Many people are taking advantage of the sharing economy and making money in ways unimaginable a few years ago. Airbnb launched in 2008 allowing homeowners, renters, property managers etc to offer a place to stay whether on a coach, to a mansion with 15 bedrooms.
Globally, cities are implementing licensing requirements to limit the number of new rentals and monitor current Airbnb's. Jersey City reached an agreement with Airbnb that will generate $1 million in hotel tax revenue for the city each year. Mayor Steve Fulops agreement with Airbnb will automatically apply a 6 percent hotel tax to anyone who rents a home in Jersey City on the Airbnb website.
Jersey City is the first city in the tri-state area to adopt an ordinance in partnership with a home renting platform.
There are currently 2,213 rentals in Jersey City on Airbnb's platform with an 85% occcupancy rate showing strong demand and an average daily rate of almost $200.
Of the 2,000 plus listing over half of them are the entire home and roughly 30% private rooms in an apartment.
I am currently a host with extensive knowledge of the Jersey City Airbnb market and available to show properties to potential investors looking to acquire investment properties with 15% plus cap rates.
Why rent your property for $3,000 a month when you can earn $6,000 plus a month with very little management.