Money saving tips: Britons could make over £2,000 renting a spare room in 6 UK cities | Personal Finance | Finance
With energy bills skyrocketing and the general cost of living increasing in the UK, Britons are looking for alternative ways to top up their income to cover any additional costs they may incur over the next few months. For those that have a spare bedroom, the Airbnb experts at Insurtech company Pikl Insurance have delved into the data to discover how much extra cash you can make in each UK city by letting out your spare room.
The experts have shared how much extra cash people can make by renting out their spare room.
The top five places in which people can make the most money from renting out a spare room include: St Davids in Wales, City of London, Westminster, Ripon Yorkshire, and Kingston upon Hull, all with potential earnings of over £2,000 per month.
The following are listed in the order of: Ranking, UK City, Average Spare Room and Charge Per Night Potential Earnings Per Month.
- 1 St Davids, Wales, £91.40, £2,742.00
- 2 City of London, £78.80, £2,364.00
- 3 Westminster, £73.00, £2,190.00
- 4 Ripon, £70.40, £2,112.00
- 5 Kingston upon Hull, £69.80, £2,094.00
- 6 Wells, £66.80, £2,004.00
- 7 Winchester, £66.40, £1,992.00
- 8 Truro, Cornwall £65.60, £1,968.00
- 9 St Albans, £63.60, £1,908.00
- 10 Bath, £61.20, £1,836.00
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For anyone looking to safely rent out their property with Airbnb and protect their income, the experts have suggested some tips.
Set out a clear guide of house rules to establish boundaries
They explained that house rules should be set up when their Airbnb spare room is listed, and it’s a great opportunity to clarify what type of guests people are looking for to stay in their home.
People can rule out pets, smoking, and even events being held at the property, which sets boundaries and could decrease the chance of property damage.
The expert said: “We’d suggest including a printed copy of the rules in the home for reference, as when guests book in advance these may easily be forgotten.”
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“Do your research on this prior to selecting a provider and speak to your existing insurer about cover if you already have a policy.”
Reach out to guests to ensure they are genuine and always verify their identity
There’s never any harm getting in touch with guests prior to their stay to clarify a few details about their visit. The expert suggested when they arrive, to deliver their keys in person so they can verify their identity and group size and introduce them to the property in person.
This also gives people a chance to show them how to use appliances and any tech around the property, to lessen the likelihood of damage.
Preparation and prevention is the key to protecting your property and income
With a bit of planning ahead, people can significantly reduce their exposure to things that could result in property damage, serious out of pocket expenses and ultimately lost income if they’re unable to fix things in time for the next guest.
Simple things like ensuring secure key handovers, doing regular inventory checks and making sure they have the right insurance cover can help people make sure they’re better prepared for unexpected events that may eat into their income or affect their property.
They said: “Trust your instincts. If something doesn’t feel right, meet the guest in person at check in and when they leave. You can do your bit to protect the property, but insurance can be there to protect you when things get out of your control.”
