Thinking of renting your house on Airbnb? Use this calculator to find out how much money you can make

Airbnb

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.

Getty Images | Carl Court

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:

Phoenix

Private room for one guest: $719

Entire home for four people: $1,684

Flickr | squeaks2569

Las Vegas

Private room for one guest: $466

Entire home for four people: $1,406

Getty Images | Ethan Miller

Cincinnati

Private room for one guest: $638

Entire home for four people: $1,890

Flickr | isa•bell

Denver

Private room for one guest: $708 a month

Entire home for four people: $1,806 a month

Getty Images | Doug Pensinger

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]

About the Author

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Brittany Anas

Hi, I'm Brittany Anas (pronounced like the spice, anise ... see, that wasn't too embarrassing to say, now was it?) My professional writing career started when I was in elementary school and my grandma paid me $1 for each story I wrote for her. I'm a former newspaper reporter, with more than a decade of experience Hula-hooping at planning meetings and covering just about every beat from higher-education to crime to science for the Boulder Daily Camera and The Denver Post. Now, I'm a freelance writer, specializing in travel, health, food and adventure. I've contributed to publications including Men's Journal, Forbes, Women's Health, American Way, TripSavvy, Eat This, Not That!, Apartment Therapy, Denver Life Magazine, 5280, Livability, The Denver Post, Simplemost, USA Today Travel Tips, Make it Better, AAA publications, Reader's Digest, Discover Life and more. Learn More.