Airbnb Rentals Provide a Chance to Bring in Some Extra Income
If you’re like any cost-conscious consumer in Austin these days, you may be wondering if there’s a way to make some extra money with your rented apartment. Well, you’ve come to the right place! We’re here to help answer your question and provide you with some creative ideas on how to generate additional income from your current housing situation.
Good News!
Here’s an important tax tip: Did you know that any rental income you earn from your residence for a maximum of 14 days is tax-free according to the IRS? That’s definitely good news!
Bad News:(
Now, the bad news. If you’re renting out your apartment without telling management you should know that any adult over the age of 18 who lives in your place should be listed on the lease agreement. If you plan on renting out your apartment on Airbnb in Austin, this is something to keep in mind as you consider your options because you’ll still be liabile for any damages your guests cause because the Airbnb guests aren’t on your lease agreement.
Depending on the terms of your lease agreement, you may not be allowed to sublet your apartment at all. Renting out your apartment on Airbnb could be considered a violation of your lease agreement, especially in many apartment complexes in Austin. It’s worth noting that most lease agreements in the State of Texas heavily favor landlords, so if any Airbnb guests were to damage or destroy your apartment, your landlord could hold you responsible for the damages.
If you have made the decision to rent out your apartment through Airbnb and want to ensure that you are following all legal procedures, it is advisable to carefully review the fully executed lease agreement that was provided to you after both you and the property manager signed it so you know what you legally can and cannot do. If you understand all the risks and are willing to take the a chance on earning some extra income during ACL or F1 we get it – those are the times to maximize your earnigns. We understand that you are looking to make some extra income, especially considering how expensive rents are in Austin. Here are some alternative options for you to consider…
- Rent out your primary or secondary vehicle on Turo.
- Dog sit with Wag or Rover and get paid to watch peoples pets.
- If you have a paid parking spot or a spare closet in your apartment, place an ad on Neighbor.com and rent out your garage space or parking stall.
- You may have seen some Swimply billboards this last Summer off Highway 71 advertising pool rentals but did you know they also now offer people to rent out their spaces at their homes, tennis courts, pickle ball courts and pretty much anything else under a roof that might be used by someone.
- Rent out time with Sniffspot to access a dog yard for running around and playing.
These are just a few ideas to bring in some extra cash besides renting out your apartment on Airbnb in Austin. While it may sound easier putting an ad up with all the potential revenue you could earn with ACL or F1 Racing, it might not be worth the effort to get evicted as that will surely go on your record and make it almost impossible to find another apartment rental once management runs your credit and background.
