Denverites: See How Much You Can Earn with Airbnb to Leave Home This Month
Look. We get it. Your home is your sanctuary. Your place to be alone. Some days, you don’t even want to have your own family over — let alone people you don’t know.
So, the idea of listing your place on Airbnb is daunting for a lot of folks.
Tonya Peters’ husband, Miles Rugh, was one of of those skeptics.
She wanted to list their Virginia Village basement apartment in Denver, Colorado, on Airbnb, but he wasn’t keen on welcoming strangers into their place.
Finally, though, he agreed to give it a try. Now, three years later, the couple has hosted too many guests to count. And the extra income has been a great for them. They plan to use it for some home renovations they’ve been wanting.
“He’s definitely changed his tune,” says Peters, now an Airbnb Superhost. “And he loves having the extra income.”
If, like Rugh, you’re starting to come around, see how much money you could make by listing your place.
Denver is a top travel destination, and there’s a shortage of hosts. If you’re willing to give it a shot — maybe even the next time you leave town — you never know. You might end up being a Superhost, too.
How Much Could Your Place in Denver Fetch?
Listing your place on Airbnb is simple — but it does require some creativity and strategy. The good news is you can adjust or change your information and settings at any time, so you’re not committed to anything permanently.
Peters reminds Denverites: “You’re not locked in. You can try hosting and see if you like it. There’s not a lot to be afraid of. If you’re curious, it’s worth making the investment of trying it.”
Use Airbnb’s price calculator to see how much money you could make in your area. Even better: Denver is Airbnb friendly. What does that mean? In 2016, the City of Denver passed regulations welcoming home sharing. We’ll walk you through the sign-up process and offer some pro tips, courtesy of Peters.
How to Create the Best Airbnb Listing in Denver
Before becoming an Airbnb host, you’ll want to check your local laws and prepare your space for guests. (We’ll get into that later.) Creating a listing itself is simple, but you’ll want to put some thought into it, so your space stands out from all the other Mile-High listings.
Answer Some Quick Questions About Your Space/Amenities
In this first part of setting up your listing, you’ll answer some basic questions about your space. In Denver, hosts can only list their primary residence, so you’ll provide details about things like the number of guests your space can accommodate and the included amenities.
Set the Scene With Photos
When it comes to photos, include a good variety of wide shots and close-ups. This will give interested guests a good idea of the overall space, but also point out important details from the listing.
“Some people are very visual and won’t read the listing description,” Peters says. “I make fun of the close-up coffee pot pictures, but in reality, someone might be really excited about that Keurig, because they know they’re going to have coffee.”
She offers another example: A photo of the keypad entry. “Then people know they can let themselves in any time,” Peters says. “That’s important for people.”
Think about what makes your listing appealing. Maybe it’s only a $20 Uber from Red Rocks, or it’s close to the light rail. It might be within walking distance of a King Soopers or Sprouts. Use photos to convey these selling points.
Oh, and that washer and dryer? It probably isn’t the prettiest sight, but if someone’s looking to stay in Denver for a week, it could be a major selling point — especially if they’re planning to do a lot of hiking.
Write a Description
All right. Now that you’ve hooked your potential guests with your photos, it’s time to give them more details in the description.
Here, you should highlight everything that makes your space unique and sellable. When starting out, Peters did a little market research by browsing similar listings in her area. She looked at each one from a guests’ point of view, like she was looking for a place to stay while out of town.
She concluded: “I don’t like novels written or when people don’t separate out paragraphs. I want it easy to read, and I want to invite people to ask for more information.”
In Peters’ listing, she starts by concisely describing the space and its location. It’s steps from the light rail and tucked between downtown and the Denver Tech Center, two hotspots.
She even calls out the type of guest her place tends to best suit: “Best for low-key couples, biz travelers, DU visitors, tourists, cannabis consumers, LGBTQ folks, honeymooners and Red Rocks concert goers.”
The listing launches into more specifics, but no paragraph runs longer than two to three sentences.
Name Your Listing
Now this is the fun (but sometimes tricky part): Giving your listing a name. Besides your featured image, this is what potential guests will see when thumbing through Airbnb options, so it should call out both an appealing feature and also give it a bit of character.
For example, Peters named her place the “Retro Pad by DU in Virginia Village.” That’s because her place is full of relics from her childhood and her grandmother’s house: an orange crushed velvet chair, a macramé lamp, her grandmother’s afghans, a starburst clock… The name totally fits.
