Rent Credits are bonuses paid out to Loftium renters for each Airbnb bookings!
Rent Credits are a set amount per reservation (i.e. a booking for 3 nights and a booking for 1 night would each be 1 Rent Credit). The amount for your Rent Credit is determined primarily by the number of guests your Airbnb can host.
What are Rent Credits used for?
Your Rent Credits are yours to use how you see fit! These can go toward adding in extra furnishings/furniture for your Airbnb unit, restocking unit essentials like toilet paper or soap, cleaning products or cleaner costs, off-setting utilities - or just keep the amount in your pocket!
How/When do I get my Rent Credits?
Rent Credits are paid out to your household twice per month by ACH direct deposit. (If you signed your lease earlier than October 9, 2019, you may receive Rent Credits through Bill.com).
Bookings between the 1st and the 15th day of the month are paid out around the 16th, and bookings between the 16th and the end of the month are paid around the second of the following month. Bookings are counted toward their Rent Credit payout period not on the day that the reservation starts, but instead, based on the date 24 hours after check-in.
- A guest checks in August 31st would be confirmed in Airbnb on September 1st, so that booking would be part of the Rent Credits paid out around September 16th
- A guest checks in September 15th would be confirmed in Airbnb on September 16th, so that booking would be part of the Rent Credits paid out around October 2nd
Anything else I should know about Rent Credits
It's important to note that when you host on Airbnb, the Rent Credits you earn will likely be considered taxable income. When you sign a lease with us, we'll ask you to fill out a W-9, and once tax season rolls around, you'll fill out a 1099 form. More on our article linked here!
If you signed your lease before October 9, 2019, we always recommend getting ePayments set up as soon as possible on Bill.com when you sign up. This makes sure that your Rent Credits are paid out to your bank account via direct deposit, so they get to you as soon as possible!