We’re property investors in Dayton, Ohio with a rental business comprised of both full-time rentals and AirBNB (and proud superhosts). With several years of experience under our belt, we’re sharing some of our top pros and cons of AirBNB, and how it compares to a traditional full-time rental.
PRO: A Major pro to being an AirBNB host is having the opportunity to curate your guests’ experience: from the bedding and decor of the home, to crafting a travel guide with your favorite local suggestions.
CON: Much higher startup expenses when you consider everything you need to provide: furniture, linens, Stocking a kitchen, supplies, washer/dryer, etc.
CON: A downside to AirBNB is higher operating expenses: everything from utilities including TV & internet, to having a cleaning staff – unless you plan on cleaning it yourself – lawn care, and purchasing never ending supplies – we’re talking toilet paper, paper towels, coffee, cleaning supplies and more. If you’re in a cold weather state, don’t forget the snow removal!
PRO: Higher revenue compared to traditional rental. But make sure you do the math to make sure it’s worth the extra time and headache.
CON: More risk is involved with short term rentals. We’ve all read the nightmarish news headlines about parties and properties being trashed. You have to insure your property, and your belongings
But short term rental insurance is expensive! You may want to consider covering rental loss as well. At the start of the pandemic we had more than $5,000 worth of cancellations in one day. It was scary not knowing what the future held. And don’t forget good liability coverage! Safety should always be a high priority, but accidents happen and someone could hurt themselves on your property.
PRO: Keeping a closer watch on your property since you get to go in much more often than you would as a traditional landlord, giving you the ability to better keep up with repairs, touch ups, etc.
CON: If you manage it yourself, you have to always be on your toes: Replying to guests constantly – being tied to your phone and being on call for repairs. Your response time and service can directly affect your rating.
PRO: Having a sense of community with fellow AirBNB hosts.
CON: Unpleasant situations: Gross bathrooms. Stained sheets. Dog poop. Deep fryer smell and greasy kitchen. Need we say more? Not everyone loves AirBNB. Guests can be loud. Some people don’t like not knowing who their neighbors are and it can cause rift with neighbors. Everyone has a different take on it!
PRO: Meeting cool people from around the globe.
CON: More complicated taxes. There are a lot more expenses to track compared to a typical full-time rental.
PRO: Gives you the opportunity to create local relationships with business and brands you want to share with your guests.
The biggest difference between a full-time rental & AirBNB is that AirBNB is a HOSPITALITY BUSINESS. You need to provide an amazing place for guests to stay, but also have polished customer service skills and a quick response time.
We’re Laura and Brian, better known as “A couple of Quinns.” We love our city of Dayton, old houses and dogs. During the pandemic we restored a 1905 federal-style home in Dayton Ohio’s historic Grafton Hill neighborhood, and there’s no telling what we’ll be up to next!
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