If you are a university student, you know that living in student accommodation near the university campus is a great blessing. Suppose you own an apartment there for yourself. In that case, you are fortunate and can make a lot of money during semesters by letting other students live with you. However, these properties are not used the whole year. They are empty between the terms, especially for the summer holidays. So, why let this opportunity go to waste and not earn some extra income by renting on Airbnb?
There Is a Great Market for Student Accommodation!
Suppose you are one of those lucky students whose parents have provided you with accommodation near your university campus. In that case, you should not see that only as a source of comfort but also as a source of potential income. It is usually challenging to find accommodation near universities, and students are willing to pay a lot of money to have the comfort of living near the campus.
Therefore, if you have unused rooms and feel that your home is too big for you, don’t hesitate to bring in roommates for some extra income. You won’t have to live alone either.
Airbnb Hosting Is Perfect for Term Breaks!
As already mentioned, you have no trouble filling your apartment with other fellow students during university terms, but how about the term breaks?
Most student accommodations are empty for so many days during the year. However, you can seize this opportunity to become an Airbnb host and rent your space for short periods.
By hosting on Airbnb, you can make money from a space that would have been unused otherwise. However, short-term rentals do not solely benefit you; it helps the whole community. For example, suppose more and more properties are available in the town thanks to the Airbnb student hosts. In that case, the city can become a tourist center. So naturally, all the other businesses can benefit from it as well.
What Do You Need to Know Before Hosting on Airbnb?
Get All the Permissions!
The first and most crucial step is to have all the permissions. If the property is not yours, make sure to get the owner’s permission. However, if you own the accommodation, you need to check all the rules regarding your property’s neighborhood. Maybe being in the campus’s vicinity would apply some limitations to your property which you need to be aware of.
(Also, note that renting out the university’s dormitory is not allowed!)
Provide Furniture and Supplies!
You need to know that Airbnb hosting is not the same as renting your property to your fellow students from the university. When you share your student accommodation with fellow students, you probably don’t have to provide them with bedding, furniture, or other necessary supplies. Nevertheless, as an Airbnb host, you need to provide more furniture for your guests, as well as amenities such as toilet paper, towels, bedding, shampoo, soap, etc.
Make a Charming Listing!
The most crucial step for attracting guests is creating an attractive listing on the Airbnb platform. Make sure to take great photos and use the very best one upfront. Also, don’t forget about the importance of summary and description. Tell people what they can expect and why your property is suitable for them. It is an excellent idea to introduce some tourist attractions near your property to attract more guests.
However, you always need to be completely truthful in your listing. Don’t promise guests something far from reality to avoid their negative reviews.
Be Available for Your Guests!
If you want to be a successful Airbnb host, you need to be available for your guests. You don’t have to always be physically available for your guests, but you need to be responsive to them. Always check your emails and take the phone calls for possible problems or questions your guests might have.
Suppose you don’t want to attend to some responsibilities personally. In that case, you need to have someone else’s help or use online services. For example, you can use smart key-less locks to avoid the responsibility of personally delivering the keys and control the pass-code from wherever you are simply by your smartphone. However, it is best to have someone near the property to provide amenities or check in if there is a problem. That person can be your co-host or anyone else that you trust.
Keep Your Property Clean!
If you have lived with your fellow students in your apartment, the chances are high that you were not too sensitive about cleanness and made peace with your untidy space. However, if you want to Rent your student accommodation on Airbnb, you need to say goodbye to that untidiness. Your guests expect your property to be as clean and allergen-free as an upscale hotel and won’t hesitate to attack you with negative reviews if they witness any dirty spot.
If you don’t want to be mixed with the cleaning process every time your guests leave, or you think that you cannot do that properly, you can hire professional services. These services can literally do the dirty job for you. All you need to do is give them a thorough checklist. Also, check their job from time to time personally to make sure that their quality meets the required standards.
The Bottom Line
In case you have student accommodation near your student campus, you can make good money in term breaks, especially in summer holidays. However, as an Airbnb host, you have some responsibilities, and it’s not entirely passive income! You need to provide supplies, be available for your guests, and keep your property as clean as an upscale hotel.
However, if you accept all the responsibilities, you can have a good income to pay for your student loans or spend more money on your holidays without worrying too much about money!
It is truly annoying to have your property be empty for long periods of time. Specially when you’re a student with tons of bills to pay. This is such a great idea.