There's extra money to be made renting out a pool or other home amenity. But with it comes additional cost and liability.
Even some high-earners are struggling to make ends meet. And hundreds or thousands are dipping their toes in the water of a new trend by renting out their pools, sporting courts (basketball, tennis, pickleball ... ), and special leisure amenities to members of the public.
One top-end venue is a waterfront property in Florida with a basic rate of $150 an hour. And that's just for five people. Bring along more at $10 a head. But be prepared to pay extra "for parties, filming, commercials, promotions, social media content or other events," according to the owner.
Of course, it's a pretty special place, complete with pool, hot tub/jacuzzi (an extra), four pickleball courts, pro tennis court and waterfront grass volleyball court (another extra). And that waterfront location just adds to its appeal.
That means its $150 hourly rate is exceptionally high. So, don't expect to charge more than a fraction of that unless you can match what it offers.
Still, Atlanta News First talked with a couple in Fulton County, GA, who say renting out their more modest pool covers their mortgage payments. "The first time it covered our mortgage, that was a pretty nice month," said the owner in a video interview with the news station.
How Renting Out Your Pool Works
Think of Swimply.com as a watery Airbnb. It started in 2020, and the only competitor we found was Peerspace.
Homeowners list their pools and other amenities on the site with photos, descriptions and locations. Users find a place they like and book it online. And the site takes a 15% cut of all pool rental income.
Owners set an hourly rate, which must be hard unless other local pools are listed to provide comparisons. Pitch your price too high for the local economy, and you might end up with few or no bookings. Pitch it too low, and you're giving away money. Adjust your rate to optimize supply and demand.
Easy Money? Look Before You Dive In
Swimply's popularity and success stories suggest many people benefit from it. But don't assume this is easy money. Presumably, the IRS will take an interest in your new source of income.
Naturally, you'll need to invest time and money to get the pool and its surroundings in peak condition and then keep them at that level. And you'll have to tread a fine line between letting your guests have fun and not becoming a neighborhood nuisance.
You might need to install a bathroom outside so guests don't traipse through your home. That will need cleaning as part of your pre-rental preparations and post-rental clean-up.
Meanwhile, you might face regulatory issues. Back in 2022, CNN Business found two examples of communities trying to ban hourly pool rentals. And individual homeowners' associations could seek to achieve the same end.
Last but not least are potential liability issues. CNN spoke to a couple of lawyers who warned that broad liability disclaimers in the booking conditions and on signage only work in some states.
In 2021, Swimply introduced its own liability insurance that provides up to $1 million in coverage for rentals through its site. But it also recommends a second policy that "protects your building, contents, revenue, and liability while fully replacing your existing Homeowners or Landlord/Dwelling policy with superior coverage for the unique risks of sharing your property with paying guests."
So, pool rentals aren't free money. To be successful, you're going to have to work for it or pay someone to complete the required tasks. And some of your extra income will disappear in Swimply fees, taxes and maybe higher insurance premiums. But imagine if you really could cover your mortgage payments with the additional earnings!
