Who earned a cool $10,000 in passive income last year? The average Park City Airbnb host. And if you own a residential property in Park City, you could join the ranks of those making this easy extra cash.
During the 2016-2017 ski season, Park City Airbnb hosts collectively earned $15 million. Surely, the annual Sundance Film Festival contributed its fair share to those revenues. That’s a big boost for local pockets. It also helps draw visitors searching for a different sort of Park City experience—a big family looking to lodge and cook together, or a couple hoping for a less expensive slope-side stay.
Over 1,200 local residents host with Airbnb, charging an average nightly rate of $456. Rates can fluctuate depending on weekday vs. weekend and whether or not it’s peak season.
If you’re interested in offering your home as a short-term rental, here are a few tips to consider:
- You don’t need a secondary residence to host with Airbnb. Even if you’re a full-time resident, you can put your home up for rent only when you’re out of town on vacation.
- You don’t need to rent a full house to be an Airbnb host. You can rent out a single floor, a mother-in-law suite, or simply an extra bedroom in your apartment.
- Photos are everything. Just as high-quality photography is key for selling your home, it’s also important for fetching top-dollar and consistent interest in your rental. Stage your home and then take photos during the day for plenty of natural light.
- Airbnb isn’t your only option. You can also rent your home out on VRBO, which tends to feature higher end properties.
- If you have an HOA, check to make sure you’re allowed to rent your home on AirBnB before you post it. Some HOAs ban short-term rentals altogether, while others might have minimum terms.
Interesting in adding to your investment portfolio? Or owning a property in Park City that you can rent out when you’re not in town? This fabulous luxury condo in Black Rock Ridge just 7 minutes from Old Town Park City would make a great short term rental with Airbnb or VRBO.