opportunity to boost their Airbnb rental income. The event brings with itself a large appeal because of its magnitude, which justifies the owners charging higher prices for their Airbnb properties. If you are a property owner in NYC, the US Open should be in your plans for making money on Airbnb.
3. EDC Las Vegas (June 17-19)
Granted, the event is for a short period of time; however, in 2016 around 300,000 attended the Electric Daisy Carnival in Las Vegas. These are staggering numbers considering that most attendees were not locals. The EDC makes the city even more vibrant than it usually is and brings the highest rental demand rates to the city. Property owners in Las Vegas are accustomed to making money on Airbnb because of its high tourism rates, but on these dates the prices of Airbnb rentals hike up dramatically to give owners way more profit.
Making money on Airbnb and the summer season are closely correlated. The summer atmosphere, traveling for touristic purposes, and attending special events raise the demand for rental properties to a much higher level than normally. Investing in rental properties where annual summer events are occurring would be a smart investment for anyone looking for profit with high certainty. If, on the other hand, you are a real estate investor looking for a rental property in one of those hots stops for summer Airbnb, hurry up to check out Mashvisor for many available properties. Summer brings along a breath of fresh air for Airbnb owners.