Renting out homes, especially during major events like big concerts and college football games, has become popular for property owners in cities like Charlotte.
Why it matters: Renting out your home is a growing way to make extra income as the cost of living goes up. It can help offset residential costs like homeowner association fees.
By the numbers: The typical host in Charlotte made approximately $9,500 in 2022, compared to the national median of $14,000, per Airbnb data.
Yes, but: Revenues from Airbnb have been declining in some fast-growing U.S. cities, such as Phoenix and Austin.
What they’re saying: “I believe Airbnb is at an inflection point and is unable to grow in the ways investors want,” says Emily Patterson, who started renting her properties on Airbnb in NoDa and Villa Heights in 2012.
- “Guests are increasingly more demanding paying less, service expectations are that of a hotel and the fees Airbnb charges do not warrant the poor service provided,” she added.
Also, nine out of 10 say their rates this summer will either be the same or higher.
“Two-thirds of hosts tell us they’re covering their entire mortgage payment with rental income through Vrbo,” company spokesperson Melanie Fish says.
Here are a few tips from Charlotteans who rent out their homes:
(1) Establish a good relationship with your neighbors, says Amanda Dyson, who moved to Charlotte from the Phoenix area in 2015. She bought a cabin in Black Mountain in 2020 and a second rental property in North Myrtle Beach in 2022.
- “They will help look after your property and alert you if anything feels out of the ordinary. Full-time residents don’t always appreciate STR (short-term rentals) so it’s important to remind them that you respect their living space and ask your guests to do the same,” Dyson tells Axios.
(2) Renting out your home can be a good source of income, depending on the location, says Trina Diakabanzila. Her home is about 10 minutes from shopping and restaurants. Many of her bookings are corporate guests who are in town for work.
- “In one month before taxes and fees I can make over $6k,” she tells Axios.
(3) Having a minimum stay can help avoid party animals, says Jan Snead, who started renting her guest room on Airbnb in 2019.
- “My rate is really one of the lowest in Charlotte since it’s a guest suite, not a whole house, so I get a different guest than a $200/night condo,” Snead says.
(4) Be prepared for guests who don’t follow the rules and who don’t read instructions for the property, says Kelli Young, who rents her townhome on both Airbnb and Vrbo.
- “Also be prepared for people to not take as good of care of your home as you do,” she adds.
(5) Establish a good rapport with your property manager, Dyson says.
- “Things go wrong. Have a POC and be open to texting, often,” she adds.