LA Residents: Here’s How to Make Extra Cash by Renting Out Your Home During the World Cup
Airbnb Incentivizes Short-Term Rentals Amid World Cup Surge
With over 100,000 visitors expected in Los Angeles for the upcoming World Cup, Airbnb is actively encouraging locals to open their homes to fans. The rental platform is offering a $750 incentive to first-time hosts residing in select ZIP codes who list their properties for rent.
To inform residents about this opportunity, Airbnb hosted a workshop at SoFi Stadium on Thursday, aimed at both current and prospective hosts. Many participants were seasoned hosts, while others contemplated entering the short-term rental market for the first time. While the potential for additional income is tempting, experienced hosts highlighted important considerations before deciding to share their homes.
Sharon Pickford, who has been renting rooms in her home for seven years, emphasized the enriching connections that hosting can bring. Her residence is conveniently located between SoFi Stadium and the Los Angeles Memorial Coliseum. “When I can’t travel to have people from other countries come to me instead of me going to them is really joyful… it’s really educational,” Pickford remarked.
During the workshop, Pickford sought insights on policy changes, regulations, and strategies to maximize earnings. She acknowledged the financial potential, stating, "Is it worth the transition of your home just for the World Cup? Sure, definitely, if that’s what you want to do," noting that some have even vacated their homes to facilitate rentals.
Airbnb estimates that hosts could earn approximately $5,100 during the World Cup matches. However, safety remains a primary concern for hosts deciding whether to rent their spaces. "You want to look at what is the safety component," Pickford advised. She also highlighted her practice of verifying bookings for security reasons.
The $750 incentive is designed to attract new hosts like Yesenia Chicas from Torrance, who is weighing the advantages of listing her home for the first time. "I was thinking what can we do to better ourselves, help ourselves with extra income, take advantage of what all of these big events coming to our communities have for us," Chicas said.
Experts recommend homeowners review local regulations before listing properties, taking into account city ordinances and homeowners association rules regarding short-term rentals. Additionally, they advise securing valuables, reviewing insurance coverage, and preparing for maintenance and hosting costs.
Pickford urged potential hosts to conduct thorough research before entering the market, including participating in online forums and local host groups. Many attendees at the workshop were already connected through the local hosting community, highlighting the collaborative spirit among Airbnb hosts.
