High profit margin for Cleveland Airbnb renters spurs up-and-coming market

High profit margin for Cleveland Airbnb renters spurs up-and-coming market

OHIO CITY, OH (WOIO) - The vacation rental web service Airbnb says Cleveland is one of the most profitable markets to rent out your home.

On average, Clevelanders can make $140 a night renting out a whole home, according to the service's data. That's taking into account an average price of around $160 per night and average expenses of about $20.

One of those people making money by sharing her home is Lori Switaj McCormick. She says she bought her home in Ohio City, so she could use Airbnb to rent it out.

"We looked at Ohio City and we realized how much fun it was. It's a destination area, it's a big entertainment area. It's very close to downtown, so we expected that this was going to be a hot spot, and we were right," she said.

In fact, she says it's gone more smoothly than she expected.

"Often we come in, find people have cleaned ahead of time. They don't need to, that's not their job. Nothing's ever been broken, nothing's ever been stolen. It's actually a lot of fun," she said.

McCormick has been renting out this Airbnb property for more than a year now, and she says she's now getting repeat business.

It's been so successful, she's thinking about opening up even more.

"Hours spent per week on this Airbnb is maybe four, and you still bring in $700-800 per week," she said.

Even though the profit margin is good in Cleveland, Airbnb data shows it's even better in Akron.

People who rent out their homes there can make a profit of close to $150 every night they rent out the property.

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