A growing number of people are choosing to boost their incomes by renting out private living spaces or second homes. If you own a holiday home, or you’re thinking about earning money by renting out a spare room or an annexe, you may be wondering which route to take. In this guide, we’ll explore the key differences between being an Airbnb host and a landlord.
Flexibility
One of the most attractive incentives for aspiring hosts is the flexibility of renting out houses, flats or rooms on a temporary or short-term basis. Being an Airbnb host is much more flexible than being a landlord. Typically, landlords and tenants sign agreements that cover several months or even years, while most hosts deal with clients looking to pay for a short stay. If you own a property, being a host gives you the option to use it yourself or rent it out to make money. You can choose when you want to advertise and take the property off the site or block dates if you want to use it or have friends or family members to stay, for example. If you’re a landlord and there’s a tenant in place, you may have very limited access to the property and you won’t be able to end the contract early unless the tenant agrees and you reach a resolution.
Legal requirements and responsibilities
There are differences in the legal requirements and responsibilities of hosts and landlords. Landlords have to comply with local and national laws and guidelines, which may vary according to where they live. They must provide safe homes and ensure they adhere to all of the terms and conditions in the tenancy agreement. If they don’t, there’s a risk of penalties. Tenants may choose to take legal action or find out more about claiming compensation, such as calculating a housing disrepair claim amount. If you choose to host guests, there is a code of conduct, but it’s less rigorous than renting your property out to tenants. Whether you decide to host or take on tenants, it’s crucial to make sure you understand your responsibilities before you sign any contracts, accept bookings or advertise vacancies.
Stay duration
One of the most obvious differences between renting a property and staying in an Airbnb is the duration of the stay. An Airbnb community poll suggested that the average stay is 2-3 days. Many clients are looking for weekend breaks or short stays for work or vacations. Tenants usually take up much longer contracts between 6 and 36 months. Some landlords and letting agencies may choose to specify a minimum term and then move to a rolling contract.
If you have a spare room, guest accommodation or a second home, or you’re thinking of going traveling or working abroad for a while, you may be considering letting your home or room out. There are various options to explore to boost your income, including finding a tenant and hosting on Airbnb. Both options offer pros and cons. It’s important to understand the differences and weigh up the advantages and disadvantages before you decide which route is best for you.
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