An all-new online calculator is revealing the potential profits for Brits who choose to rent out a room in their home to Airbnb guests during the cost of living crisis.

The tool, created by the Insurtech company Pikl, is designed to give homeowners a realistic idea of how they could boost their income by renting a spare room on the ever-popular travel app, Airbnb. The company has also provided the current average Airbnb monthly earning potential for a selection of UK cities, along with some expert tips on getting set up as a host.

The interactive calculator takes users through a series of practical considerations that’ll inform their forecasted Airbnb earnings. The average nightly rate is the first aspect to gauge, followed by the expected number of nights potential hosts anticipate their room to be booked up for. Hosts in some of the UK’s major cities may expect consistent bookings, whereas those in seaside hotspots or at rentals within reach of national parks may need to factor in some more weather-dependent seasonality.

The average number of nights per stay is the next factor, and this is also likely to vary depending on the expected guest clientele — from providing one-off accommodation for commuters to hosting long weekend visitors for hen-dos, Christmas parties, or summer staycations.

Moving onto more practical elements, the calculator evaluates the average cleaning fee per stay, the current utility bill of the entire house, and the monthly insurance cost. The taxes incurred with hosting guests is then added into the mix, along with property management fee deductions — applicable to hosts that have someone managing the property on their behalf. Finally, the tool adds in the fee that hosts opt for, charged as standard by Airbnb.

The consequent figure gives homeowners an insight into how they could benefit from making the most out of their property — and it’s an especially lucrative opportunity given the ongoing cost of living crisis, with many Brits already looking for creative ways to balance their outgoings.

The UK cities that boast the most impressive average Airbnb earnings are St Davids in Wales, the City of London, Westminster, Ripon Yorkshire, and Kingston Upon Hull, all adding around £2k extra to household income.