Here's how much Richmond Airbnb hosts made last year
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Thinking about listing your house on Airbnb? The typical host in Richmond made $12,000 last year, according to company figures shared with Axios.
Why it matters: Renting out your home is a growing way to bank extra income as the cost of living goes up.
What's happening: The national short-term rental supply reached record levels in 2022, swelling 20% year over year to 1.3 million listings, per new data from AirDNA, a short-term rental analysis firm.
By the numbers: At $12,000, Richmond Airbnb hosts made 14% less than the $14,000 the typical host in the U.S. made last year, per Airbnb data.
- Yes, but: That's still $12,000 more than zero (we did that math for you. You're welcome.).
Zoom in: Page County, home to the Luray Caverns, was the highest-earning Virginia county for hosts last year.
- Colonial Heights — shockingly — came in second, maybe for the giant Arby's, though most of the listings there mention proximity to Fort Gregg-Adams (formerly Fort Lee), and many reviewers say they were in town for the base, so that's perhaps a more accurate driver of Colonial Heights tourism.
- Rounding out the top five: Northampton (Cape Charles and the Eastern Shore), Powhatan (listings and reviews there site access to nature and proximity to Fine Creek for weddings) and Greene (Blue Ridge Mountains and the Shenandoah National Park).
Pro tip: Vrbo hosts can use this resource to help calculate potential earnings.
The big picture: Vacation rental hosts are expecting a surge in demand this summer. According to a recent survey from Vrbo, 69% of host respondents expect occupancy to be the same or higher than last summer.
- Also, 9 out of 10 say their rates this summer will either be the same or higher.
- "Two-thirds of hosts tell us they’re covering their entire mortgage payment with rental income through Vrbo," company spokesperson Melanie Fish says.
Be smart: Check local ordinances before listing your home. Richmond requires short-term rental operators to live on the property listed for at least six months a year, and in March passed a new ordinance adding an 8% tax on each room rented.
What we're watching: Some apartment dwellers can also get in on hosting. Last year, Airbnb announced a new listing service for rental units in partnership with big-name landlords, the Wall Street Journal reported.