Considering using Airbnb Instead of Renting an Apartment?

Are you considering using Airbnb instead of renting? Big mistake. I’ll share why the figures don’t add up. I’ll also go over how Airbnb is a great way to make money as a host, but not good on the wallet when considering it over traditional renting.

Since you’re here, you’re probably looking for ways to save money. And I get it — rent is probably your number 1 expense. There is no way around it, right?

Want free money?

  • Aspiration: Want to get spotted $150 for free? Simply sign up for Aspiration, and the free banking app will give you cash for free, you just relax while it gives you $150 just for opening a new debit card. There’s no catch. This bank account is legit and only takes two minutes to sign up for an account.

Somehow you’re wondering if you can save money by using Airbnb instead of the traditional way of living such as renting an apartment or living space.

Let’s talk about it. Here are three reasons why it isn’t a good idea.

1. It’s Not Practical

For argument’s sake, if it really was a good money-saving hack — let’s figure out the facts.

For starters, most Airbnb do not allow for a long extended stay. If you had to move every two weeks, you must be able to travel light. I know most people would require a moving truck to move from place to place.

Moving every 2-3 weeks is not practical. It would have serious implications for your living stability, and probably have an inverse impact on your relationships and work.

But, if it saves you money… that’s all that matters?

Wrong. It doesn’t save you money…

It’s Not cheaper, Let’s Talk Figures

In my city of Arlington, VA, if I wanted to find the cheapest one-bedroom apartment in a decent area then I would be paying around $1,500 without utilities per month. So a one year lease for only rent would be $18,000, for example.

Let’s say I wanted to circumvent that and rent an Airbnb for the year to gain the system

airbnb instead of rentingThe average cost per night is $111. Let’s say you hit a home run and find one for $80 that allows for an extended stay of 1 month. That’s $2,400 a month! 

So it’s actually $900 more expensive to stay at an Airbnb than renting a cheap apartment, at least in my area of Arlington, VA.

Keep in mind, mind you would still only be able to stay for a month or so, then you would have to find a new Airbnb. One that will allow you to stay for an extended period, and is cheap. This idea isn’t working out so well. You’re not saving anything, in fact, you’re spending more money and you are sacrificing your own privacy and stress levels.

The Airbnb Host Would Benefit Most

Finding an affordable living space in your city is key. The only winner in this idea would be the Airbnb host. Did you know how easy it is for them to list their spare space?

Becoming an Airbnb host allows you to earn extra income by converting your place into a guest room.

Travelers and regular backpackers alike can stay in your place for days, while you charge them accordingly. It’s like running your own mini hotel – and it is a great way to not just earn extra cash, but to gain newfound friends and connections as well.

How to Become an Airbnb Host?

First things first: head to airbnb.com and select signup option in the top right corner of the homepage. You’ll be directed to a form prompting you to fill in the most general criteria of your place.

Airbnb Guide
Click here to get started for free!

Once you create your account or log in, you will be prompted through a series of basic questions such as:

Step 1: Basic Questions

How To Become An AirBnb Host

  • Kind of place you have
  • How many guests your place can accommodate
  • How many beds/bathrooms
  • Location of your place
  • Amenities offered

Step 2: Set The Scene

  • Post Photos, short description, title

Step 3: Get Ready For Guests

  • Booking settings, calendar, price

That’s it.

The Bottom Line

Knowing all of this would make me want to become an Airbnb host instead of trying to find an affordable space.

This idea would be a good and lucrative one if you’re the host and not the renter.

But I know, it’s tough out there.

That’s why I have some resources for those who want to get rid of debt, make extra money, and start saving more money today.

Feel free to leave any comments if you have any questions! Good luck.

The Best Apps to Save You Real Money

We are on our phone a lot, right? Wouldn't it make sense to save money with the best money saving apps?

AppAt a glancedownload
capital one shoppingCapital One Shopping
★★★★★
Amazon doesn't want you to know about this plugin. Learn about a little known plugin that tells you if you're getting the best price on Amazon.
START SAVING
aspirationAspiration
★★★★★
Get a $100 bonus at Aspiration when you open and fund an account with $10 or more. Then use your Aspiration debit card to make at least $1,000 worth of cumulative transactions within 60 days of account opening.
CLAIM $100 BONUS
robinhoodRobinhood
★★★★★
Open a new account in the next 24 hours and you could get up $200 in free stock.
CLAIM FREE STOCK
Truebill reviewTruebill
★★★★★
This free app delivers on its promise to save you money effortlessly. You can use it to lower your bills, cancel unwanted subscriptions and bill negotiations.
SLASH YOUR BILLS

About the author

Brian Meiggs
Brian Meiggs is a personal finance expert, and the founder of My Millennial Guide, a personal finance site helping you put more money in your pocket. He helps millennials follow the smart money in order to increase their earning potential and start building wealth for the the future. He regularly writes about side hustles, investing, and general personal finance topics aimed to help anyone earn more, pay off debt, and reach financial freedom. He has been quoted as a top personal finance blogger in major publications including Yahoo! Finance, NASDAQ, Discover, MSN Money and more.

On a similar note...

Explore More On

Our Favorite Apps

ImageDescriptionGo
aspirationThis Company Will Give You $150 for Opening a Free Account
  • Boost your savings and earn up to 1.00% APY interest on your savings
  • Get up to 10% cash back on your purchases
  • Get $150 bonus when you spend your first $1,000 with your new Aspiration Plus Card
https://www.mymillennialguide.com/aspiration
personal capitalThe Smart and Free Way to Manage Your Money
  • Take control of your finances with the perfect union of technology and highly personalized service
  • Get access to free online financial tools, including retirement planner, investment checkup, net worth calculator and more
  • Digital-first wealth management advisor with 24,000 clients in 50 states
https://www.mymillennialguide.com/personalcapital
personal capitalGet Up $500 in Free Stock for Joining
  • Commission-free stock, ETF and options trades
  • Get a free stock worth up $500 when joining (must complete application)
  • Simple, easy to use investor platform with no account minimums
https://www.mymillennialguide.com/robinhood
personal capitalThe First and Only Interest Earning Crypto Account
  • Receive up to $250 Bitcoin bonus when you make qualifying deposits over the first 30 days
  • Receive up to 8.6% annually on your crypto
  • Join the most trusted financial services for crypto investors on the market
https://www.mymillennialguide.com/blockfi
sofiAll-In-One Investing That's Easy to Use
  • Invest in stocks, ETFs, crypto, or automated investing in all one app
  • No commissions for stocks and ETFs
  • Complimentary access to SoFi Financial Planners
https://www.mymillennialguide.com/sofi-invest
blooom401K and IRA Management
  • Start your free 401k and IRA management now
  • Find and reduce hidden fees
  • Improve your diversification
https://www.mymillennialguide.com/blooom
citEnjoy the Benefits of a CIT Bank Money Market Account
  • A CIT Bank Money Market Account helps you get more from your savings with interest rates for maximum growth
  • Earn over 7x the national average with high-interest rates
  • It now pays to open a money market account with CIT Bank
https://www.mymillennialguide.com/cit