It sure sounds as though it might pay to rent out that extra bedroom.
Airbnb announced that New Jersey’s 6,100 active hosts earned over $50 million dollars in supplemental income in 2016 by welcoming approximately 257,000 visitors to the Garden State. This figure represents a 100 percent year-over-year increase in inbound guest arrivals, according to the company.
The company says a typical host in New Jersey earns $6,200 annually. The typical listing is occupied 44 nights per year and the average length of stay is 4.2 nights.
Josh Meltzer, head of Northeast public policy at Airbnb said of the growth:
“We are proud to see that more and more New Jerseyans have discovered home sharing as an opportunity to share their community with visitors from around the world, and earn a little bit of extra money along the way. From the Jersey Shore to Jersey City, Airbnb hosts are ambassadors to the Garden State and we are grateful they have embraced home sharing as a way to welcome thousands of visitors.”
As far as further economic impact, Airbnb is already collecting taxes in Jersey City, which is its largest market in the state.
Still, state legislation is required to extend the lodging tax to all short term rentals and authorize Airbnb to collect taxes on behalf of our community.
To address this, Assemblywoman Annette Quijano (D-District 20) introduced innovative legislation to allow Airbnb to collect and remit hospitality taxes on behalf of guests earlier this month.
The legislation represents a collaboration between the Assemblywoman and the company and is aimed to help to fill the Garden State’s budget gap while continuing to allow municipalities big and small to regulate short-term rentals in a manner consistent with the needs of their neighborhoods, Airbnb said.