Whatever your summer travel plans are—whether it’s going to the beach, mountains, going to another state or even another country… chances are that you’ve considered staying at a hotel or rental agency location for your stay. But to get the most of your trip, peer-to-peer travel marketplaces may be the way to go. It’s actually revolutionizing how people travel.
Peer-to-peer marketplaces allow homeowners to temporarily rent out their houses, apartment and townhouses. While the concept has been around for a while (Couchsurfing began in 2004), the industry is quickly expanding. Today, it’s a $24 billion dollar industry.
Why is it so popular? Peer-to-peer travel marketplace rentals run cheaper than standard hotel rooms and rental agency locations. For instance, Airbnb, the largest of the peer-to-peer travel marketplaces (and the world’s third most valuable privately held startup) runs for an average of $80 per night; whereas a hotel room costs an average of $137 per night. That’s a considerable difference! And when you go somewhere for a few nights, a week or even longer, those costs quickly add up.
For homeowners who need some supplementary income, renting their properties is a practical option. Approximately 54 percent of homeowners who use HomeAway can pay off three-fourths of their mortgage by temporarily renting out their properties. And Airbnb hosts can make an average of $7,350 per year.