(BPT) - While some people stay close to home during the Fourth of July, many celebrate the spirit of independence through travel. According to a survey by The Vacationer, 60% of American adults plan to travel for the Fourth of July or Fourth of July weekend in 2023. That's more than 155 million people! This influx of travelers provides a golden opportunity for would-be vacation rental Hosts.
Fourth of July travel trends
You can find hotels in any city, but many people prefer to stay in short-term vacation rentals, which is great news for would-be rental entrepreneurs. According to AirDNA, demand for vacation rentals in the U.S. increased by 21.1% in 2022 and is forecast to continue growing this year. With continuing and even increasing interest in short-term vacation rentals, now is the time to get into the vacation rental game.
If you're considering turning your home into a vacation rental, the Fourth of July could be a lucrative weekend. Airbnb's Fourth of July forecast found that searches for July Fourth weekend stays in early 2023 increased significantly compared to last year. From taking road trips along scenic highways, enjoying a lakeside cabin or lounging on the lawn to watch the fireworks, folks are using this weekend to travel and create unforgettable memories.
To be sure, some U.S. travelers are planning to go to far-off destinations for the Fourth of July. According to Airbnb's forecast, top trending destinations for Independence Day weekend include Mykonos, Greece; Interlaken, Switzerland; and Italian cities like Amalfi, Florence and Sorrento. However, many will stick to domestic travel, going to Cincinnati, OH; Louisville, KY; Boulder, CO; and Panama City, FL.
Become a Host
A common misconception about vacation rentals is that you need an extra home. However, you don't have to be in residential real estate to start a rental side hustle. You can easily start hosting guests if you have an extra room in your home, a pool or guest house, or a basement with its own entrance. If you plan to take your family on vacation this Fourth of July, you can rent your home and make money while you travel!
Hosting for the first time can be a little nerve-wracking, but luckily you don't have to do it alone. If you list your home through Airbnb, getting started is a cinch with Airbnb Setup. You'll be connected with a local Superhost who can help you sign up and list your space.
For extra peace of mind, you can filter guest requests and welcome an experienced guest with a good track record on Airbnb for your first booking. Additionally, AirCover verifies the identity of all guests and provides $3 million in damage protection, which also covers cars, boats, art and valuables.
Every Host's experience is different, and earnings can vary widely depending on availability, price, listing type and location. However, last year, private room Hosts in the U.S. earned a total of approximately $1.2 billion, while the typical private room Host earned over $4,800.*
So, if you have a guest house or spare bedroom, becoming an Airbnb Host is a fantastic opportunity to earn some much-needed additional income. You also have the chance to interact with guests eager to explore your city and immerse themselves in the local culture.
Find out what you could earn as a Host and list your space for free on Airbnb.com/Host.
*Median Host earnings for all private room Hosts in the U.S. in 2022.