A new report says short-term rental website Airbnb has generated an estimated €506m for local residents and businesses in Ireland.

In its first Irish Insights report, the company says Ireland has continued to thrive as a destination.

It says inbound guest growth of 63% spread across all regions in the year between November 2016 and November 2017.

The report says this growth means more hosts than ever are choosing to share their space with guests.

It adds that the typical Irish host is earning around €3,500 per year, while a typical listing was shared for 37 nights.

Source: Airbnb

Earlier this month, the EU agency Eurostat released data which found that Ireland was one of the most popular homesharing destinations in Europe - roughly one in five of Irish residents were arranging accommodation with another private individual.

This puts Ireland at the third highest in Europe, after the UK and Luxembourg.

Key trends

The report found that guests on Airbnb spent an average of €111 per day, increasing to an average of €129 in Dublin.

Almost half of guest spending also took place in the neighbourhood where they stayed.

"This means a valuable proportion of visitor spending is helping to boost local businesses and spread tourism benefits beyond hotel districts", it says.

While the vast majority (85%) of guests said they chose Airbnb because they wanted to 'live like a local', and more than three-quarters said they chose a listing because of the specific amenities offered.

The number of Irish residents travelling on Airbnb in Ireland has also almost doubled.

Airbnb was used by 676,000 Irish guests over the last year.

This is a rise of 98%, with at least 17% of those people choosing to travel domestically.

Guest origins coming to Ireland | Source: Airbnb

The average age of an Airbnb host is 45 years, and the average number of years a host has lived in their neighbourhood is 26.

Senior hosts, those aged over 65, make up one-in-five of hosts in regions like the mid-west.

The report said the fastest growing destinations were the north-west and the midlands.

Aisling Hassell, Ireland site lead and global head of customer experience, said: "Ireland’s vibrant communities and unique hospitality have continued to bring more visitors to the country than ever before, with hosts right across the country benefitting from record breaking growth in guest arrivals on Airbnb.

"From Westmeath to Wexford, millennials to seniors, and castles to treehouses, there’s something for everyone on Airbnb."