Earning Extra Cash Renting Out a Room
The Air BnB Industry
If you caught the segment on Charlie Rose recently about the growing trend and lucrative business of renting out extra space in private residences to tourists, be aware that the idea will not work for everyone. Not everyone can rent out his or her dwelling for extra cash.
For instance, in San Francisco, the hotel industry is on the warpath and property owners are cracking down on tenants who sublet in violation of their lease agreement.
According to one San Francisco zoning official, one tenant had to move after receiving $5,000 during the America’s Cup activities to use his $800 a month apartment.
Now, I’m not sure where an apartment in San Francisco rents for $800 monthly, but the property owner was definitely not happy and the tenant had to go packing.
The Charlie Rose segment didn’t mention the impact of the wrath of major hotels who may who lose big bucks to interlopers, zoning issues in some parts of the U.S. and how whether you own or rent and have signed a lease with no a sublet clause may throw a monkey wrench into the plans of some looking to earn extra cash in this manner.
Lesson: Look for the hidden angles in featured stories, talk shows, new stories don’t cover them all, and therein may lurk unpleasant surprises.
Interview with Airbnb founders
About 10 Minutes