Airbnb Philadelphia Monthly (2024)

FAQs

Are Airbnbs profitable in Philadelphia? ›

Airbtics confirms that investing in an Airbnb property in Philadelphia is lucrative. In fact, this city is one of the top Airbnb cities in the USA where you can earn a monthly revenue of $2,000+!

Airbnb is a valuable resource for many types of travelers, but it can be especially valuable for those looking for long-term stays. Booking a monthly rental on Airbnb can save significant amounts of money over shorter-term bookings, but it may still cost more than using a local resource.

Airbnb offers a platform for hosts to not only make extra money but also to capitalize on the assets they already have - their property. Success stories range from those making a few hundred extra dollars a month to cover bills to those who have turned Airbnb hosting into a six-figure income.

Miami and San Diego are the most profitable cities for Airbnb hosts. The combination of warm weather and (relatively) affordable housing make these two cities a better bet for full-apartment listings than popular but expensive destinations like New York and San Francisco.

Rental and property licenses

You need a license to rent your property as short-term rental: You need a Limited Lodging Operator License if you have a limited lodging use. You need a Rental License with a hotel designation if you have a visitor accommodation use.

Airbnb doesn't allow properties to be rented out for more than 90 nights per year. If your limit for bookings is reached, Airbnb will automatically close your property until the end of the calendar year. In addition to 90 consecutive days, the 90-day limit also applies to 90 days spread throughout the year.

Shoulder seasons – generally April to May and September to November – can be nearly as profitable as more budget-conscious travelers look to enjoy a vacation with fewer crowds and without having to fork out peak prices.

As of Aug 15, 2024, the average hourly pay for an Airbnb Host in the United States is $18.25 an hour. While ZipRecruiter is seeing hourly wages as high as $30.77 and as low as $8.65, the majority of Airbnb Host wages currently range between $14.42 (25th percentile) to $19.23 (75th percentile) across the United States.

How to earn 6 figures in 6 months on Airbnb without owning property? ›

Starting an Airbnb business with $5,000 is entirely doable. According to online data, the average Airbnb startup cost is at $3,000 to $6,000. A $5,000 budget should help you get off to a good start, as long as you know how to prioritize expenses for your business.

The Bottom Line: An Airbnb Investment Can Earn You A Passive Income. Purchasing an Airbnb investment property comes with its list of pros and cons. While it could be a solid, simple way to make passive income, you do need to consider factors like maintenance, amenities, utilities and more.

The best type of property to invest in on Airbnb is one that gives more income and a higher occupancy rate. But it all depends on the chosen location and your target guests. For example, if you want to buy Airbnb property in a busy city, you'd probably want to invest in a small apartment or condo.

Start with the basics

At a minimum, guests expect a clean, comfortable sleeping area and access to a restroom. Not all places listed on Airbnb have access to a kitchen, but if your guests have access to one, indicate whether it's a full kitchen or a kitchenette.

In short: absolutely. Looking forward, the vacation rental industry is predicted to grow even more in the upcoming years. Hosting can be a profitable business with proper prep work and an understanding of how to budget your start-up costs.

Unsurprisingly, Hawaii leads the pack with the highest average annual host earnings. Airbnb hosts in the Aloha State earn an impressive $73,247 per year. The state's tourist appeal contributes to this high figure.

The Saturation of the Market and its Implications

The oversaturation of the market has resulted in a decline in occupancy rates in 31 of the top 50 largest U.S. short-term rental markets. Despite Airbnb reporting its most profitable quarter ever, many hosts are struggling to find renters.

Airbnbs have higher potential returns but are variable and management-intensive, while traditional renting has more stable income but potentially lower returns. Location, demand, amenities, and local regulations influence ROI for Airbnb, while economic trends and property features impact long-term rentals.