We have 3 Airbnb's currently:
https://www.airbnb.ca/rooms/1218083https://www.airbnb.ca/rooms/4480902https://www.airbnb.ca/rooms/2342154We just started in January but we've had a lot of bookings up until the start of September already. We started it as I was annoyed by one renter being extremely untidy. Part of this was (I think) because the suite was so small and so better suited for short-term stays. Our net rate of return is about 35% higher than with a monthly rental for 2342154; 28% for 4480902; and 50% for 2342154.
What I like: we furnish the suites and are in and out regularly to see that they are maintained to a high standard - I get some weird satisfaction from this - kind of like being in a nicely maintained garden
Airbnb people are a pretty nice crowd
the system for tracking reservations and payments is great
our relatives and friends, with a bit of planning, always have a very nice place to stay just next door when they visit
we have a place to host a dinner or a guest that is separate from our main living area so we don't have to worry about tidying up for guests
we can host large family gatherings despite having a small main residence (1400 square feet)
our family can host two different sets of friends (kids and adults) on the same night on our property - our home is small and having another suite gives us a lot of flexibility for our teens if they want to watch a game or movie with friends
we have our entire property to ourselves 1/4 of the time
our teens get paid to clean and do small jobs
What I dislike:Takes more time than a regular rental. I don't actually dislike this as I don't mind putting the time in at this point, but I think it could become annoying if you are already working a lot.
I had to pay more tax than expected due to the increase in income. Sounds whiny but the extra value from Airbnb is reduced by 50% for us as a result. Next year I will plan to have a lower base income to compensate for this.
I've spent more time cleaning for two of the places. Again, I don't actually dislike this as I don't mind putting the time in, but I think it could become annoying if you are already working a lot. We do have reliable cleaners for the third place - I just haven't put the time in to finding a backup for our other two.
I think that Airbnb could also be an easy way to have additional income in retirement if you have a guest suite. More flexible and profitable than a full-time rental and if you are social it allows you to meet interesting people.