If you’ve got an extra room in your house that’s just gathering dust, Airbnb can help you turn those square meters into a couple of extra dollars in your bank account. You can rent out any room, whether it’s your basement, or even a cupboard under the stairs (which worked for Harry Potter and practically had its own zip code since he’d even get mail service down there).

Types of Airbnb arrangements

The beauty of Airbnb as a side hustle is that you have a lot of flexibility with regards to the setup so you can choose an arrangement that works for you. There are mainly two types of arrangements used with some slight variations in each, according to your preferences.

Some Airbnb hosts choose to rent out their extra room or the entire house (more money, yaay!) when they’re away on vacation sipping Pina Coladas on a beach somewhere or holed up in an igloo (for some cold reason). With this arrangement you get to earn some money to replace the one that’s mysteriously been replaced by souvenirs you can’t stop buying and yet won’t look at again after your trip. Ahh, the joys (woes?) of holiday retail therapy.

Another common setup is the guest-type arrangement where you let someone rent out your extra room and have the absolute joy of bumping into each other while one (or both) of you is all decked out in fluffy Wookiee pjs and bird’s nest hair that you swore would never see the light of day. This arrangement allows you to allow or restrict access to common spaces such as the laundry room or kitchen. In simple terms, you can choose to bump into your new neighbours or avoid them altogether and keep your Wookiee (and all other things Star Wars related) obsession a secret.

How to get your property listed on Airbnb
You can get started in just 3 easy steps. You can visit the Airbnb site and click on Host a Home to find out what you can earn. You’ll need to specify the location, whether you’re renting out the entire place or a private or shared room and number of guests. Airbnb will give you a monthly earning estimates based on average prices or listings with similar location, listing type, and guest capacity. To get started, you’ll have to sign up for an account, or you can even choose to log in via Facebook or Google. Once that’s out of the way, you can list your space for free, decide your hosting arrangement, and get ready to welcome your next guest.

Who Is It For?
Airbnb is a great side hustle for anyone with room to spare, from the basement in your house that your kids like making up fake horror stories about, to that summer house you kind of forgot you inherited from some rich relative whose name you don’t quite remember either. It’s also great for anyone planning a trip somewhere because you can rent out your place while you’re gone so you won’t cut into your travel budget to pay for a room you aren’t using. Since a key part of Airbnb is being a good host to your guest, you’ll have to put your grumpy pants away and be on your best, I’m-such-a-perfect-host behaviour.

Who Is It Not For?
If you’re not too keen on having someone being in your personal space or you don’t have very good communication skills, perhaps this might not be the hustle for you because communication with guests is vital. Airbnb also takes time and commitment with regards to making sure everything is in order and being available anytime your guests need help or have an emergency. If you don’t have that kind of time or patience, don’t do it.

How It Works?
1. Create an Airbnb account
2. Take clear photos of the space you want to list and upload them as part of your listing
3. Choose your schedule, prices, and requirements for guests.
4. Communicate in time with any potential guests and answer any questions they have

Guests pay a service fee to Airbnb in addition to the cost of your listing. Airbnb will hold your guest’s payment for 24 hours after check-in before finally releasing them to you. The payout you receive will be your nightly rate minus the host service fee which is usually 3% for most hosts and is used or services like 24/7 customer support and credit card processing.

What We Like?
You have the freedom to choose your own schedule, prices, and requirements for the guests.
Guests are required to provide certain information such as a confirmed phone number and email address before making a reservation through Airbnb. This helps in verifying the guests so you can avoid mishaps like unwittingly renting out to the clown from I.T. (or something less drastic).
You can also ask the potential guest to provide recommendations from other hosts so you can get all the tea on a guest you’re considering, like whether they finish all the hot water in the morning or share their Halloween candy with their hosts.
You don’t have to worry (or spend money) on marketing your place. Airbnb does all that for you.
To protect hosts, Airbnb has a Host Guarantee program which provides protection for up to $1,000,000 in damages to covered property in case your guest’s damage it, subject to eligibility.

What We Don’t Like?
The biggest risk for Airbnb hosts is property damage. While the Airbnb Host Guarantee program does make this risk feel a little worth taking, it may not cover everything so you may still experience considerable inconvenience.

How Much Can You Make
A number of factors can affect your Airbnb income such as the city, location, size, décor, overall look and feel, and of course your price. You can get a good estimation of what you can earn for your space on the Airbnb Host Homes page.

Conclusion:
This side hustle doesn’t require much from you except making sure the place you’re renting out is clean and habitable, and being available for your guests in case they need directions to the best pizza place or local attraction. And of course, making sure you always have your happy face on so you can be the perfect host. So break out the cleaning supplies to clean up that spare room, go nuts with the camera, and sign up for an Airbnb account to get your place listed.

Pros:
You can set your own price.
You’re free to choose an arrangement that works for you, either renting out a single room or the entire house while you’re around or away.
Airbnb’s Host Guarantee program protects you in case of guest damage.
You get to meet new people and make friends from around the world.

Cons:
There’s the risk that guests might damage your property and Airbnb’s Host Guarantee only provides protection for such cases in select, eligible countries.
It isn’t legal everywhere and you may need to get special permits or licenses before listing your property.