Unable to afford the rent on their loft apartment, Brian Chesky and Joe Gebbia came up with an idea to make some extra money. They put an air mattress on their living room floor, called it a bed and breakfast, and Airbnb
Three guests check into an Airbnb listing every half-second.
(Source - Airbnb Press)
That was in 2007. Since then Airbnb has hosted 500 million guests, with the company currently handling more than six million listings, across 191 countries and 100,000 cities. Nowadays, Airbnb guests have an incredible range of spaces to choose from, as well as shared and private rooms, you can rent entire houses and apartments all around the World. You can even find manors, igloos, tipis and private islands listed, alongside 1,400 tree-houses and nearly 3,000 castles, on the site.
The UK is the country with the fifth highest number of Airbnb listings, with over 175,000. Behind only the United States, France, Italy and Spain. While according to Airbnb, Cardiff is expected to be the 10th most popular destination in the entire World for guests this year.
Cardiff is expected to be the 10th most popular destination in the entire World for Airbnb guests this year.
IPropertyManagement – April 2019
The projected number of users in Europe by 2020 is 24 million. So, what are the main reasons so many people are turning to Airbnb as a source of accommodation?
The average rate for an entire home on Airbnb is the same or lower than the cost of a single hotel room.
While, in Europe, Airbnb is anywhere from 8% to 17% cheaper than a regional hotel’s average daily rate.
Guests have a much wider range of unique listings to choose from, compared to when searching for hotels. We’ve already told you about the 1,400 tree-houses listed right?
On Airbnb, you can filter your search by room type, price, location, size, equipment available and even the language skills of the host.
Maybe you and the gang want to hang together, perhaps you’ve got a large family.
Either way, accommodating big groups is easier when you can search and rent to suit your needs so easily. You can even hire your wedding venue through Airbnb.
Right from the start, you see the full cost on Airbnb.
No more choosing the right property and inputting your details, only to discover ‘additional’ charges right at the last moment.
Have you ever visited a place without feeling you’ve truly experienced it?
How better to engross yourself in local culture than by staying in a local’s home. In fact, last year 78% guests chose Airbnb so they could "live like a local".
Enjoy an entire house, or even one of those islands, to yourselves and enjoy the type of privacy you cannot find at a hotel.
It’s not just the Airbnb guests that are reaping all the advantages. Since the company began, hosts have collectively earnt more than £51bn.
While, between July 2017 and July 2018, local households in Wales earnt £32m through Airbnb, while it’s estimated guests spent another £123m in the local communities.
The economic activity generated by guests in Wales that year, across 13,600 active listings, totalled £155 million.
Source - Airbnb UK Insights Report
We’ve already looked at the guest benefits of Airbnb, below we look at the benefits to hosts.
Between July 2017 and July 2018, Welsh listings hosted 467,000 inbound guests, with the typical listing hosting 27 nights and earning the host £2,600.
Hosts set their own prices and often rent space they otherwise wouldn’t be using anyway.
Depending on the market and proximity to attractions, hosts can often welcome interesting guests from all corners of the World,
often with intriguing stories to tell.
Often a host’s space is solely used by guests to store their belongings and sleep.
You may not get much social interaction from these guests but it’s easy money.
Friends visiting? Simply block off your calendar, it’s your space after all.
Unlike a hotel where guests are complete strangers, hosts can read reviews of guests and find out about them before they stay.
You may even start getting regulars.
Airbnb's Host Guarantee Program provides protection for hosts up to $1m
(the equivalent of over £780,000).
The fastest-growing demographic of hosts are seniors, while women over 60 years are currently rated as the best host demographic.
Source - Airbnb Press
With such an immense demand for holiday lets within Cardiff due to the world-class events now taking place in our city, along with a shortage of hotel rooms available, we have seen significant growth in this market over a very short amount of time. So, if you are thinking of investing in a property and becoming an Airbnb host, Team MJ
can provide you with knowledgeable advice on the local property market, including suitable areas to search in to maximise your potential returns whilst HelloTed
can take care of the whole Airbnb process.
Client Relationship Manager