This man built a treehouse, rents it out for up to $700 a night. How his unique idea became a successful side hustle
When Chris Broomfield purchased a five-acre property in 2015, he already had plans to build several cabins. What he didn't know was just how successful his new venture would become.
“I always knew it was going to be an Airbnb property. I knew I was going to put multiple cabins on it,” he told CNBC Make It (1). “I chose this property because it was close to the lake. It was very wooded, and it had rolling hills. I saw its potential with multiple cabins.”
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Broomfield now owns several rental properties in Remsen, New York that he built himself, including a treehouse cabin.
Suspended 14 feet in the air, the Treehouse features two bedrooms, a private pond and stunning views of a waterfall. To access the home, guests have to cross an 80-foot suspension bridge (2). This unique rental property is one of the most well-reviewed properties in New York due to its breathtaking views and unique setting.
Despite the effort required to build the cabins, Broomfield is turning a tidy profit. Since 2018, his business, Evergreen Cabins, has generated more than $2.1 million. Using dynamic pricing, Broomfield’s rate for each of the cabins ranges between $380 and $700 a night.
While Broomfield’s success is impressive, it may not be very easy to replicate. As rental properties become a popular side hustle, investors who are interested in such a venture may want to consider whether Broomfield's path is repeatable before taking the leap.
Are rental properties a viable side hustle?
Stories like Broomfield’s help to explain why short-term rentals continue to attract would-be investors. Platforms like Airbnb have made it easier than ever to market unique properties, and coverage of these stories on the news and social media often makes something like buying property and building cabins look easy.
But high nightly rates don’t always translate into steady profit, as occupancy rates can vary widely by location, season and competition. According to AirDNA, the average U.S. Airbnb host earns approximately $14,000 per year, though actual income can vary widely by market (3). Many hosts see strong demand during peak travel months, followed by long offseasons.
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