Airbnb have recently released an Irish insights report to use the wealth of data they have to take an in-depth look at how the platform is performing in this country. The insights provided confirmed what a number of people in this country already knew; Airbnb is still experiencing tremendous growth in Ireland.
For anyone who has somehow missed the emergence of Airbnb as a new type of accommodation, the platform effectively acts a two sided network pairing residential property owners and guests who want to rent house or a room for a short period of time. Airbnb is synonymous with the newly emerging sharing economy that has been facilitated by the explosion of information technology so far this century.
Getting started with Airbnb is very simple; you can read our guide here, which also contains some handy tips for home sharing. For anyone who is wondering whether it is worth their time becoming a host through the platform we’d advise you to read on, we’ve got some very good news!
The Value Of Using Airbnb
As previously stated, Airbnb have released their insights report for Ireland, you can have a look for yourself here. However at Insuremyhouse.ie we’ve gathered the key statistics below to illustrate just how much you could benefit both financially and otherwise by becoming a host.
Across Ireland in 2017 alone:
- Hosts earned a total of €115 Million.
- The average host earned €3,500 annually.
- The average host had guests for 37 nights of the year.
- There are 22,800 active listings (and growing).
- 1.2 Million guests from outside Ireland used the platform.
- 51% of listings were for the entire home. 48% were for a private room.
So do you think circa 37 nights acting as a host would be worth €3500? We’ll assume your answer is a resounding yes! Airbnb also supplied a breakdown by region for every part of Ireland. Once again we’ve arranged this in a handy little table for you below.
As can be seen from the report each and every region is experiencing a massive level of growth. The benefits for Ireland and local economies also extend far beyond money being earned by local households. Airbnb also estimate in their report that the economic activity generated by hosts and guests to be €506 million across the entire island.
One thing is for certain, based on the figures released by Airbnb, the popularity of the platform is continuing its meteoric rise. So make sure, if you’ve got the space to rent out, you get in on this trend now and you could make a healthy sum of extra cash.
Airbnb hosts also have the unique opportunity to welcome guests and provide 21st century tourists with what they crave more than anything else; an authentic cultural experience.
However be aware that the majority of standard house insurance policies Will Not cover you if you use the platform. Make sure you speak to your insurer if you plan on sharing your home through Airbnb, or else you could find yourself significantly out of pocket.
At Insuremyhouse.ie we have developed a tailored home share product that will provide the perfect level of cover for Airbnb hosts. So whether you are insured with us or not, we can provide you with a home share product that suits you.
Host or not, why not get started with your quote here or call 01 603 2999 to speak to one of our home insurance specialists.