![]() ![]() What happened to all those Airbnb listings? From the low point in winter of 2020, only a modest number of listings have returned to the platform. The backyard cottages and mother-in-law apartments that get built as part of a house hacking strategy can sometimes turn into permanent housing.ĭuring the pandemic, for example, the number of Airbnb listings in the city of Seattle dropped by about 44%, according to data from AirDNA, which tracks Airbnb data. It can be rented out on Airbnb during the summer, when short-term rentals are in peak demand. For example, a student may need an apartment only during the school year. Living in a condo part time and renting it out the rest of the year is another form of house hacking Valdes recommends to clients. For example, a family might buy a condo while a student is going to college, then rent it out on Airbnb for a number of years, until the parents downsize from a larger home and move into that condo to be closer to Seattle's cultural activities during retirement. On the other hand, in some cases, this can be a form of house hacking where a family uses a home when they need it. This economic advantage for people who've held their properties a long time could lead to another negative effect: People who would otherwise sell their homes to new families are holding on to them for short-term rentals. It takes years of holding a property before inflation pushes rents high enough to cover operating costs, she said, holding a printout featuring sobering economic figures. Valdes said people who think they can buy a whole house at today's prices and use Airbnb income to immediately pay the whole mortgage are mistaken. House hacking is not buying a property and renting the whole thing out on Airbnb. You’re gonna be gaining income - probably enough income to almost make your mortgage payments - and also house you. You know, like a duplex, or a basement apartment. It works best, Valdes said, on properties with a little extra space you can rent out. ![]() Renting out a portion of the property you’re living on to overnight guests can help cover the cost of a home, especially if you’re willing to clean up after the guests yourself. ![]() "Somebody starting out - their very first home - I always try to get them to house hack.” “House hacking is awesome for people of all different walks of life," she said. Kaela Valdes calls this “House hacking.” She’s a realtor who also owns and manages Airbnbs. ![]() But homeowners are more likely to turn an unused basement into a mother in law apartment if they can earn money off it. Momoda has been watching YouTube videos about “Van Life.” He’s wondering if he should live out of a van for a while.īut in a way you might not expect, Airbnbs can also help people in situations like Momoda's.ĭavide Proserpio’s research shows that when Airbnbs come into a neighborhood, a lot of people develop their properties in ways that can actually help them stay. But right now, it’s getting unaffordable to buy homes - but it’s also become unaffordable just to live in the home.” "But I would really like to stay here as long as possible. It’s a lot to keep up, with many rooms and a beautiful yard.Īs property taxes rise, he’s wondering if he can stay. Ron Momoda lives in Othello in a house his parents bought in the 1960s. Rising costs can drive residents out of a neighborhood. ![]()
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