Because it stands out from the crowd, it helps make her listing more memorable to guests — and potential guests. “I think naming it gives people more attachment to it,” Peters says. “They’ll say, ‘We loved staying at the Retro Pad!’”
Set House Rules
Airbnb has a set list of rules you can opt into if you’d like them included in your listing. A few of these include: suitable for pets, smoking allowed, and events or parties allowed. You also have the option to write in additional rules.
Try not to set too many rules; it could turn guests off. One area you’ll want to be clear with (because we’re talking Denver, after all) is your stance on smoking.
Peters decided to make her space 420-friendly, but she sets boundaries. She installed a charcoal-filter fan and asks that guests who do smoke use the fan. She also welcomes them to use the shared back porch. One rule hard no? No butane extractors, because they pose a safety issue with the water heater.
“We keep little signs around the apartment as reminders,” she says. “We haven’t had negative experiences around it; we’re pretty flexible people.”
Set up Your Calendar
Taking time to set up your calendar is important, because if you cancel on your guests, Airbnb will charge you a penalty fee.
A few questions you’ll answer include:
- How often do you want to have guests?
- How much notice do you need before a guest arrives?
- When can guests check in?
- How far in advance can guests book?
- How long can guests stay?
You can always change these settings as you go, so don’t feel like you’re locked into anything.
Peters has found that most people don’t plan more than three months in advance. In fact, she gets a ton of reservations one-and-a-half to two months ahead of time, especially in the summer.
“It’s just understanding how it works and not panicking if you don’t have a full calendar right away,” Peters says.
Price Your Space
Airbnb has a Smart Pricing tool, which you can opt into to automatically adjust the price of your listing according to demand. For example, Airbnb will likely increase the price of your listing automatically if folks start booking up listings for a big concert at Red Rocks or during Denver PrideFest or the Great American Beer Festival.
You can — and should — set price minimums and maximums, so your listing won’t dip below a certain amount or spike to something unrealistic. Although Airbnb will suggest these amounts when you’re signing up, you should do your own research, too.
To determine these prices, you’ll first want to consider your expenses and how much it costs to maintain your space. Second, you’ll want to check out other similar listings to see how much they’re going for.
When you’re starting out, you’ll want to price your space lower, so you can get guests in the door, accumulate reviews and work your way to that Superhost status, which will help increase bookings in the long run.
Note Your Local Laws
All right! This is the fun part. Just kidding, but your local short-term rental laws in Denver aren’t bad. In fact, Peters says it’s one of the reasons Denver is such a great place to become an Airbnb host.
In Denver, you should:
- Review Denver’s short-term rental rules and insurance requirements. These are all listed in this three-page document.
- Secure a short-term rental license from the City and County of Denver if you plan to rent your property to guests for one to 29 days at a time. This must be your primary residence; if it’s not, you’ll need to obtain a Lodging Facility License. You can apply online, and note there’s a $25 fee. You’ll have to renew your license annually.
Also note Airbnb will ask you provide your business license number on your actual listing. When you’re signing up, you’ll see this, or you can add it by going to manage listing > calendar > location. You’ll find a box to paste it into there.
- Don’t forget the Denver Lodger’s tax. You’ll need to apply for the Lodger’s Tax license, which is a $50 fee for two years of coverage. The tax rate is 10.75%, which is automatically charged to guests when they book through Airbnb.
These are the main licenses and regulations to consider. If you have questions along the way, Denver’s Short-Term Rental Advisory Committee meets regularly and aims to provide guidance and recommendations for short-term rental hosts.
In addition to hosting laws, you’ll also want to check with your homeowners association or landlord to make sure short-term rentals are permitted.
Also note that short-term rentals could invalidate some homeowner’s insurance, so check these policies with your provider.
Ready to Try Hosting?
How are you feeling? Like we said, listing your place on Airbnb is simple.
Peters’ biggest tip? “It’s just staying up on your listing and being connected to it,” she says.
Airbnb is constantly changing its features, so keep your eyes peeled. Don’t be afraid to tweak your listing description, prices and calendar settings. Plus, Denver itself is constantly evolving, so stay in tune with your city.
Use Airbnb’s price calculator to get started.
Carson Kohler ([email protected]) is a staff writer at The Penny Hoarder. She lived in Denver for a short time several years ago and deeply misses it.