Travelling doesn’t have to cost an arm and a leg anymore. And while it’s not always as simple as packing a few things and just going—a new culture, based on peer-to-peer (P2P) sharing, is making it easier for people to save money and stay in more accommodating locations. The basis of this surrounds a sharing economy, a popular economic model that is centered on collaborative consumption. Uber runs on the same economic principle.
So, when it comes to finding a place to stay, whether it is for a few days, weeks or years (in the U.S. or abroad), peer-to-peer travel marketplaces are what many people prefer (over hotels and rental agency listings). Airbnb, FlipKey, OneFineStay, HomeAway, Rent Like a Champion and similar companies provide a network where homeowners can temporarily rent their properties and tenants can save a buck or two, while they stay in better locations.
When comparing standard hotel rates vs. Airbnb, Airbnb users saved significantly in the average cost per night. The average hotel room costs $137 per night, whereas the Airbnb average costs $80 per month. So, for the renter, there are obvious benefits of peer-to-peer renting; but there are just as many financial benefits for the homeowners.
In one year, Airbnb hosts make an average of a little over $7,000 from temporarily renting out their homes. And with Rent Like a Champion, those hosts make an average of $1,100 in just one weekend. Over half of HomeAway owners can pay off over 3/4 of their mortgages. And of course, location does come into play. The more popular a location is, the higher the demand for people to visit and stay there. In the U.S. some of the most popular cities include, New York City, San Diego, Chicago, San Francisco, New Orleans and several others.
Anyway you look at it, P2P renting is a win-win situation for homeowners and travelers alike. Go on your next adventure, while always knowing what’s going on back at home. Remote home monitoring keeps you in the know—regardless of where you are.