Airbnb Philadelphia Monthly (2024)

FAQs

Are Airbnbs profitable in Philadelphia? ›

Airbtics confirms that investing in an Airbnb property in Philadelphia is lucrative. In fact, this city is one of the top Airbnb cities in the USA where you can earn a monthly revenue of $2,000+!

Airbnb is a valuable resource for many types of travelers, but it can be especially valuable for those looking for long-term stays. Booking a monthly rental on Airbnb can save significant amounts of money over shorter-term bookings, but it may still cost more than using a local resource.

No matter what category a host falls under, they're going to need a Philadelphia Business Income and Receipts Tax (BIRT) account and a Commercial Activity License. Both are free to get and the first requirements for any individual or company to operate a business in Philadelphia.

Miami and San Diego are the most profitable cities for Airbnb hosts. The combination of warm weather and (relatively) affordable housing make these two cities a better bet for full-apartment listings than popular but expensive destinations like New York and San Francisco.

The Saturation of the Market and its Implications

The oversaturation of the market has resulted in a decline in occupancy rates in 31 of the top 50 largest U.S. short-term rental markets. Despite Airbnb reporting its most profitable quarter ever, many hosts are struggling to find renters.

Airbnb doesn't allow properties to be rented out for more than 90 nights per year. If your limit for bookings is reached, Airbnb will automatically close your property until the end of the calendar year. In addition to 90 consecutive days, the 90-day limit also applies to 90 days spread throughout the year.

The Bottom Line: An Airbnb Investment Can Earn You A Passive Income. Purchasing an Airbnb investment property comes with its list of pros and cons. While it could be a solid, simple way to make passive income, you do need to consider factors like maintenance, amenities, utilities and more.

What type of property is best for Airbnb? ›

What type of Airbnb property performs best is often dependent on the location. Typically, we see higher occupancy levels in apartment/condo listings. This is especially true in coastal destinations, where they enjoy a 62.6% occupancy rate over houses and villas (58.3%).

Beginners in the Airbnb hosting industry inquire, “Can I host without a kitchen? ” and “Is it worthwhile to get an Airbnb kitchenette? Hosting guests without a dedicated kitchen is still possible, even if having a good kitchen with the necessities is beneficial for your hosting reputation.

In June 2021, the City of Philadelphia passed updated rules for short-term rental Hosts requiring registration of all short-term rental listings with the office of Licenses and Inspections by April 2022.

Average Airbnb Revenue in Philadelphia, Pennsylvania. The average airbnb revenue in Philadelphia, Pennsylvania is $16k for entire homes, for private rooms, and for shared rooms. These revenue numbers exclude cleaning fees.

Set up your Philly Airbnb as a legal business

Whether you're going to offer limited lodging or a “hotel” Airbnb, you need to pay taxes on the operation. This means you need to have a Commercial Activity License and a Philadelphia Tax ID on file with the City of Philadelphia.

In June 2021, the City of Philadelphia passed updated rules for short-term rental Hosts requiring registration of all short-term rental listings with the office of Licenses and Inspections by April 2022.

An Airbnb short-term rental can be more profitable than renting out your property on a long-term basis. You set your prices and Airbnb nightly rates are usually higher than for longer rentals. According to AllTheRooms, an Airbnb host in the U.S. earned an annual average of $44,235 in 2021.

Unsurprisingly, Hawaii leads the pack with the highest average annual host earnings. Airbnb hosts in the Aloha State earn an impressive $73,247 per year. The state's tourist appeal contributes to this high figure.

Airbnb hosts make, on average, about $924 a month, according to research from low-interest lender Earnest. Of course, that income can vary dramatically depending on where you're based, how frequently you rent out your place, the quality of your home and the services you provide.