If you ever heard a great comeback story, the story of how Airbnb came to be would definitely rank up there as one of the best stories. The three men who started it actually presented the idea a few times before anyone picked investing in the company and started it because they were living in San Francisco and were having a hard time paying the rent. It took them nine years to get where they are today spanning all over the world and catering to college kids, travelers and businessmen alike. The company is worth over $25 billion dollars and continues to grow. People use the website when traveling for fun or for work and love the experience of getting to stay in some unique homes. Airbnb is working to roll out a new program called Airbnb Select that will target high-end vacationers with specialty listings. The company also recently paired up with WeWork, the co-working space company found in many cities, offering people traveling for work a place to stay for however many days while also having the ability to use the shared work space during their stay.
In Denver alone this year, Airbnb’s occupancy rate increased from 10% to 61% according to an October report on the city’s hospitality market from broker service CBRE Group. The latest report from November 1st shows Denver Aribnb’s had 310,000 guest arrivals and 3,200 active hosts who earn and average of $6,800 per year. Many people find Airbnb a great way to make a little extra money or to help pay their mortgage. I have clients who stay with their significant other on the weekend while renting out their place. For my clients who travel a lot for business, they find Airbnb a great way to keep cash flow coming on their homes while they are out of state.
One thing to be weary of though is if you live in a condominium complex. Many new condo buildings are putting rules regulating just how many people can provide Airbnb services or if they will allow the service at all. I help many clients buy investment properties and one of their first questions always is, can we use this space for Airbnb? I always make sure to check with the HOA board as well as research into the building. If they are a homeowner, there is no problem I would just recommend if they are traveling a lot to have someone they trust be able to clean the home and check on it after visitors have left.
So what are the popular Airbnb’s in Denver? It seems the most popular places for people to stay when visiting is in carriage homes, row homes and lofts. The Denver Business Journal was able to pull the most popular Airbnb rentals in Denver so take a look to see what appeals to visitors coming to our city: