Passive income: Expert on making money when you're not working
We use your sign-up to provide content in ways you’ve consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info
Those lucky enough to live in St Davids in Wales, Ripon in North Yorkshire, Kingston upon Hull or London have the potential to earn over £2,000 extra a month, according to experts at Pikl Insurance. Entrepreneur Polly Arrowsmith told Express.co.uk how she has been renting out a flat through Airbnb as a side hustle and shared her tips and advice for others looking to make an extra income this way.
While not everybody has the space, figures show that half of British households have a spare room which they could potentially list on Airbnb to help pay the bills.
Polly Arrowsmith, owner of Qube networks, told Express.co.uk how her property in North London has been bringing in £2,000 a month from Airbnb rentals, but admitted that it’s harder work than people might think.
She said: “People expect hotel standards in terms of cleanliness, bedding, and furniture, so it does require a full clean in each turnaround and a deep clean every three months.”
However, she said despite this she’d still recommend it to others looking to make an extra income.
Polly is not the only one making this kind of cash, Marcus Ahmad listed his spare room on Airbnb last year and made around £1,100 a month.
The photographer from Bristol told Express.co.uk: “I did think originally I could maybe just get a lodger in but then I started doing the costings and I realised that through Airbnb and a bit more effort – ie doing the place up and hosting people – I could actually make double the amount of money I would when renting it.
“I’ve been doing it for a few months and it’s been very successful. It’s roughly about double what I’d get from renting so it’s about £1,100.
“Of course £7,500 of that is non taxable – so that’s a big incentive as well.”
State pension sum may be less if you were ‘contracted out’ – check now [WARNING]
What the falling pound will mean for YOUR finances [ALERT]
Single mum on Universal Credit shares her top tips for saving money [INSIGHT]
450,000 people may be placed on energy prepayment meters [ALERT]
Back in London, Polly advises people to check holidaymakers’ reviews in order to avoid letting to troublesome guests.
She said: “Check your potential guests’ reviews. If they are not reviewed, then ask them some questions such as the nature of the visit.”
The entrepreneur also encouraged people to make sure they are not validating any insurance policies.
Polly explained: “A lot of London councils only allow you to rent out the property for 90 days.”
It’s also important to note that energy bills could be high as people don’t tend to economise like they would at home.
Polly shared some tips for renting on Airbnb:
- Consider adding extras like milk, orange juice, tea and coffee
- Leave a brochure about the flat and the surrounding areas and include any house rules
- Personally meet and greet the guests
- Be yourself, polite and kind.
Research by Piki Insurance found the top 10 UK cities for Airbnb rentals were:
City Cost per night Monthly profit
St Davids, Wales £91.40 £2,742.00
London £78.80 £2,364.00
Westminster £73.00 £2,190.00
Ripon £70.40 £2,112.00
Kingston upon Hull £69.80 £2,094.00
Wells £66.80 £2,004.00
Winchester £66.40 £1,992.00
Truro, Cornwall £65.60 £1,968.00
St Albans £63.60 £1,908.00
Bath £61.20 £1,836.00
Do you have a money saving or money making tip to share? Express.co.uk would like to hear from you. People can get in touch via [email protected].
Source: Read Full Article