As a homeowner, you know quite well all of the responsibilities that go hand-in-hand with maintaining your home. There are expenses like heating and cooling, electricity, water, Internet…so on and so on. It makes things like going on vacation a well-planned (if not rare) event each year. Peer-to-peer renting marketplaces are changing all of that. Renters and homeowners are using places like Airbnb, HomeAway, OneFineStay, Rent Like a Champion and similar others to either rent out their homes temporarily, or find nicer, more affordable places to stay at on vacation.
What is Peer-to-Peer Renting?
Think of it as the same economic principle that created Uber. It all centers on collaborative consumption, or a ‘sharing economy.’ A homeowner rents out their home for several days, weeks or months; and a renter is able to stay in these accommodations that beat any standard hotel room or rental agency property. In general, it’s a way for people to make supplemental income or save money while they travel.
Putting things in perspective, the average hotel room costs $137 per night. In comparison, a house on Airbnb costs an average of $80 per night.
Benefits for Homeowners
Again, everything these days cost a pretty penny. It’s hard to save up and go to the beach, the mountains or visit another country. For that reason, peer-to-peer renting is transforming the rental market. It benefits both the homeowner and the renter. Using Airbnb, the average homeowner makes $7,350 per year just from temporarily renting out their homes. Other places, like Rent Like a Champion (which caters to sport fans), hosts make an average of $1,100 per weekend.
Of course, location plays an important factor in demand. Popular U.S. cities like New York City, Las Vegas, Orlando, Chicago, San Francisco, San Diego, Washington D.C, Charleston, New Orleans and Honolulu are easier than others to rent out or find available properties.Peer-to-peer renting could be exactly what you need to get away. And where safety is concerned, remote home monitoring provides a solution to knowing the status of your home at all times. Receive custom alerts and notifications, based on your preferred settings. Be able to remotely control things like the thermostat (after all, no one likes large energy bills). Now you can explore all the places you’ve been missing out on—without worrying what’s happening back at home.