Airbnb began in 2007 when Joe Gebbia and Brian Chesky needed extra money to handle their high rent. They decided to rent out airbeds in their living room, and the concept quickly gained popularity. Today, Airbnb is a global giant valued at $25 billion, with operations in over 90 countries. Here’s what you should know about hosting on Airbnb:
1. Fees and Reviews
As an Airbnb host, you’ll pay a 3% fee to the platform. Guests also incur a service fee, which ranges from 6% to 15%. Both hosts and guests can leave reviews after the stay, which helps everyone gauge trustworthiness. Fun fact: More than 70% of Airbnb listings are entire homes, so you often get the whole place to yourself.
2. Affordable Stays
Airbnb can be a budget-friendly alternative to traditional hotels. You might find an entire apartment for as little as $20 per person per night. In comparison, a hotel room in a central area could cost $45 per person per night. Many Airbnb hosts provide perks like Wi-Fi, a fully equipped kitchen, and satellite TV, which is perfect for families on a short break.
3. Safety and Insurance
In Australia, Airbnb screens guests by checking their contact and payment details. Property owners can set their own requirements for bookings to ensure they’re comfortable with their guests. Additionally, Airbnb offers liability insurance of up to $1 million to cover hosts for personal injury and property damage.
Whether you're a new or seasoned host, these insights can help you make the most of your Airbnb experience!