Tel Aviv comes in fifth as the worldwide city with the highest average monthly rates on the Airbnb platform. Coming in 10th place was another Israeli city, Jerusalem.
Jerusalem, where Airbnb hosts earn on average 243 percent more than private landlords, also ranked 24th in the list of best cities to earn as an Airbnb host, while Airbnb hosts in Tel Aviv earn on average 192% more than private landlords in the city.
These figures come from a study conducted by the website Compare the Market, which looked at the average monthly cost to rent either an apartment or an Airbnb property in 90 of the most popular tourist hotspots.
The top 10 cities in terms of average monthly Airbnb prices are: Las Vegas, with $10,499.37 average monthly Airbnb rent; Honolulu ($8,360.41), Miami ($8,024), Orlando ($7,298.06), Tel Aviv ($6,907.75), Los Angeles ($6,617.88), Dubai ($6,588.04), Tokyo ($6,542.49), Chiba ($6,433.59) and Jerusalem ($5,869.89).
Tel Aviv and Jerusalem may be high, but they have nothing on Las Vegas, which clocked an 888% increase in profitability on Airbnb compared with private landlord renting.
“From homeowners to empty nesters, Airbnb has provided people with a side hustle opportunity that can help to pay mortgages, rents and college bills,” said David Ruddiman, digital banking expert at Compare the Market.
“Similarly, with some Airbnb hosts earning more than $10,000 a month for a single property, it would come at no surprise to see an increase in people utilising their homes as vacation rentals.”
You can read the full report here.