Renting out a room or property for just 36 nights a year earns the average Airbnb host £3,100, according to the holiday rentals site.
Airbnb, which celebrated its 10th birthday in August 2018, currently has223,200 active listings in the UK.
So, could you get a slice of the profits? And if you do, what might it mean for your tax bill and your mortgage?
Which? explains what you need to bear in mind before letting with Airbnb.
The process of listing your property on Airbnb is pretty easy. You need to register with the site by providing your email address and setting up a password.
You can then make a profile for your room or property, specifying the location, type and capacity. You can also upload pictures and decide whether you want to be able to approve prospective guests before they can make a booking.
When creating your profile, be sure to consider:
The amount of tax you pay from Airbnb profits will depend on how much you earn and what you're renting.
If you're renting out a room within the property you live in, you can make use of the . This allows you to earn up to £7,500 in each tax year from letting out a room in your home without paying tax on it.
You may also be able to take advantage of the '', where you can earn up to £1,000 tax-free from your property.This can't be used at the same time as the , but can cover money you make from renting out your driveway or garden, or hiring out your lounge for filming or to let people watch a sporting event.
In the UK, Airbnb hosts in Greater London are not allowed to let their property for more than 90 days a year. This applies to entire properties, and is enforced by Airbnb.
To rent it out for longer than this, you're likely to need 'material change of use' planning permission for your local authority - and Airbnb will need evidence of this before the limit is extended.
Properties in England and Scotland will be deemed as self-catering - and therefore subject to business rates - if they're available to let for 140 days or more per year.
If a property in Wales is available to let for 140 days or more, or is actually let for 70 days or more, it will also be subject to business rates.
You'll need a certificate if the rental fits into the categories of tourist accommodation - a bed and breakfast, for example, is a rental that offers overnight accommodation and a cooked breakfast.
Airbnb's own insurance - the host guarantee - covers up to $1m (£785k) of damage caused by guests. However, cash and securities, pets, personal liability, shared or common areas and high-value items such as jewellery, collectibles and artwork are all exempt.
Most policies won't cover renting out rooms as standard. Some insurers may agree to cover you depending on whether you're renting out a room or a whole property, how often you're planning to rent, the number of people staying, and your previous claims history.
With this in mind, it could be worth contacting a specialist broker to find a suitable policy.
If you're changing the use of your property you should tell your mortgage provider.
Breaking the terms of your mortgage could mean you'll get fine, or (in rare and extreme cases) the lender could order repossession.
Renting out a room in the property you live in shouldn't require you to change your residential mortgage.
If you have a leasehold property, you may need to check with your freeholder before you start letting it out, as some leases ban this.
The terms of some residential mortgages don't allow letting on Airbnb, so you'll need to check this with your lender.
There are a few lenders who will accept applicants who want to let out their property via short-term websites like Airbnb.
You may be also able to apply for 'consent to let', where your lender allows you to let but remain on your existing mortgage.
Finding a mortgage deal to suit your circumstances might seem like an overwhelming task, especially when there are lots of factors to take into consideration.
A whole-of-market mortgage broker can help find the best deal for you, as well as helping you to come up with a plan if you're not quite ready to apply yet.