Are you thinking about dabbling in the hospitality industry as an Airbnb host? If so, then you’re probably interested in knowing just how much money you can make by renting out a spare room or your entire home.
The answer? Well, it’s complicated, and it depends on several factors.
To help, though, Airbnb has a calculator that you can use to estimate how much you could earn per month by becoming a host.
The calculator analyzes a few criteria, including where your home is located; whether you’ll be renting out a private room, shared space or entire home; and how many guests you’ll be hosting.
Also, when it comes to setting a price for your rental, Airbnb will offer suggestions based on how much rooms tend to rent for in your neighborhood.
Almost 24 percent of Americans are taking on side jobs in the “gig economy,” according to the Pew Research Center. And it appears Airbnb hosts are among the highest earners when it comes to gig economy jobs. Earnest, a California-based loan provider, analyzed thousands of loan applications and found the average pay of many gig economy jobs: The median was just $440 per month, but the average Airbnb host earned $924. Not bad for renting out space you’re not using anyway!
We tested the calculator on a few cities. Here’s the potential amount of money you could make each month in some popular cities:
Private room for one guest: $719
Entire home for four people: $1,684
Private room for one guest: $466
Entire home for four people: $1,406
Private room for one guest: $638
Entire home for four people: $1,890
Private room for one guest: $708 a month
Entire home for four people: $1,806 a month
Now, if we could just crack into the Airbnb millionaire’s club: That’s right—some hosts are making millions on Airbnb. (Spoiler alert: They’ve got multiple properties!)
[h/t: Penny Hoarder]