Earn This Much Money From Airbnb Serviced Accommodations

 


Airbnb is a platform for individuals to rent out their primary residences as lodgings for travelers. Renters typically seek accommodations with a homey feel that hotels cannot provide, while most hosts want to rent out their homes to supplement their income. The majority of its revenue comes from service fees from bookings charged to both guests and hosts.

Airbnb: A Brief History

The idea for Airbnb evolved after its founders, Brian Chesky and Joe Gebbia, put an air mattress in the living room of their San Francisco apartment, turning it into a makeshift bed and breakfast. The pair rented the space out to travelers as a way to offset the high cost of rent. In 2008, the two, along with Nathan Blecharczyk, developed a website for short-term rentals that would eventually become Airbnb.

The company went through a few major leadership changes in 2018. Airbnb announced the hiring of Dave Stephenson as its chief financial officer (CFO) after Laurence Tosi left the company in 2018. Airbnb also appointed its first chief financial officer  (COO), Belinda Johnson.

The company began to raise capital in 2009. Several years later, it expanded into the international market, opening offices in the United Kingdom, Germany, France, Spain, Russia, and Brazil. The company also offers other services including:



  • Airbnb Experiences: Renters can take part in activities like cooking classes, tours, and adventures.
  • Airbnb Collections: Renters can use this section to find properties that can be used for special trips or other occasions. These listings include full homes, private rooms with either private or ensuite bathrooms.
  • Airbnb Plus: This section features homes that are highly rated and come with standard amenitiies.

How Airbnb Makes Money

Airbnb has more than seven million listings in more than 200 countries.The site has more than 150 million users, with an average of six renters checking into an Airbnb-listed property every second.

The primary source of Airbnb’s revenue comes from service fees from bookings charged to both guests and hosts. Depending on the size of the reservation, guests are required to pay a nonrefundable service fee based on the type of listing—usually under 14.2%. A more expensive reservation results in lower service fees for guests because families or groups with larger reservations can save money for other travel expenses.

Hosts are also charged a 3% fee with every completed booking to cover the processing of guest payments. This fee may be higher for Airbnb Plus listings. When a reservation is booked, guests pay the service fee—unless the host cancels or retracts the listing. If the reservation is altered, Airbnb adjusts service fees to accommodate users.

Taxes

Users are also subject to a value-added tax (VAT)—a tax assessed on the final sale of goods and services—in the European Union (EU), Switzerland, Norway, Iceland, and South Africa in addition to Airbnb's service fees. Guests in the EU are also subject to taxes based on the rate found in the guest’s home country.

Guests are also subject to Exchange rate if they pay for bookings in a different currency. Rates are determined by Airbnb. Hosts are also subject to a value-added tax which is deducted from income earned from booking reservations.



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