Can PeerSpace rival Airbnb for side income?
Landlords can make use of empty space when tenants are scarce
During the two years that I was a dog caregiver, one of my favorite dogs to walk was a hyperactive Miniature Pinscher. Even though I haven’t walked that dog in at least a year, I always think fondly of this pup and even more fondly of the home he lived in. It always smelled amazing. Before I got a dog, I made a mental note that I wanted to make sure my condo never smelled like I had a dog while still being as neat as his. (I’m a neat freak by nature, but dogs complicate that personality trait.)
But the dog owner did one thing that I just couldn’t see myself doing. I strolled into the home one day to walk this dog, and I saw a stranger sitting in the living room and typing away on a laptop. I waved, thinking this was a friend of the family. When the stranger looked up, waved back and responded in a very heavy European accent, I still didn’t think much of it — until I saw the pet notes asking me to feed the dog.
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Why would I feed a dog if someone is already here? It turns out the dog owner was allowing his home to be used for Airbnb stays. And his dog, being ever-adorable, was pretty chill about strangers coming by. (Note: That’s where our similarities end. My dog barks whenever someone walks past my front door or stomps too loud up the hallway steps, so entering my home is out of the question.)
Considering his level of confidence in his dog (and strangers), this could arguably be considered a smart move for business travelers. If you’re not there a noticeable amount of time and have already lined up pet caregivers to take care of your dog throughout each day, why not use the space to make a profit? And with options like Airbnb and PeerSpace, which one makes the most sense for renters and landlords?
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As an Amazon affiliate, I earn a percentage from purchases with my referral links. I know some consumers are choosing to boycott Amazon for its DEI removal. However, after thinking about this thoroughly, I choose to continue promoting intriguing products from small businesses, women-owned businesses and (specifically) Black-owned businesses who still feature their items on Amazon. All five of my Substack publications now include a MINIMUM of one product sold by a Black-owned business. (I have visited the seller’s official site, not just the Amazon Black-owned logo, to verify this.) If you still choose to boycott, I 100% respect that decision.
The IRS has entered the chat
It was only a matter of time before the Internal Revenue Service started policing these side gigs; those making more than $600 in a calendar year are required to fill out a Form 1099-K. (Airbnb used to issue this form for those making $20K and with more than 200 transactions in a calendar year, but now they’re treating property owners the way they do with other independent contractors.) So before landlords, condo unit owners and even tenants decide to make some money off of this, get familiar with the tax responsibility in your state.