A new online calculator has revealed how much you could make renting your home and the results are surprising.

The calculator, created by insurance company Pikl, is designed to give homeowners a realistic idea of how they could boost their income by renting a spare room on popular holiday lettings app Airbnb.

The interactive calculator takes users through a series of practical considerations that will 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 such as Brighton may need to factor in weather and seasonal peaks and troughs.  

The calculator also works out the average number of nights per stay, and practical elements such as cleaning fees, bills and insurance that the homeowner would have to front.

The creators at Pikl say the figure gives homeowners an insight into how they could benefit from making the most out of their property.

"Renting your home is an especially lucrative opportunity given the ongoing cost of living crisis, with many Brits already looking for creative ways to balance their outgoings," said a spokeswoman for Pikl.

The potential earnings for some popular Sussex locations have been revealed and the results are quite surprising.

Chichester ranked above Brighton, coming 13th in the rankings of UK cities.

According to Pikl’s calculator, the average spare room charge per night in the city is £55.40, meaning homeowners could make up to £1,662 per month.

Brighton and Hove was much further down the list, with an average of £49.20 per night and £1,476 per month.

Other Sussex locations ranked as follows:

  • Hastings - £55.29 per night, £1,658.70 per month
  • Crawley - £54.72 per night, £1,641.60 per month
  • Eastbourne – £52.44 per night, £1,573.20 per month
  • Littlehampton - £51.87  per night, £1,556.10 per month
  • Horsham - £50.16 per night, £1,504.80 per month
  • Worthing - £49.59 per night, £1,487.70 per month
  • Bexhill - £49.59 per night, £1,487.70 per month