Inflation is sitting at a 40-year high, nearing double digits year-over-year, and “recession” is the word that’s on the tip of everyone’s tongue. Though the country’s GDP has contracted two quarters in a row, which is the technical definition of a recession, experts say we aren’t there yet. The recent jobs report showed rapid growth, bringing unemployment levels down to 3.5%, which is back to where they were prior to the Covid-19 pandemic.
These mixed signals, rising inflation along with rising jobs and wages, make it difficult for the government to know how to address the current economic challenges. The Federal Reserve is responsible for addressing inflation, and so far this year, the Fed has increased interest rates multiple times in an attempt to slow down the economy.
All of this uncertainty is leaving everyone uneasy. The stock market dropped nearly 20% this year and investments of many kinds feel uncertain at best, but the savviest people know that now is not the time to do nothing. If you’re looking to hedge against economic volatility, combat inflation, and bring in some extra cash, consider purchasing a geodome and start offering short-term rentals for travelers.
How Short-Term Rentals Combat Economic Volatility
Stock portfolios are questionable, bonds are not as strong as they should be, and investors aren’t sure how to combat the craziness of the current market. Real estate generally has a low correlation to stocks and bonds and has been a long-time hedge against inflationary times.
Making investments in properties is a sure-fire way to put your money into an asset that will keep its value, but instead of going the long-term rental route, consider short-term stays. Posting a property on sites like Airbnb brings in renters from all over the world. As remote work and traveling have picked back up this year, short-term rentals have proven to be a wonderful source of income.
Not only can you keep your money in an asset that you can trust, but you can also bring in heaps of cash on a regular basis. With the average Airbnb host bringing in $13,800 in 2021, investors are offered positive signs when taking this route. However, there is one challenge with normal short-term rental approaches: the housing market is all out of whack, too!
Challenges with Traditional Property Investment
Remember that thing about the Fed raising interest rates? Yeah, interest rates are critical when it comes to buying normal houses on the market. For years, interest rates were sitting at 0%, making the housing market hot and encouraging buyers to compete for houses. After the Fed’s interest rate hike, long-term mortgages are costing buyers a lot more than they were last year, though the housing market is still extremely competitive.
If you want to start offering a short-term rental property but aren’t interested in competing in the complex housing market and don’t want to sign up for another expensive mortgage, buying an Ekodome is the answer! With geodesic domes from Ekodomes, you can add a dwelling to your current property for less than $40,000. Not only is this approach so much cheaper than buying a single-family home, but it’s also less hassle.
Finding the Right Ekodome
When you’re looking for the right Ekodome to kick-start your short-term rental property side hustle, we recommend our larger options that offer enough space to truly create an escape for your guests. Of course, the decision is yours, but here’s a look at 3 Ekodomes we recommend for this purpose:
This 22-ft. dome is great for smaller escapes. It offers 366 sq. ft. of floor area and can be assembled with a small group of people and is tall enough to accommodate a loft space. Sneaking in easy storage areas or extra sleeping spots for guests can be tricky, but the Terra dome offers plenty of space.
Jumping up to our 30-ft. dome, the Stellar Dome is one of our largest domes. It’s tall and offers 695 sq. ft. of floor space, making it perfect for families or small groups of friends looking for a getaway. You can also customize this dome with multiple windows or doors, depending on the vibe you’re trying to achieve.
Just a tad taller than the Stellar Dome, the Cosmos Dome is 28.8-ft. in diameter and has 642 sq. ft. of floor space. With the 19.5-ft. height, the Cosmos Dome can be turned into a two-story structure, elevating (literally!) what you can offer your guests.
If you’re looking for a lower-budget starting point, or simply want a tiny glamping pod in a picturesque setting, check out our smaller domes, too. Whatever you choose, you can create a space that your guests will love.
Becoming an Expert Host
1) Don’t be afraid to throw in some extra touches. A thoughtful fruit tray or fresh flowers to greet your guests is an easy way to be a memorable host.
2) Make it cozy but opt for second-hand furniture to avoid breaking the bank! You want pieces that will last, because trust us, your furniture will face a lot of wear and tear, but you also don’t want to blow your budget on items that might need to be replaced every few years. It’s all part of the game!
3) Offer unique add-ons such as a dinner event, horseback riding, or even a stargazing kit. These add-ons can be simple and unique, but will leave your guests raving!
Your Side Hustle Starts Now!
Don’t waste your time trying to navigate the crazy housing market in these conditions. Within just a few months, you can have an Ekodome of your choosing at your property, ready for assembly. This investment will stand the test of time, offering a great income on the side to help you feel confident in your financial future, no matter what the market brings!