Renting out your home is an easy way to make additional income.
Side hustles seem to be a make-or-break deal, depending on the demand. But if you're looking for something lucrative, search no further: your own home could be the answer.
According to Airbnb, Maryland homeowners made over $57 million from home rentals during 2018. The San Francisco-based company, which allows its users to rent out their homes for generating income, reported that 6,500 Maryland residents rented their homes out to about 383,000 guests. In turn, this generated an average of $5,600 extra income per person.
This follows the Baltimore City Council's recent decision to enforce new regulations for using short-term rental apps like Airbnb and others, including a 9.5 percent hotel tax and city registration requirements. The rules are intended to fix the recent contention that's sprung from bed-and-breakfast owners who feel Airbnb can slip around loopholes those in the hospitality industry can't. You can read more about the legislation's background here.
But not all of this is negative. The new tax is expected to bring in around $1 million to the city annually, making it an extraordinary boon for the local economy. The legislation also includes a grandfather clause that allows Airbnb users to rent out their home along with another additional property. Travel is a highly profitable industry, so it should be interesting to see how these new regulations affect the city long-term.
Do you use Airbnb or other online rental apps? Will you be using Airbnb on your next vacation? Share your thoughts in the comments below!