In a move reminiscent of the Great Depression, a growing number of U.S. homeowners appear to be renting out rooms in their homes in order to avoid foreclosure. With the nation’s unemployment rate still stubbornly close to a 26-year high and with foreclosures in their fifth year of increase, more Americans appear to be turning to on-line resources to help them rent out rooms. Approximately a tenth of all U.S. mortgages were delinquent during the first quarter of the current year and more than half of all loans modified under federal relief programs went into default again within one year, an indication of deep distress among many households. Along with Craigslist, one of more prominent websites assisting people with rentals is Airbnb.com. The company was started in 2009 and is now used in more than 5,700 cities in 148 nations.
Revenue is doubling every three months, with customers often being travelers who expect to remain in a particular location for a few weeks. Not surprisingly, some hotel operators aren’t happy about short-term rentals. Earlier this month, New York lawmakers passed a bill backed by the Hotel Association of New York City banning rentals of less than 30 days in apartment buildings, though individual homeowners were not impacted.
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Thats perfectly respectable, certainly high enough to get you into many four year programs and I don’t know the average in the field but I would have to guess that it is at least a little above average.