You can host guests on your property (in a single room or an entire house or guesthouse) OR, you can earn money just welcoming guests to the town or city you’re in and teaching them something new or guiding them around town in what’s known as Experiences.
What Guests Are Looking
It’s easy to earn a lot of money on B&B because there are so many different spaces that guests can rent out. They can rent a space in the city or the country, in America or in foreign areas.
When you have a space that’s located in an in-demand area, you’ll have a higher rate of bookings. While you might think that big cities are what’s going to be the most often booked areas, that’s not always the case.
People who live in busy cities are often looking to get out and want a quiet place in the country. Some areas just have a higher rate of interest among guests than other areas do.
When you have a higher occupancy rate, you can make a bigger profit margin in certain locations. This is why you want to research your area’s potential earnings before you decide to rent your space on a BNB.
Asheville, NC has an average occupancy rate of 66%, whereas Palm Springs is less than 50%. Fort Lauderdale appeals to a younger crowd because it’s a popular spring break destination – so you can expect it to have a higher occupancy – and it does at 67%.
Another beach area that people are looking for is Miami Beach. It has a good occupancy rate of 66%. Some cities are more popular among guests that are not necessarily beach cities.
Atlanta is a popular choice and has a 70% occupancy rate. Nashville ties with Atlanta as far as what guests are looking for in a city area. Seattle has a high 78% occupancy rating and Chicago is close to that with 75%.
Los Angeles is up there with 78% and guests are also booking for Arlington, which has an 85% occupancy rate. Berkeley, California is at 84% occupancy while Washington, D.C. is at 80%.
Beverly Hills has a 78% guest occupancy rate while Charleston, South Carolina has a 90% rate. Honolulu is at 75% and Boulder, Colorado is at 77%. If you rent a space or buy a space to rent out for BNB guests in any of those cities, you can expect to pocket some easy cash.
Foreign locations are a big hit with guests on a B&B. Some of the areas are close to the United States – such as Canada – while others, like Hong Kong, are not.
Paris is a top contender in foreign areas that guests want to rent a space in and so is Italy. Tokyo, Venice, and Bali are popular with guests. London, Amsterdam and British Columbia and Australia are also on the list of most wanted by guests. New Zealand, Portugal and Jamaica have high occupancy rates and so do Bermuda and Ireland.