According to the findings, UK homeowners could earn an average of £15,150 per year by renting out their homes through the marketplace as holiday rentals.
Those in different parts of Scotland are taking advantage of this and renting their properties out to make an extra income. For each region, HomeAway has revealed the average earning potential from those who currently rent out their property for holidaymakers:
Edinburgh: £186 average nightly rate
Glasgow: £124 average nightly rate
Aberdeenshire: £154 average nightly rate
Dumfries and Galloway: £141 average nightly rate
Fife: £147 average nightly rate
Highland: £147 average nightly rate
Scottish Borders: £138 average nightly rate
The research shows that during a time of ongoing economic uncertainty, people already on the property ladder are making the most of their assets, turning their homes into holiday homes to increase their profits.
The research also revealed how these astute owners are opting to spend their extra cash. Out of those polled, almost half of Scots (48%) living in Edinburgh use their profits to pay off their mortgage, whilst almost a third (35%) of those in Glasgow use the extra cash from renting out their properties to top up their savings and pension pots. Interestingly, half (50%) of homeowners renting out their properties to holidaymakers in Aberdeen are using their profits to save for big purchases, including new homes and cars.
So how are Scottish home owners determining the rate they charge when it comes to listing their property as a holiday home? HomeAway's research found that a staggering 70% of holiday home owners benchmark their property against others listed in their local area, whilst 39% say they use the prices of local hotels to determine their nightly rate.
The research also revealed that 13% of those in Scotland renting out their properties have used an online holiday rental calculator to help pinpoint their pricing.
Keeping a close eye on the competition seems to be a no-brainer for the resourceful owners polled, with nearly all of them (74%) regularly checking the prices of other properties in the local area. And as a result of their investigations, nearly two thirds (48%) subsequently increased their nightly rate.
But there are other ways to make even more money when putting a property to work.
When it comes to amenities, it appears that Netflix really is the new way to chill, even on holiday. Gone are the days of providing mint chocolates on pillows, this new research reveals that owners are opting to offer much loved amenities such as TV subscriptions for their guests. 80% said that they would include free Wi-Fi and astonishingly 41% provide logins for the likes of Netflix and NowTV.
Catering to pets is another sure way for owners to make the most of their listings. 37% of those polled said they would allow pets to stay at their property, opening up a much larger pool of possible bookings and particularly appealing for holidaymakers looking to take the whole family, including their four legged friends away.
Karen Mullins, Regional Director UK & Ireland at HomeAway says: "Owning a property, whether buy-to-let or the home you live in, is now an opportunity to tap into an additional income channel. This is no longer seen as the preserve of the elite, but anyone across the country who owns a property.
It's great to see so many property owners of all generations doing this to earn additional income to assist in paying off the mortgages, making home improvements and even funding their own holidays!
With staycations on the rise, the current demand for holiday rental properties in the UK is at an all-time high - property owners are in an ideal position to make financial gains through short-term rentals throughout the year, whenever their home is unoccupied. If this inspires you to investigate letting out your own property to holidaymakers, go to "List your Property" on HomeAway.co.uk and take a look at just how easy it is to use our online calculator to see how much you could potentially make."
Top tips to successfuly rent out your home:
1. Use an online calculator to help you determine your nightly rate
2. Keep it competitive - frequently compare your nightly rate with other properties in the local area
3. Don't just look at your local area - try comparing your property with similar homes all over the UK
4. Make sure your listing has good quality photos that show off your property
5. Think about allowing pets - guests pay a premium to stay in a home which allows their four legged friends
6. Include the basics - provide your guests with tea, coffee, sugar and basic store cupboard supplies. Also consider washing up liquid, dishwasher tabs, toilet roll etc. this saves hassle for your guests
7. Include home comforts like TV subscriptions, which can allow you to charge extra for luxuries and improve the experience for your guests
8. Think about what you're including as standard - if you're offering extra amenities, don't be afraid to increase your nightly rate
9. Provide plenty of information for holidaymakers on your property in the form of a welcome pack
10. Collect and encourage holidaymakers to leave reviews of their stay in your property to attract future visitors
