Housing rental market is booming. What you should know before you cash in

PHILADELPHIA (WPVI) -- With summer vacations quickly approaching and more people getting vaccinated, the travel industry is booming.

Bookings are up and demand is high. This is leading to record shortages, from rental cars to rental units, which is creating a tremendous opportunity for people looking to cash in.

"This is creating a really important economic opportunity that's taking what is otherwise their biggest expense, their mortgage, and it's turning it into something that they can make extra bucks of off," said Christopher Nulty, Airbnb's Director of Corporate Communications.

Airbnb says it needs millions of new hosts, which means you could cash in that spare bedroom.

As of September 2020, the average host earned nearly $8,000 a year.

SEE ALSO: Lumber, construction supply prices skyrocket amid high demand

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The price of lumber is at an all-time high about four times the normal cost. Take, for example, wallboard used to build homes.

With international travel restrictions in place in some spots, and more people wanting to vacation closer to home, domestic trips to rural areas and small towns were up 40% in the past month.
VRBO focuses on renting whole homes and wants to compete with Airbnb for yours.

If this sounds enticing, there are some things you should know.

"Some communities have Homeowners Association rules against it," says Brian, The Points Guy. "Before you go and put your place on Airbnb, make sure that you're allowed to do it."

Also, think about the fact that you'll need to protect yourself and your home, so do look into insurance.

To up your ratings and reviews, and increase your demand, think about ways you can make guests feel like your home is their home.

The rental market is hot and inventory is low, so now is the time to get in the game.

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