My First Year on Airbnb: How Much I Earned
How Much I Made on Airbnb in First Year
This video breaks down how much money I made in the last year with being a new airbnb host. We talk about the revenue earned, breakdown the costs, and go over our total profit. So whether your are interested in starting to host on Airbnb yourself or looking to get a general idea, this video is for you.
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The apartment is listed on both Airbnb and VRBO. It’s a 3 bedroom and 1 bath. I recently renovated it and looks completely different. Friends and family are usually pretty shocked with when I tell them how much money the airbnb generates with it not being in the downtown/tourist area of Chicago or by O'hare airport.
After the first year, I have definitely learned a lot of managing and communicating with guests, managing an the apartment, and how to increase the price/profit. I am really looking forward to see how much I can grow the revenues for next year with improving on the lessons learned this year.
Top 5 Airbnb Hosting Tips (2024) Wish I Knew Before Starting- • Airbnb Hosting Tips You Need to Know ...
Timestamps
0:00 - Intro
0:24 - Airbnb Background
1:38 - Airbnb Revenue
2:16 - Airbnb Expenses
3:22 - Airbnb Profits
4:49 - Simple Ways Increase Airbnb Profits
5:13 - Outro
Over the past year, I've embarked on an exciting journey hosting my Airbnb in Chicago, and today, I'm thrilled to share a transparent look into the financials. Situated between Chicago's tourist hubs and O'Hare Airport, my three-bedroom, one-bath apartment might not boast a premium location, but it has proven to be a lucrative venture. In just 12 months, my Airbnb generated a total revenue of $42,200, with Airbnb bookings contributing a surprising 84% of that income.
What's remarkable is how modest investments in renovations paid off. Spending just $35,000 on refurbishments—primarily on essential upgrades like a renovated kitchen and bathroom—transformed the space into a guest magnet. Despite not being particularly handy, I managed most of the demolition and painting myself, which significantly cut costs and boosted my overall profit margin.
Breaking down the expenses was eye-opening. While initial furnishing and occasional cleaning services formed the bulk of my costs, meticulous financial management allowed me to achieve a profit of $28,500 after deducting one-time expenses. This figure doesn't just reflect financial success but also validates my strategy of targeting mid- to long-term tenants, minimizing wear and tear and simplifying management.
Looking ahead, I'm committed to further optimizing the Airbnb experience. From adding extra amenities like a keg grill and yard games to automating pricing through third-party platforms, I'm continuously enhancing guest satisfaction while maximizing revenue. My journey with Airbnb has not only been financially rewarding but also personally fulfilling, proving that with strategic planning and dedication, success in the short-term rental market is within reach. If you're considering starting your own Airbnb or simply curious about its potential, my experience offers valuable insights and inspiration for your own venture.
#airbnb #airbnbhosttips #airbnb_business #airbnbautomated #airbnbreview
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