So are people making money renting their homes (or rooms) through Airbnb in the DC area?
If you have been considering renting your home, or even a room, with a service like Airbnb now might be a good time to dive in.
The Realtor that we have visiting with us on Monday night at our March WREIA meeting first brought Airbnb to my attention a few months ago. He suggested I look at the numbers and see if it would work on some of my rental property.
I did take a look and I can tell you this – the DC area is a great place to rent your property. In fact, Washington and Arlington are some of the top spots in the country, just behind locations in Hawaii and southern California. Here in DC in the spring and summer we get an influx of visitors and many are looking for something away from the hotels. Let’s check the box next to “Demand”.
But how about supply? Do the numbers work on every property? I suggest you take a close look at your specific neighborhood. Some places like Georgetown and Capitol Hill have a nice premium, while other locations may not be as desirable or command the higher nightly prices.
But that makes sense doesn’t it? If you want to be “right in the middle of it all” then you may not want to be 20 minutes outside of town with the cheaper rates. Home prices are lower and you get a larger amount of space, but at the cost of a much longer commute. It works the same way with Airbnb rentals.
Speaking of square footage, I was surprised to find that according to Airbnb, the highest returns are actually on 1 Bedroom rentals.
Yeah, I know. In fact, 1 Bedroom rentals have an 80% occupancy rate – on average.
If you are looking for a few other nuggets of gold, I suggest you come visit with us at our monthly WREIA meeting on March 21st. Our guest speaker, an experienced Realtor in the DC area for more than 10 years, is going to share a few things he sees investors doing across the area that are unique and profitable.
And let’s be honest. Good “investor-friendly” agents are really hard to find.
If you ask most agents they will say they “work with investors”, but at the end of the day they really have no idea what we
are looking for when it comes to a deal. Most would be embarrassed or afraid to show you the homes that we know are the real treasures
of our business.
If you want to know what it’s like to work with a terrific agent – listen up.
We have an experienced DC area investor-friendly agent with us this month at our WREIA meeting. He is going to show you the business behind our business and will very likely teach you a few things you didn’t know about our area. I say this from experience.Every time we meet he drops a few knowledge bombs on me.
It’s a great opportunity for you to learn from one of DC’s hustlers who is on the streets every day working for his clients.
Next Monday is a great opportunity for you to ask a few questions like:
- Where are people making the most money in DC?
- How much time does it take to flip a property in our area?
- How much money, at a minimum, should we want to make on a deal?
- Where do you think prices are headed?
- What mistakes do you see people making?
Make this year a great year for your business!
Washington REIA Network, President
Profitable Property, Founder
P.S. The Rehab Immersion Course – Spring 2016 Class we announced at WREIA is off to a blazing start. We found our subject property, did a deep-dive property tour and have already spent two days at my office pouring through details. And that’s just the beginning.
Rehab Immersion Course – Summer 2016 Class is limited to 12 students. If you are looking for an intimate and hands-on setting to learn the details of the renovation process here in the DC area – this is perfect for you. Don’t miss this chance to get some real-world experience. If you are interested in joining us, simply call the office and let us know to reserve you a remaining spot.