The "Sharing" Economy: Issues Facing Platforms, Participants, and Regulators A Federal Trade Commission Workshop #00373

Submission Number:
00373
Commenter:
Lawrence Winstrom
State:
Virginia
Initiative Name:
The "Sharing" Economy: Issues Facing Platforms, Participants, and Regulators A Federal Trade Commission Workshop
Like many other middle class citizens that are semi retired, I live on much a lower budget these days and it does not allow room for the extras in life or to make needed repairs to my home. In 2014, I became aware of Airbnb's shared economy business model and used it on a vacation staying in people's home's at a quarter of what I would spend at a chain hotel. I would not have been able to afford such a trip if it had not been for Airbnb's services of connecting hosts that had extras rooms in their home with temporary renters. I was so pleased with my experience that at the end of 2014 I redecorated a bedroom that I could rent out on Airbnb. By the beginning of 2015, I began offering my room for rent and I'm very pleased with the response. In four months, I have hosted 5 guests for stays from 2 days to 30 days. My plan now is to save the rental money I'm earning to offset the costs to replace a 32 year old kitchen with a brand new one. I'll be hiring flooring and building contractors, buying new appliances and purchasing new cabinets and windows. The money I'm earning will be plowed back into the local economy. I could not do this without the help of Airbnb and the shared economy business model. It's good for me and for my local community.