'I pay for my travels around the world by renting out my flat on Airbnb'
A Brit has revealed that he's been able to pay for his holidays by renting out his flat on Airbnb.
Jamie, a telecoms supervisor, says that it was the Edinburgh Fringe Festival which kicked off the move. "The Fringe was my main reason for starting, but it is every time I'm away from home now," the 34-year-old told the Mirror.
He says he had "always thought about" becoming an Airbnb landlord, but decided to take the plunge when cost of living went "through the roof" as a way of making extra cash.
"Within a week (of putting it on Airbnb) it was fully booked for the festival," Jamie said. The firm suggested a price to him during his first summer as a landlord which he has upped now after the property was let quickly last year.
Jamie lets his property in Edinburgh on Airbnb (Getty Images/iStockphoto)In recent months Jamie has been staying at his parents' house so he can rent out the flat more often. During two recent holidays to Dubai and Florida, Jamie's flat was leased out for the entire time. Every few days he was away he received a payment of around £400 from Airbnb, he claims.
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"I manage it myself, because if I handed it to someone else I'd lose money. My parents help manage it when I'm not in the country and a cleaner has keys," Jamie explained. He believes his 4.9 out of five stars - enough to make him a 'Superhost' - have been awarded because of the flat's price and his responsiveness over the phone.
Now Jamie is considering buying another property in Dubai to extend his Airbnb portfolio.
He added: "I could run the (Dubai) Airbnb from Edinburgh. It is a long term goal after I inherited money from my uncle. Edinburgh is the most profitable just now in the world (for holiday let landlords), but doing a Dubai Airbnb full time can make you £30-35k at year."
When asked whether he was concerned about the impact him turning potential long-term lets into holiday flats could have on the market and renters looking for an affordable place to stay, Jamie said he had "not thought about it".
According to Airbnb, the average Brit spends nine days a year abroad. If they were to list their home on the site for that time, they'd make £1,200 - based on the average income for a UK property. With the average cost of a single trip abroad being £857 in 2022, renting out your home could cover the costs of an entire holiday which can be the difference between going on a family trip abroad or not.
Not everyone is happy about the idea of home owners using their properties to make some cash. Edinburgh council is bringing in a licensing scheme to cut the number of properties in the city that are used as short-term holiday lets, in a bid to tackle the city's affordable housing crisis. Self catering properties, bed and breakfasts and other short term letting accommodation have until October 1 to apply for a licence to operate or stop trading.
According to Edinburgh News, 80% of self catering properties are expected to be axed when the new rules come into force. That means around 8,000 of the 10,000 short term lets in the city could go. Housing campaigners have long argued the glut of holiday lets in Edinburgh is making it unaffordable for renters and those looking to get onto the property ladder. City housing convener Jane Meagher argued Edinburgh needs properties “back as homes” rather than “poorly-managed holiday lets”.
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